Warning to All Police, Firefighters, School Teachers: Most Gov't Pensions to be Confiscated Within a Decade
Mike Adams * Natural News
(NaturalNews) Last week, Detroit declared bankruptcy, becoming the largest city in U.S. history to take such drastic action in the face of financial insolvency. A declaration of bankruptcy isn’t what most people think it is, though: it’s not just a statement of “we’re broke!” It’s actually a way for the city to clear its slate of all financial obligations and not pay the retirees it owes.
What are the largest financial obligations the city facing? Pensions. $3.5 billion worth of pensions, to be exact.
Yes, Detroit owes former government employees — teachers, firefighters, cops and more — a whopping $3.5 billion in current and future payments. Except Detroit doesn’t have $3.5 billion to pay the pensions. The city is in a state of economic collapse. Remember, the U.S. government used billions in taxpayer money to help General Motors move its manufacturing offshore to countries like China. As a result of economically-insane actions and criminal mismanagement, a city that used to be the hub of industrial output in America has become a ghost town of abandoned buildings, crumbling infrastructure and financial destitution.
But even as all this was becoming apparent, the government workers there continued to collect fat paychecks and pensions, all based on the promise that endless population growth would out-pace the rise in pension obligations. Many pensioners are owed over $100,000 a year from the government, and this is true across California, Illinois and many other states as well.
Chicago, for example, owes $19 billion in pension payments that it doesn’t have, and the city of Los Angeles is more than $30 billion in the hole. The story is much the same in every major U.S. city.
As the Detroit Free Press now reports:
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Whistler Blowers, Insiders
Yep. Think about that the next time you rip someone out of their car and throw them on the ground and whale on them with your baton.
Always take the cash lump sum bye-out.
this is what Scott Walker tried to head off in Wisc
How can you ‘confiscate’ something that does not exist? The money is gone, or it never existed other than some politician’s promise that they would ‘tax’ somebody in the future to pay the deadbeat government worker’s pension. GET A F… JOB and shut up!
You are why kids shouldn’t be allowed online without their parents watching them.