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Author Topic: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded  (Read 1334 times)

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Offline SirLinksALot

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Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« on: January 06, 2018, 03:02:23 pm »
SOURCE: ZERO HEDGE

URL: https://www.zerohedge.com/news/2018-01-04/stunning-survey-reveals-majority-pensioners-have-no-idea-their-pensions-are


Over the past several years, we've written a countless number of posts on the precarious financial situation of numerous state and local public pensions around the country all while frustratingly wondering how the massive $3-$6 trillion dollar ticking time bomb doesn't seem to be that much of a concern to frothy asset markets.  As it turns out, precisely no one (our readers excluded, of course), including the workers who are active participants in insolvent public pension ponzi schemes, have any idea just how underfunded they really are.

According to a staggering new survey conducted by Spectrem Group, 6 out of 10 CalPERS retirees and 8 out of 10 NYC retirees are apparently under the illusion that their pensions are fully funded...

Quote
NYC Funds pension members were the most likely to indicate that their pension is fully funded (80%) while the CalPERS members were the least likely to indicate that their pension was fully funded (63%). Sixty-six percent of National members indicated that they believe their pension fund is fully funded. In reality, none of these pensions are fully funded. Based upon annual reports, CalPERS is funded at 68.1% and NYC Funds is funded at 62%.



Of course, as this one simple map illustrates, reality is somewhat different than the hopes and dreams of America's public pensioners.  In fact, when using realistic discount rates, there is only 1 state pension system in the entire country, Wisconsin, that is more than 50% funded....all the others are trillions of dollars short.



(EXCERPT) CLICK ABOVE LINK FOR THE REST....



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Offline SirLinksALot

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #1 on: January 06, 2018, 03:03:25 pm »
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Offline SirLinksALot

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #2 on: January 06, 2018, 03:03:50 pm »
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Offline SirLinksALot

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #3 on: January 06, 2018, 03:04:09 pm »
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Offline SirLinksALot

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #4 on: January 06, 2018, 03:04:35 pm »
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Offline Bigun

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #5 on: January 06, 2018, 03:06:25 pm »
The majority of Americans - whatever their current status  - are pretty much economically illiterate.
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Offline GtHawk

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #6 on: January 07, 2018, 04:31:41 am »
In California they are not worried in the least because they all know the California taxpayer is on the hook for all of it.
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Offline Hoodat

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #7 on: January 07, 2018, 04:41:04 am »
The vast majority of Americans have no idea that Social Security is an entitlement program just like welfare.
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Offline LMAO

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #8 on: January 07, 2018, 04:54:27 am »
Quote from: Bigun on January 06, 2018, 03:06:25 pm
The majority of Americans - whatever their current status  - are pretty much economically illiterate.

QFT
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Offline IsailedawayfromFR

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #9 on: January 08, 2018, 01:05:17 am »
Quote from: Hoodat on January 07, 2018, 04:41:04 am
The vast majority of Americans have no idea that Social Security is an entitlement program just like welfare.
That is because the politicians and bureaucrats have consistently lied about what Social Security is and what it is not.

It is the biggest Ponzi scheme ever constructed(which any private entity would have serious jail time if caught doing it), has zero assets and is a massive generational transfer of wealth.
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Offline LMAO

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #10 on: January 08, 2018, 01:38:08 am »
Quote from: IsailedawayfromFR on January 08, 2018, 01:05:17 am
That is because the politicians and bureaucrats have consistently lied about what Social Security is and what it is not.

It is the biggest Ponzi scheme ever constructed(which any private entity would have serious jail time if caught doing it), has zero assets and is a massive generational transfer of wealth.

Which is why reforms and cuts to it will be met with a lot of backlash and howling. But the cuts will have to come when it comes to SS and Medicare.
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Offline jmyrlefuller

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #11 on: January 08, 2018, 03:19:05 am »
I don't know where these guys are getting their info. New York State's pension fund is pretty much fully covered. It's constitutionally protected (and the unions consider it sacred), and any shortfalls end up getting passed on to local governments, who are taxed to cover the difference.
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Offline truth_seeker

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #12 on: January 08, 2018, 03:41:22 am »
Quote from: Hoodat on January 07, 2018, 04:41:04 am
The vast majority of Americans have no idea that Social Security is an entitlement program just like welfare.
You will face strong opposition, convincing people that paid into SS for 50 years, that they are no different than welfare leeches.

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Offline Hoodat

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Re: Survey Shows Majority Of Pensioners Have No Idea Their State and City Pensions Are Underfunded
« Reply #13 on: January 08, 2018, 05:02:03 am »
Quote from: truth_seeker on January 08, 2018, 03:41:22 am
You will face strong opposition, convincing people that paid into SS for 50 years, that they are no different than welfare leeches.

Those people didn't pay into social security.  They paid into the general fund.

And I never said they were leeches.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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