Pension CRASH Is Coming! – Congress’s Committee To Bail Out Pension Funds
Josh Sigurdson talks with author and economic analyst John Sneisen about the coming pension crash as a new story comes out regarding Congress’s new committee to bail out 200 pension funds!
You know it’s bad when congress is so eagerly expecting the failure of the pension system.
So-called private plans or the 1400 multi-employer plans in question are in a $553 billion short fall.
In the new, big government spending bill, congress snuck in a provision that creates a committee that allows congress to use federal funds to bail out as many as 200 multi-employer pension plans. These are plans where employees and unions jointly provide funds. Of course this is corporatism to the max.
Pensions are dependence. Unfortunately so many have been thrown into that dependence unwillingly. Individuals should save for themselves. All people should be looking to save for their futures. Unfortunately, the government and banks force people into giving part of their earnings to some centralized authority that usually employees know nothing about and are supposed to trust them to correctly manage their savings.
So instead of saving in what one has done due diligence into, some insolvent bank will make the decisions. And they are insolvent.
We recently reported on the cash to deposit ratio at banks and they are completely bankrupt. So to trust them with your money is incredibly risky.
Young people are unlikely to ever get a pension which is why it’s important young people learn about money and savings themselves and look to whatever they come to believe in.
As we approach a massive fiat crash, the likes of which the world has never seen (inevitably), it’s time people start taking real precautions and be financially responsible. There’s hardly anything more important. Self sustainability is the hallmark of freedom and life itself.
Stay tuned as we continue to cover this growing issue.
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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