Pensions Timebomb In America – “Global Crisis” Cometh

Pensions Timebomb – Pensions “Are Going To Be A National Crisis”

– America’s underfunded pension system is “not a distant concern but a system already in crisis”…

– Tax may explode as governments seek to bail out insolvent pension plans

– Illinois, California, New Jersey, Connecticut, Massachusetts, Kentucky and eight other states vulnerable

– The simple mathematical mismatch at the heart of the pension crisis…

– Why the pension crisis really is “America’s silent crisis”…

– Pensions timebomb confronts Ireland, UK and most EU countries

By Brian Maher, Managing editor, The Daily Reckoning

“This is going to be a national crisis…”

“This” being America’s woefully underfunded pension liabilities, according to Karen Friedman. She’s the executive vice president of the Pension Rights Center.

(A place called the Pension Rights Center does in fact exist. We checked.)

MarketWatch columnist Jeff Reeves howls in confirmation that “collapsing pensions will fuel America’s next financial crisis.”

“This is not a distant concern,” warns he, “but a system already in crisis.”

According to data supplied by the Federal Reserve, pensions — public and private combined — were roughly 27% underfunded at the end of last year.

By some estimates, America’s………….

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