What Went Wrong With Pensions — And Why The Whole World Should Be Worried

in #pension5 years ago

All asset classes are on a roll. We saw a decade of run up that is never matched in history. This is the greatest bull market ever.

If that is the case, why are public pension funds so woefully underfunded. With so many people getting near retirement, there is a huge crisis looming. Some states are looking at major defaults due to the fact they cannot adequately fund the pensions.

The next bear market is really going to put these funds in a hole. It is likely many of them will never recover. The only way out of it will be to raise taxes, cut benefits, or pay their way up to get more funding.

Most of this is not going to be feasible.

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