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Trillion Dollar Pension Disaster
The US public pension system has developed a $3.4T funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies.
Large pension shortfalls have already played a role in driving several US cities, including Detroit in Michigan and San Bernardino in California, to file for bankruptcy. The fear is other cities will soon become insolvent due to the size of their pension deficits. Are pensions becoming a thing of the past?
Jason K Roberts is an Investment Advising Expert and uses his company, JKR Investment Group Inc. to continue showing people the right path to financial success. He is able to elaborate on the current state of pensions and why they are in flux throughout the United States.