Connect with us

World

Warning to all police, firefighters, schoolteachers: Most government pensions to be confiscated within a decade

daily alternative | alternative news - Most government pensions to be confiscated within a decade

Last week, Detroit declared bankruptcy, becoming the largest city in U.S. history to take such drastic action in the face of financial insolvency. A declaration of bankruptcy isn’t what most people think it is, though: it’s not just a statement of “we’re broke!” It’s actually a way for the city to clear its slate of all financial obligations and not pay the retirees it owes.

What are the largest financial obligations the city facing? Pensions. $3.5 billion worth of pensions, to be exact.

Yes, Detroit owes former government employees — teachers, firefighters, cops and more — a whopping $3.5 billion in current and future payments. Except Detroit doesn’t have $3.5 billion to pay the pensions. The city is in a state of economic collapse. Remember, the U.S. government used billions in taxpayer money to help General Motors move its manufacturing offshore to countries like China. As a result of economically-insane actions and criminal mismanagement, a city that used to be the hub of industrial output in America has become a ghost town of abandoned buildings, crumbling infrastructure and financial destitution.

But even as all this was becoming apparent, the government workers there continued to collect fat paychecks and pensions, all based on the promise that endless population growth would out-pace the rise in pension obligations. Many pensioners are owed over $100,000 a year from the government, and this is true across California, Illinois and many other states as well.

Chicago, for example, owes $19 billion in pension payments that it doesn’t have, and the city of Los Angeles is more than $30 billion in the hole. The story is much the same in every major U.S. city.

As the Detroit Free Press now reports:

Early this year, the Pew Center released a survey showing that 61 of the nation’s largest cities — limiting the survey to the largest city in each state and all other cities with more than 500,000 people — had a gap of more than $217 billion in unfunded pension and health care liabilities. While cities had long promised health care, life insurance and other benefits to retirees, “few … started saving to cover the long-term costs,” the report said.

 

daily alternative | alternative news – Most government pensions to be confiscated within a decade

via Warning to all police, firefighters, schoolteachers: Most government pensions to be confiscated within a decade.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Wakeup

Kuwait to Pass Law to “DNA Tag” Everyone Like Cattle, Including All Tourists

In the first law of its kind anywhere in the world, Kuwait has decided it will not only “DNA tag” everyone presently in the country as part of a new “integrated security database,” but all tourists will be required to submit a DNA test before they can even enter the country.

Facilities for blood and saliva collection will be set up at the Kuwait International Airport, and there will be “consequences of rejecting” these procedures which the Kuwaiti government says it is putting in place in order to track everyone just in case someone commits a crime.

While it sounds like an Orwellian nightmare, the reality is this is slowly creeping up on us everywhere. Central banks are going to start requiring biometrics for identification, for your security they say. Japan has already announced that all tourists will be required to use their fingerprints as currency while in the country. India has forced biometric IDs on its entire population. In fact, the United Nations is pushing for universal biometric ID cards for every single man, woman, and child on the planet by 2030.

 

daily alternative | alternative news – Kuwait to Pass Law to “DNA Tag” Everyone Like Cattle, Including All Tourists

via Kuwait to Pass Law to “DNA Tag” Everyone Like Cattle, Including All Tourists.

Continue Reading
  • Latest Crypto Price

    1 BTC = $9426.56 USD  (via Coinbase)
    1 ETH = $219.94 USD  (via Coinbase)
    Quotes delayed up to 3 minutes.

    Follow us on Twitter

    Facebook

    Trending

    By continuing to use the site, you agree to the use of cookies. more information

    The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

    Close