Tuesday, October 12, 2010

US Cities Face Half a Trillion Dollars of Pension Deficits

The news just keeps getting better.

What will have to happen is a complete restructuring of the generous pensions afforded municipal workers. Soon there will be no pensions even in the public sector. What will be left are 401(k) plans where the average person will never be able to save enough to retire. That will cause the workforce to explode with more and more people vying for the same limited employment opportunities. These two factors will force wages down even further. Wake up America before its too late.

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