Guest Post by Martin Armstrong
Trump has called the Democrats the do-nothings. All they have been focused on is impeaching Trump for the polls they are looking at behind the curtain all show Trump will beat whoever they put up as their candidate. the motto has been – if you can’t beat him, impeach him. There is no other area where the Democrats have just failed to act with a major crisis looming in 2021 than the spreading of the Pension Crisis.
There are pensions that are multi-employer funds which are perhaps the first to fall in the private sector. The Republicans did slip a rescue package into the massive $1.4 trillion spending bill passed last month. That was all because the United Mine Workers of America pensions would have failed completely and the push from environmentalists against mining and energy only puts pensions in those areas at serious risk after 2020.
The Republicans, interestingly enough, have no problem with the bailout but want to raise premiums that employers must contribute. Conversely, the Democrats who have been backed by such unions have argued for low-interest loans and not to force higher premiums on employees or employers.
The Republicans and Democrats are so deeply divided on how to solve the broader pension crisis problem, that this immediate impasse illustrates what I have been warning about that government is just collapsing incapable of bipartisan solutions. The Democrats simply refuse to act for they fear that Trump would get the credit for solving the pension crisis among unions that traditionally have backed the Democrats.
This entire issue has become not about solving any crisis but who gets credit and thus we have a government incapable of acting for the benefit of the people. As I have said, this is how governments eventually collapse. They become so corrupt and divided, they are incapable of managing the state.
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Ain’t many jobs left that offer a pension, unless you count public sector…
“we have a government incapable of acting for the benefit of the people.”
the PEOPLE who don’t have pensions are going to bail out not just govt. pensions, but union pensions too, and this chowder head agrees with that? the average govt and private sector unions make way more salary, benefits and job protections than joe sixpack, but joe gets to pay for their lack of planning. joe’s broke, so joe will get the shaft with more money creation, higher prices and lower wages. govt. acting for the benefit of the people would be to do nothing in this case, letting them see that actions beget consequences.
That’s why I call it the givernment. They take from many and give to the few.
Mafia would be a better word for them.
That’s not the point. The point is that the system is just on huge pyramid/Ponzi scheme and will eventually collapse for everyone regardless of which side of the fence you’re on.
It’s just a matter of when.
” the system is just on huge pyramid/Ponzi”
this.
all this talk of “government” and “theft” is beside the point, and in fact is just what the owners of the ponzi hope you will focus on instead of them. as someone said elsewhere, “when the french government was violently overthrown, not a single window of the 600 properties of rothschilds were broken”. so far looks like everything is going according to plan.
Most private sector pensions could have been fully funded in bankruptcy but people like Mitt Romney and other hedge fund Wall Street pirates play the WR GRACE bankruptcy plan that converts assets of the company into cash rent it back to the shell of a company further bleeding it dry of cash assets and real property reducing corporate tax liabilities showing loses right to the end where the hedge fund walks off with millions and the employees and the community supported by the jobs eat shit .
Check out what really happened to Cabelas and the Dakota town that got the shaft
You seem imply that Wall Street buy-out artists are somehow not a productive component of the great symphony of American society.
Actually you are correct IMHO. And if we raise taxes on these guys, it just means they have to give the feds a bigger slice of their stolen pie.
The only solution I can see involves a great deal of unpleasantness; FWIW I believe that great unpleasantness now is far better than another century of deceit and legalized looting.
WTF YOU SAY ???
there is no solution to the pension crisis. the white women didn’t have many kids, half of the kids they had are snowflake leftists, and the burgeoning black and mexican populations don’t pay taxes but are overall burdens. the ship is sinking slowly but steadily and there’s no stopping it.
a lot of our problems can be traced back to feminism,abandonment of religion,and the 19th amendment,,can’t they?
those all made their contribution, sure, but they’re solvable. but without citizens, no nation continues on.
The givernment does not have any business being in the pension business, including SS. The unfunded liabilities are close to $100 Trillion.
Actually some put them closer to $250Trillion….but does it really matter at that point?
A trillion here and a trillion there and pretty soon you are talking about real money.
Martin or others in the know? My husband took early retirement from the International Aerospace Machinists union, which is a big one.
Last year, he got a notice that no “early” retirements would be approved, settling the age at 65, I think. (Nick retired at 58.)
This year, he got a letter telling him while HIS benefits would not be affected, the future benefits of others were being set on an alert status to signal their may be reductions ahead to them. Not my husband. Right?
I say bailouts are for everyone!
That is the name of the game Maggie. Get yours and screw everyone else.
Well, to be honest, we were both “forced” into the union because the contract was on federal property so the union thugs were in bed with the political thugs and they coerced management thugs into giving part of our 401K matching funds to the Union for the IAM Pension.
That’s the name of the Union Pension game. I sat on the CBA negotiating team. Like the proverbial token female.
>>>I say bailouts are for everyone!
Ha, ha, ha! You really have not been paying attention.
The hard-working taxpayers are going to get the reaming of a lifetime when the parasitic plantation masters decide to screw them all to pay for the government-sector pensions that are the biggest ponzi schemes of all. The private sector pension recipients will get the shaft for the most part, but a few might get bailed out if their CEOs make big enough contributions to the right political “leaders.” Its not enough that money was STOLEN to pay the salaries of these government employees, now they are going to want more and more, while the value of the dollar falls and the economy collapses.
My employer offers the cash balance option on our pension (I was hired 9 months before they did away with pensions for new hires). Nobody I know is foolish enough to think that pension will be good for a lifetime and instead cashes out. I am hoping that it stays afloat just a few more years.
I read the pension annual statement that comes in the mail. It is underfunded pretty badly even now while the market is doing well. Just a few more years…
Police union , school teacher union , fireman union federal and state employee unions all good and benefits and pension promises all must be kept . Steel workers union , electrical workers union , auto workers union , miners union , equipment operators union etc … all bad and of course their pensions and benefits are unsecured liabilities that are legally discharged in bankruptcy , isn’t that special !
All right you congressional bags of shit now what ?
How about some equal protection under the law !
There is always a 1776 re-boot and all who benefit at the demise of to American working class will regret and never enjoy their ill gotten gains and success by turning a free Independent people into indentured tax slaves for their elitist life style retiring securely in their 50’s while a former private sector working person struggles to hang on till death !
That is what we have now and that is not the promise of America regardless what an inflated stock market or federal figures lie about !
This cannot end well !
FORGET ME NOT
“How about some equal protection under the law !”
sure. for all who are under the law. “the nation that will not serve you shall be destroyed.”
>>>How about some equal protection under the law !
Why all the hate toward People of Color and Gays?
WTF hate for who ?? What ass did you pull that out of regarding pensions and who or what group gets protected and who gets tossed under the bus !
during the fall of ’08,just as the financial crisis was being realized,a dem congressman from cali came out & proposed converting all pension assets to govt funds & uncle sam paying All pensions–he was quickly shut up b/c they didn’t want to tie that to obama but don’t think that plan isn’t still out there–
slightly off topic but the preliminary 2019 #s are in 4 the fed–
income-$102.8 billion,down 8.5% from 2018
expenses-
interest on both required & excess reserves of it’s nearly 3,000 member banks,$35 billion
reverse repo counter party expenses,$6 billion
operating expenses–$4.5 billion
other expenses-
$837 for producing,issuing,retiring currency
$814 for board of governors expenditures
$519 to fund the operations of the cfpb
estimated net-$55.5 billion,,with $54.9 billion to the treasury
Congress is unable to act because the bastards don’t have the balls to do what has to be done.
Congress is a criminal organization. They only act quickly on issues that behoove themselves, the war for Israel machine or bailouts for their bankster benefactors.
You ‘ve got a point there.
Be your own pension fund and central banker. Convert the green pieces of paper while they still have some value for hard assets, specifically gold and silver.
Trusting the jackals with your money at this point is stupidity.