Wednesday, December 21, 2016 by: JD Heyes
(NaturalNews) There is a “perfect storm” of events shaping up that will take most Americans by surprise – especially those who paid into, and now rely on, a pension tohelp make ends meet after retirement.
Unbeknownst to most people, pension funds in the United States are grossly underfunded. In fact, according to The Financial Times, academic research has determined that the collective funding shortfall for all U.S. public pension funds combined is three times larger than official figures indicate – and it’s getting bigger.
Rep. Devin Nunes, R-Calif., said that for years it has been clear “that many cities and states are critically underfunding their pension programs and hiding the fiscal holes with accounting tricks.” In fact, the city of Dallas just moved to freeze withdrawals from its fire and police pension funds because they are billions of dollars in the hole.
Nunes introduced legislation in the House in November to reform how public pension plans report their figures to the general public. He said that when the funds become insolvent, “they will create problems so disastrous that the fund officials assume the federal government will have to bail them out.”
‘Five or 10 years out there will be major failures
Thomas Jefferson once said: “I believe that banking institutions are more dangerous to our liberties than standing armies . . .
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation,
the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their
children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks
and restored to the people, to whom it properly belongs.”