The public pension system is crumbling, not just in the U.S., but all over the world. Thanks to years of mismanagement, overpromising, and generosity, there is a retirement crisis brewing in the government sector.
Perhaps karma for for abusing the taxpayers – but that’s another story for another day.
According to data from Birch Gold Group, there is a global pension shortfall of $400 trillion. When you factor in the 1,400 corporate pensions that are $553 billion in the hole and on the cusp of insolvency, they add to the final tally.
As expected, the U.S. leads the world, followed by the United Kingdom, India, and China.
Here is a chart:
Policymakers are considering many possibilities to save the system: increasing contribution rates, taxing everyone for everything (like New Jersey), and an additional safety net for public pensioners.
The reality is that nothing will save the system. It is beyond repair.
T Y P O –
“Perhaps karma for for “