Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Reply
 
LinkBack Thread Tools
Old 02-01-2019, 07:10 AM   #1
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 6,844
Liked: 2420 times
They set up us the pension bomb (not just Chicago)

Quote :
... A new and horrifying report out details the reason why 63 of America’s largest cities are completely broke: debt and overspending.

According to a recent analysis of the 75 most populous cities in the United States, 63 of them can’t pay their bills and the total amount of unfunded debt among them is nearly $330 billion. Most of the debt is due to unfunded retiree benefits such as pension and health care costs. ...

“This year, pension debt accounts for $189.1 billion, and other post-employment benefits (OPEB) – mainly retiree health care liabilities – totaled $139.2 billion,” the third annual “Financial State of the Cities” report produced by the Chicago-based research organization, Truth in Accounting (TIA), states. TIA is a nonprofit, politically unaffiliated organization composed of business, community, and academic leaders interested in improving government financial reporting.

“Many state and local governments are not in good shape, despite the economic and financial market recovery since 2009,” Bill Bergman, director of research at TIA, told Watchdog.org.

The top five cities in the worst financial shape are New York City, Chicago, Philadelphia, Honolulu, and San Francisco. These cities, in addition to Dallas, Oakland, and Portland, all received “F” grades. In New York City, for example, only $4.7 billion has been set aside to fund $100.6 billion of promised retiree health care benefits. In Philadelphia, every taxpayer would have to pay $27,900 to cover the city’s debt. In San Francisco, it would cost $22,600 per taxpayer.
...
http://www.shtfplan.com/headline-new...broke_01312019

Direct link to the report: https://www.truthinaccounting.org/li...he-Cities-.pdf

Many of these locales have the ability to alter their pension and health care obligations. Chicago is in a fairly unique situation with being constrained by the Illinois state Constitution (for now?). Still, whether cities start making significant adjustments to pension benefits or imposing local austerity plans, there is going to be pain.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Saving your pension from an alien invasion Aubuy STS 0 11-09-2013 09:49 AM
this is what congress was doing during the Boston bomb. Jay Fiat Ponzi 1 04-18-2013 08:26 AM
a look abck at our sign bomb! Penn STS 0 11-10-2012 10:52 AM
Japanese Pension Fund Switches To Gold PMBug Gold Bug 5 05-28-2012 02:10 PM
Spiegel: The Ticking Euro Bomb PMBug Fiat Ponzi 0 10-19-2011 08:56 PM


All times are GMT -5. The time now is 02:01 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.