Jul

11

VolkswagenAndrew Briggs: "State pension funds are underfunded by over $3 trillion; this is more than six times the $438 billion in underfunding the plans themselves report. Pension shortfalls far exceed explicit state debts." The humor starts when you get to the part about "actuarial assets".

Scott Brooks writes:

I have been accused of crying wolf for years on these lists about the problem of underfunded pension. This is a huge problem that isn't going to go away with actuarial slight of hand. There are so many straws being tossed on the metaphorical camels back that eventually there will come a day of reckoning. But this pension problem (think PBGC) and the big lie that is the Social Security Trust Fund aren't straws tossed on the camels back, they are Volkswagens.


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