Tag Archives: Pension

Chicago Levies PlayStation Tax To Pay For Bankrupt Municipal Pension System And Massive Deficits – Confounded Interest

Chicago IL (should be ILL) is the poster child for an insane pension program (mostly to municipal workers and public school teachers). But not only in the city of Chicago, but the state of ILLinois as well. Consider that the unfunded liability in the state’s combined retirement systems has risen in 11 of the state’s past 12 years—despite a roaring ...

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U.S. Pension Funds Turn to Riskier Real-Estate Bets

U.S. public pension funds are taking on more real estate, and at times some of the riskiest types of property investments, as they try to close their funding gaps. American public plans with more than 20,000 members had an average 7% of their assets in real-estate investments at the end of 2017, according to a Wall Street Journal analysis of Boston ...

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Illinois pension debt-to-revenue ratio hits all-time high for any state

According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record. Illinois’ pension debt has set a new record to which no state should aspire. Credit ratings agency Moody’s Investors Service released a report Aug. 27 comparing unfunded pension liabilities across all U.S. states. According to the ...

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Will Pension Funds Get Destroyed The Next Time The Stock Market Crashes?

Pensions are in serious trouble even as stock prices have soared, but what happens when the market inevitably crashes? Here’s Mish Shedlock’s take… Mish Shedlock interviewed by Jason Burack on Wall St For Main St Jason Burack of Wall St for Main St interviewed top economics blogger at Mish Talk Global Economic Trend Analysis https://moneymaven.io/mishtalk, Mike “Mish” Shedlock. Mish is ...

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It’s the pension promises, stupid!

By: Ted Dabrowski and John Klingner You can trust public pension apologists to deflect any critique that calls out the failure of defined benefit plans. Unsurprisingly, their response to a recent Wall Street Journal editorial highlighting Wirepoints’ research was just that – deflection via misdirection and victim playing. Wirepoints found that a skyrocketing growth in pension benefits, what are known ...

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Venezuela to Peg Pension, Salary Systems to Petro Cryptocurrency

Venezuela is set to begin using its “petro” cryptocurrency as an official accounting unit, according to the country’s president. ABC International reported the development on Tuesday, citing a televised announcement by President Nicolas Maduro, who first unveiled the petro back in December. As part of the change, the state oil and gas company Petróleos de Venezuela (PDVSA) will reportedly begin using the ...

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