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Category Archives: Social law

It Begins: Pension Bailout Bill To Be Introduced This Week

Over the past year we have provided extensive coverage of what will likely be the biggest, most politically charged, and most significant financial crisis facing the aging U.S. population: a multi-trillion pension storm, which was recently dubbed “one of the most heated battles of a lifetime” by John Mauldin. The reason, in a nutshell, why […]

Stanford Says Soaring Public Pension Costs Devastating Budgets For Education And Social Services

A new study from Joe Nation of Stanford’s Institute for Economic Policy Research entitled “Pension Math: Public Pension Spending and Service Crowd Out in California, 2003-2030,” says that the devastating consequences of the ill-advised, Cadillac pensions doled out to America’s public employees over the past several decades are only getting started.  Looking back at taxpayer […]

Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Underfunded Pensions

Last August, in a post that attempted to explain why public pensions are really about $8 trillion underfunded, as opposed to the $3-$5 trillion that you frequently see tossed around in the press, we described pensions in the following way: Defined Benefit Pension Plans are, in many cases, a ponzi scheme.  Current assets are used […]

After ‘Modest’ 250% S&P Returns, Corporate Pension Funding Levels Roughly Same As 2008

We spend a lot of time writing about public pensions because the aggregate underfunding levels, $3 – $5 trillion on the low end, are simply staggering and at some point they will be realized for the ponzi schemes that they are and the systemic risk they represent to the global financial system.  Until then we’ll […]

In Search Of A Pension Fix (When None Is Possible): What Happens?

Submitted by Mike Shedlock via MishTalk.com, As I pointed out long ago, there is no possible fix to the Dallas pension mess except massive haircuts to pension payouts. Given The pension board does not want to admit that, nor the mayor, nor the city council, it was inevitable talks would disintegrate into finger-pointing and lawsuits. […]

Criminal Witch Hunt In Dallas Pension Fiasco

Submitted by Michael Shedlock via MishTalk.com, In the wake of the near collapse of the Dallas police and fire pension fund, a Dallas News editorial says Former Police, Fire Pension Managers Should Face Criminal Investigation. Mayor Mike Rawlings is right to ask for a state criminal investigation into shady practices by the Dallas Police and […]