THE PENSION CRISIS

  Historically, families and marriage provided the security needed to support the elderly prior to the proliferation of pensions. As the population became more industrialized, private annuities rose in popularity with pensions resembling disability insurance. With the rise of socialism, pensions not only grew in popularity but replaced the family as support for the elderly. Unfunded pensions combined with poor demographics in which the elderly comprise a greater portion of the global population are leading to a situation that could cause the collapse of governments globally. The future for retirement is seriously in danger. The central banks are trapped and are unable to reverse course without admitting they have been dead wrong.

How did public pension burdens spiral into such a crisis? By and large, the shortfall is not a result of malfeasance, avarice or greed, but rather the inherent dynamics of public-sector contract negotiations in a democracy. Imagine yourself as a city’s mayor during uncertain financial times. Union leaders inform you that current salaries are no longer sufficient to deal with higher costs of living, and public employees are struggling. Those government employees legally permitted to strike threaten to do so. However, the already-strained budget simply does not have the funds. The union leaders eventually concede that fact, but still need to deliver something to keep their members satisfied or, at the very least, not so angry that they are looking for new union leadership.

Explore the origin of pensions and how their mismanagement has destroyed civilizations throughout history. This 87-page report also discusses the various factors that have contributed to the crisis, current fiscal policies, as well as why your 401(k) may be in danger.

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The Pension Crisis