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The coming pension wars…

…I am not a smart man, but from what I have read and the few “numbers” I do know, I believe our country is headed toward fiscal catastrophe.  I just don’t see how the debt levels we have, nationally and individually, are sustainable.  Further, I don’t see how the public pensions are sustainable, without heavy taxation on existing workers.  As a solution, that is not sustainable economically or philosophically.  As this article highlights, the damning position the existing workforce will be/is in is that of paying for pensions they/we will never receive.

2 Comments

  1. dw

    What scares me is learning that the dollar is a debt created instrument. It comes into existence with interest owed. I failed economics 101 but I can add. As long as the fed can create money a time will come when we cannot even pay the interest on the national debt and the boys in the know, … know it.

    Our economy is a one way street towards collapse and I suspect the name of the game is each generation has to be imaginative enough to pass a grenade with a pulled pin on to the next. Our only real concern is that it not be the very next generation that we personally know an love drops it.

    Harsh analysis but the ugly truth is that no matter how much you care, you will never run for water as fast as you will when your own ass is in fire. Complements of mother nature and only patriotism and spirituality can override that.

    Posted on 10-Aug-10 at 16:21 | Permalink
  2. CombatRob

    I did pretty well in Econ, but I make no claim to being a smart guy regarding all of this. However, Mish is: http://globaleconomicanalysis.blogspot.com/

    And while I don’t get a sense of desperation from him, his analysis is terrifying.

    Posted on 15-Aug-10 at 15:56 | Permalink

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