This is the pension fund for the Teamsters. The pension fund is underfunded so now the people who were working their whole life driving trucks will have to accept a lower pension, if they even get one, unless the government bails them out. How exactly is the government going to bail them out? The entity created by government to insure against this, the Pension Benefit Guarantee Corporation, is out of money. Where will they get the money? We are running huge annual deficits and will pass the $20 trillion dollar threshold on the nations debt this year. In addition, we are looking at over $100 trillion in unfunded Social Security and Medicare liabilities. Also many state employee pension funds are way underfunded and will require a combination of lower benefits and higher taxes which will still not save many of them. Can the Federal government bailout everybody? No, 'murica is broke dick.
Get ready for a big downgrade for many peoples standard of living and a continued bifurcation of rich and poor with a smaller and smaller middle class. Higher taxes and of course more government will be the norm because "somebody needs to do something". Of course most people are not paying attention. Most dimbulbs figure out what is going on when they get a letter in the mail like these people.
|Surprise you work 30 years and get nothing|
If you are reading my blog for any length of time you know that I advocate taking control of your own life and financial affairs. I cut all ties to all corporations and governments for my retirement funding. I set up a self directed IRA and created an LLC that my IRA owns and I control (checkbook control). I can now invest in a multitude of things that most people cant invest in. I control everything without getting ripped off in admin fees and other valueless rakes that the financial industry has in place to cream off your money.
You cannot rely on corporations and government to take care of you. I have provided example after example of people getting wiped out because they were not paying attention to what is happening in the world and even more important their own life. Time to wake up and take control of your finances and your life. One way or another you will get what you deserve. It could mean the literal difference between life and death.