Josh Sigurdson talks with author and economic analyst John Sneisen about the growing pension bubble and why it may burst sooner than later.
In the most recent news, state pensions are at risk of crashing. According to a recent study by The Pew Charitable Trusts, the risk of a collapse is massive if the economy sees a downturn and we all know the economy inevitably has to crash considering all fiat currencies eventually revert to their true value of zero going back to 1024AD in China.
The study shows pension funds in New Jersey and Kentucky are most at risk of crashing as they see a large decrease in public pension system funding. The states saw pension funding levels decrease from 100% to 31% between fiscal years 2000 to 2016.
New Jersey and Kentucky according to the study have the lowest funded state pension systems in the United States.
“Even after eight years of economic recovery—eight straight years of stock market gains—the public pension plans are more vulnerable than they’ve ever been to the next recession,” researcher Greg Mennis said in an interview with the Associated Press.
Now of course Mennis seems to believe there was a recovery since 2008 when we know that almost all banks are still insolvent and stocks are bubbled to unthinkable levels, due for a bubble burst of their own at any time. Though of course fundamentals are off the table due to the level of manipulation, so we cannot put a date on the crash, we just know it has to happen eventually and we’re seeing a lot of tell-tale signs as of recently.
We’ve also reported on other studies showing the pension shortfall at 400 trillion dollars by the year 2050. It’s unlikely it’ll last that long, but keep in mind, that’s more than 4 times the global GDP. People born in 2007 are said to likely live to an average age of 103. How is half a life going to be funded by taxpayers? It’s impossible.
It’s just another strategy to shove the populace into debt servitude as they are dependent (often forcibly) into letting the banks and government decide where their money will go and what it’ll be invested in. This stops people from saving for themselves, understanding the system and making the right choices as individuals. If people at a vast scale understood money, they would choose to save money for their future themselves and it would be far less risky and far more lucrative.
If this goes on much longer, we will all be in the poor house. People need to learn to be self sustainable and financially responsible. It’s the only way around the inevitable collapse of the pension system which will affect nearly everyone.