Guest Post by Martin Armstrong
A study by Truth in Accounting (TIA) revealed that 70% of America’s largest cities fell into a deficit in fiscal year 2022. Out of the 75 cities studied, 53 simply did not have the funds to pay their bills. The study found that the total debt among the 75 cities had reached $288 billion, and despite the $307.4 billion of assets shared among them, the cities held $595.3 billion in unfunded pension plans.
US law requires cities to maintain a balanced budget, yet no one is holding the representative accountable. Mind you, this data was collected BEFORE the migrant crisis toppled city budgets. Cities have been overreporting their revenue and incorporating borrowed funds into their total revenue calculations. These cities push off bills until the beginning of the next fiscal year to alter calculations.
Pensions and health care were the major issues burdening American cities long before Washington required taxpayers to bankroll the 7+ million new illegal residents. As the report notes: “The most common accounting trick cities use to understate government costs is not including true compensation costs. Cities provide employees with salaries and employee benefits, such as healthcare, life insurance, and pensions. While pension and other post-employment costs, such as health care, will not be paid until the employees retire, they still represent current compensation costs earned and incurred throughout their tenure.”
I have been warned for many years that the government pension plans operate like a Ponzi scheme and have been waiting to implode. Government employees have the defined-benefit (DB) while we get the defined-contribution (DC) plans. Most state and local government employees, actually 87% of those working full time, participate in a defined benefit (DB) pension plan. They contribute NOTHING but are guaranteed a pension on top of what they earned, plus free healthcare for life. Under these promises, these employees have never been required to save for the future and will demand that the public be taxed on anything and everything to keep to this Ponzi scheme on life support.
UNDER NO CIRCUMSTANCE should you allow your pension fund to be managed by any government-related entity. They cannot pay government employees so they have sought to suck in everybody else to cover up their losses. Before 2032, there will be more people on retirement from government than actual employed workers. The government must continue to raise our taxes because they are incapable of creating reform.
The reason I highlight the migrant crisis is that we are now shelling out billions of dollars every month to support a new influx of people who have also never contributed to the system. They are providing them with “free” shelter, food, debit cards, and more. Then, they decided to prevent these very people from obtaining working permits to ensure the select few with good intentions cannot ween off government/taxpayers.
Look at history to see how this situation plays out—warning: the pension crisis will not end nicely. When the government could no longer afford to pay the army, it began sacking Roman cities that opposed their general. They turned inward and cannibalized their own cities, weakening the entire empire, thereby allowing the barbarians to come through the gates. We have followed the very same mistakes as Rome. This is just how empires always end. We are no different.
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Having lived thru the collapse of American industry pirated by the circle jerk of WALL STREET TO K-STREET TO CAPITOL STREET we are now in the final decline !
My steelworker job and benefits once a blue collar assurance of an American middle class life went to China or Mexico or Japan as did my portion of the tax base that supported government policies, projects and pensions .
I’m one of millions !
Lucky that I had diversified trade school training and mechanical skills to move on and start over . I was 11 years into what was a 30 year pension with the third largest steel production company in the world and POOF GONE bankrupt
We tried to warn America that the BIG CLUB CIRCLE JERK was piling up debt upon future generations while crippling our nation !
Now a government employe pension system is short 😂
Gee that’s to fucking bad !
My wife and I struggled for 10 years financially from 1984 to 1994 and now at 70 years old you want to confiscate thru organized theft our retirement nest egg we accrued.
FUCK YOU
A 19″ color TV was $498 in 1972.
A 52″ 1080p TV is $98 at Walmart.
Yes we are loaded with cheap STUFF
and low paying jobs !
This has turned our working Americans into DIXIE CUPS use up and throw away !
Unless you have a government job funded by increasing debt upon the people THE CIRCLE JERK THREW UNDER THE BUS
How much was 19 pounds of beef in 1972? How much was a 1900 sq. ft, house in 1972.
How much is 19 pounds of beef at Walmart last week? How’s about a 5200 sq. ft. house?
Soon enough Walmart will sell you a 520 sq. ft. house you can assemble yourself on your 520 sq. ft. lot.
Enjoy the teevee.
@ Anon, that 1972 US-built RCA/Zenith/Maganvox TV still runs. The Walmart no-name, smart surveillance, CCP TV went into curb trash too soon after it’s 1-year warranty expired.
Likewise, illegal, deficit spending and fraud can only insult civil order for so long. Tick tock ye mothers.
I remember the old black and whites with the tubes in them .my father used to say look in the back of the TV to see if the tubes were heating up. Lol.
I would love to work on the home of a SS worker.
That would be one job I would milk the ever loving shit out of.
A one hour repair? Two weeks with the power off.
Fuck em!
In the words of Orange Man Bad, “YOU’RE FIRED”. Also? There is NOTHING professional about you.
Keep your personal and professional lives separate, you shitty little thieving weasel.
A cuntfer says what?
Hahahahahahahahahahahahahahahahahaha ..
TCS espousing what appears to be a moral stand?
You do not hold the high ground fucktarded piece of used shit.
“Now a government employe pension system is short”
its not short your taxes are going up period.
you will give them all your extra money so you wont have any even for repairs on your house!
We have followed the very same mistakes as Rome. This is just how empires always end. We are no different.
You think this is a flaw.
This is part of the business model.
If you want to know where any country is in the plan, locate the bible stories which match what is happening on the ground and see how they end.
They, are using the bible as a guidebook to build and destroy nations.
It has always been a civilization building/destroying manual.
The clot shot plus remdesivir plus chemtrails plus non-food belly-filler plus modern sedentary life is helping to adjust for the pension overload.
No wonder the pigs are out in full force writing out more motor vehicle – related tickets than ever. Gotta extort grandmas and everyone else to make up for their criminal business practices.
And it is a business. Most cities, towns, and villages are incorporated. Corporations are for profit entities. Just recently I found out that non-profits are expected to turn a profit too. What???
Lotta snarling here on this one.
Someone mentioned this in another post
.