Teamsters Local 707 Goes Bankrupt: This is the final straw that will break the back of socialism the same as communism fell

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by Martin Armstrong
Teamsters
The Pension Crisis on the horizon is far worse than anyone can imagine. This is the final straw that will break the back of socialism the same as communism fell. Pensions are in a state of crisis for they lost money in stock in the 2007-2009 crash and then sold the bottom shifting to government bonds and then interest rates plummeted when they needed 8% to survive. The management skills have been nonexistent for the propaganda has always been that government bonds present no risk when in fact they are UNSECURED DEBT and the riskiest of all investments long-term.
2017 CountdownYellow Roadway company is one example of how things have changed. The company was allowed to skip its pension contributions for 18 months. When the company restarted paying again, it was at 25% of the previous rate. The Pension Fund for local 707 began to implode, with roughly 700 workers paying into a fund supporting more than 4,000 retirees. Local 707’s fund pays out $48 million a year — and takes in $7.5 million in contributions. Those who have been contributing will get nothing at all for the contributions. The whole thing is a house of cards that caves in.
We wrote in the Pension Report: “As we approach 2017, everything you once thought was secure for your future will unravel.” Indeed, the Sovereign Debt Crisis and the Pension Crisis start to surface here in 2017.
 
 
The collapse of Socialism is unfolding before everyone’s eyes – they just ignore it.
Plunder
Politicians make promises all the time, then they break them. If a fund manager took your money said they will pay you 25%, then reduce it to 20%, then 15%, then 5%, then say it is theirs, isn’t that FRAUD?
Not in politics. That is why Socialism fails.
Socialism cycle of death — RIP 2032
www.armstrongeconomics.com/uncategorized/spain-will-no-longer-index-pensions-to-inflation/
‘The welfare of the people in particular has always been the alibi of tyrants, and it provides the further advantage of giving the servants of tyranny a good conscience.’
– Albert Camus
Socialism has been the bribing of the population and it has been the worst side of democracy – the denial of equal protection of the law based upon wealth. Earn more than someone else and you are evil and they cheer politicians who say they will go rob them legally and give it to you. This is no different than racism or denying equal protection to any group based upon gender, creed, ethnicity, or association of some kind. So yes, the people voted for politicians based upon greed and being bribed. Socialism even violates the Ten Commandments – thou shalt not covet their neighbor’s goods. How can you pretend to go to church on Sunday and then justify robbing others under cloak of good intentions called SOCIALISM?
— Martin Armstrong

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5 thoughts on “Teamsters Local 707 Goes Bankrupt: This is the final straw that will break the back of socialism the same as communism fell

  1. If there ever was a utopia it would be socialist. The person slicing the pie is always tempted to give themselves a bigger slice. It’s not socialism that’s bad. It’s that humans are greedy, selfish little criminals. And we wonder why the murder rate is so high? Why there’s terrorists and mass murderers. It’s the same reason socialism won’t work.

  2. I’m hoping to collect an IAMAW pension in a few years. It claims to be healthy at the moment but they have made some lame brained political and bargaining decisions in the couple of decades I’ve been a member. Number one: getting involved in politics.

  3. What a doofus. The capitalists gambled and lost all the money, and this idiot blames ‘socialism’.
    I am not suggesting that socialism would work better or at all, merely that it is stupidity like this that makes discussion impossible.

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