The Coming Pension Crisis will make the Pandemic look like a Party !!

The Coming Pension Crisis will make the Pandemic look like a Party !!






The US pension plans warned they would run out of money by 2028. At the moment, a number of US public pension plans have barely recovered - if at all from the 2008 financial crisis - now to be hit with the continuing economic fallout from the corona-crisis and domino effect of historic unemployment. An alarming report in the Financial Times warns that seven major public pension plans are due to depleting their assets by 2028. The retirement crisis will make the pandemic look like a party. So many, for whatever reason, have no savings at all. They will vote to be helped. The Medicare trust fund will run dry as early as 2023. Payroll taxes and premiums will go up, while benefits will go down, or some combination of that. Social Security will use up the trust fund by 2034. The national debt is projected to be 50 trillion by 2030. We'll have to print more money, meaning inflation. No politician has even pretended to address these hot potatoes. I'm not saying it will all play out this way, but it is undeniable we will have many, many, many millions of seniors that will not be able to provide for themselves. Almost a third of Americans say they may never retire because of coronavirus hardships. This country is in for a bigger crisis, with so many Americans having zero savings and getting older. The Social Security issue MUST be dealt with NOW too. It's due to run dry soon. The Covid-19 pandemic has crippled economies all around the world. From healthcare disasters to black swan financial events, it has been quite some time since the future has seemed so bleak. The politicization of the virus is the problem. And all meant to destroy the economy. According to a story originally published by CNBC, this widespread financial strife has caused more than one in four Americans to raid their retirement savings. "40% of Americans Have Less than $1k" and "75% of Boomers Have Less than $10K for Retirement" and "Boomers STILL Carry More Debt than Investment and Savings. Only about 10% of the working population has ANY savings to speak of. This is the only generation less prepared for retirement than they were even two years ago. A 2018 study by Northwestern Mutual reported about 1/3 of people nearing retirement had less than $5,000 saved for retirement. As a society, we are not generally well prepared for old age or retirement. Yes, some people grew up with smart money parents, others did not, so we had to learn on our own. Teaching money management and financial investing, a good budget, etc. is absolutely necessary. These are survival skills that an educated society should provide their citizens....don't leave it up to chance or we will pay the consequence. ALL Americans will retire. It just depends if it fits on your terms or not. At a certain point, after being let go and unable to find another job, you are retired. If you're self-employed, you can work as you want. Some folks go till they drop. If the pandemic accelerates, "retirement " will come with an oblong box or cremation. You may plan to never retire, but believe me, you will for one reason or another. Start saving money, cut the cable bill, the telephone bill, the vacations. Don't buy an expensive car. Believe me, you will retire someday due to health issues or just because your employer wants a worker who is younger, healthier, and will accept less money than you. A lot of people will likely be forced to retire. A lot of jobs will not come back, and when they do, you can bet older workers will be the last hired. Corporate America has no need for you past age 60. Many of the 55 - 60 years old are being forced into retirement early because of the virus. They have been laid off with no chance of being rehired. They don't show up on the unemployment numbers, but they are here. The unemployment figures are false and much worse than indicated. By 50 years old, you should be prepared for retirement. I can't believe how many people think they can start saving for retirement "later." "Later" is promised to no one, stupid not to start immediately. Besides, wealth is a function of time and money, more time, less money, less time, much more money (contributions). Time marches relentlessly on, it can either be your friend or your worst enemy. I know many folks 50 and up that were laid off during the great recession, never to have found a decent paying job again, and the same is going to happen again now. Then you've got a significant chance of becoming disabled due to illness or injury. Maybe your body just gives out you can no longer do your physical job any longer. If you've waited, it's too late now. If you want to talk presumptuous, it's assuming you can save "later." THE PROBLEM IS NOT THE VIRUS BUT MONEY MANAGEMENT. IF ONE IS NOT TAUGHT AS A CHILD TO RESPECT MONEY, THEY WILL BE AND STAY POOR. If one event can ruin your retirement, then you didn't plan very well to begin with. The simple truth is 45 years is either a lot of years of good decision making or a lot of years of poor decision making. There's going to be a huge spread between the 65+ haves and have nots. It seems each new generation becomes lazier than the previous one. They want more entitlements, but they're less productive. The newest working people, those just graduating from college, got a good lesson of what living paycheck-to-paycheck will do. Hopefully, they will understand not having a subscription or two, having the newest smartphone to order your coffee and leasing the BMW isn't so important if you have zero savings of some kind. If you are working and unable to save at the very least 10% of your pay, then you are spending too much. Or you're not making enough. Saving is not a hard concept. Savings takes self-discipline. The key was (still is) don't spend a lot of money on depreciating assets like cars and clothes. You gotta live within your means and save for the rough times. People were crying the second week out of work with no paycheck. These people are obviously doing something wrong! If 2-3 months laid off, and possibly making more in unemployment/stimulus money has ruined your retirement, you were already a financial wreck before coronavirus. Simple rules: 1) Live below your means - not just within your means. 2) Purchase items used if possible, such as a car. I only purchase used cars and keep them for 5-7 years. I do purchase new cell phones, but I keep those around three years on average. 3) Have at least three months of emergency funds. More is better, but three should be the minimum. 4) Invest early and often. 5) As you get older - and closer to retirement - slowly switch a percentage (40-60% depending upon your specific circumstances) to more secure investments. 6) Take on as little debt as possible. I do not know what my credit card rates are as I always treat them like cash and pay them in full each month. I only take on debt if it makes sense financially. Regardless of your income, it is possible to prepare for emergencies and invest in retirement. It simply requires discipline to do so. Should have had some emergency savings in place to sustain you for a few months WHEN the economy goes south. If you're holding a nice smartphone, drive a nice car, and live in a house you couldn't afford, then you only have yourself to blame for having to work until you drop dead. Live within your means, plan for the future, and don't count on somebody else to come along and support you, because they (probably) won't. If you are having trouble making ends meet, here are a few tips. -Cancel unnecessary subscriptions, cable TV, Netflix, prime, etc... -Shop around to save on monthly services like insurance, phone, internet, etc... -Buy second-hand items whenever possible: cars, furniture, clothing, cell phones, etc... -Buy the lowest-cost, smallest house that meets your needs (not your wants). -Cut out unnecessary spending on restaurants, coffee shops, etc. Make your own meals, do the brown-bag lunch thing -Don't spend a lot on gifts. Make your gifts. It's lower-cost and more meaningful. -Don't do stupid stuff. -Shop around for a better paying job. Compare total compensation, including wage/salary, 401k contribution, HSA, health insurance. don't include BS benefits like pet insurance, free massages, or other things you don't need. -Don't buy pet insurance or spend a lot at the vet. What this virus has exposed is the lack of an emergency savings account and basic financial planning. And stagnant wage growth for the last decade has not played a role! When a person has no cushion, Covid-19 doesn't make much of a difference. Boomers do have one advantage, though. Our parents grew up during the Great Depression, so the idea of savings was drummed into us during our childhood. It doesn't mean every boomer learned, but many did. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. The pandemic did not create the "retirement crisis," it has been there all along. And the Federal Reserve Bank is not helping millions of retirees being made complete fools of with money in banks and credit unions at around .01 percent interest. They are being robbed by the Fed to pump up Wall Street speculation into the latest balloon. This is not going to end well. If the "Fed" stumbles and falls, which I think that it will, the wealthy will just run away from the Hindenburg Finance Disaster and just create another scheme, probably "digital" this time. Hardly anyone "saves" what the privately-owned Federal Reserve Bank can just create more on in minutes on computers or taking a while longer, printing up debt "notes." Most of us, myself included, will get badly hurt if this grand scheme of paper and computer digits crashes someday. The money given away by the government this year will reduce the value of your retirement savings by 20%; REAL inflation is that huge. The weak financial condition of seven US public pension plans threatens to deplete their assets by 2028, leading to severe risks for the living standards of thousands of American employees and retired workers. Many US public pension plans had not fully recovered from the 2007/08 financial crisis. As many companies work to regain their financial footing in the midst of continuing economic uncertainty caused by the coronavirus pandemic, a retiring worker’s decision to take either a lump sum or lifetime payments from their pension could boil down to one factor. Whether they think the employer will be able to meet its long-term commitments. There are over 5 trillion dollars in 401k's, and you can bet the government is absolutely salivating over the possibility of taxing it or even confiscating it "for the greater good. Using 401k law to fund retirement has always been perilous. While the current stock market drop is understandable, many market swings seem baseless, and the result of both can and do ruin retirement plans with no fault of the retiree. There should be a law that companies must contribute to a funded retirement plan run by the Federal Government. In most developed countries, something along this line is done, and since all those countries and companies within those countries figure out a way to be competitive, we should be able to figure it out also. Last, the law must include a provision that the Government cannot use the funds for any reason other than to disperse retirement money. People have spent 40-50 years applying themselves. At what point do they deserve to start living? They gave their best years to this country, and in return, it spat in their lap. The elderly should be taken better care of in this country. They spent their entire lives working for corporate America. It's time for Corporate America to pay them the thanks that they deserved. That pitiful living wage during their best years is not enough. A lot of working people don't realize how much of a burden debt is as it's become a way of life. Maybe this pandemic will make us realize that just because we want something, it doesn't mean we have to get it. Freedom from financial stress is what we should aim for. Let's be clear. Not only were Americans not financially prepared for a pandemic, but Corporate America wasn't either. How many businesses, both big and small, are shuttering their doors. Businesses couldn't afford to keep paying employees, rents, etc. any more than the average American could keep paying for their basic expenses either. I hope the finger-pointing and BAD CREDIT judgments get reined in. Being a consumer-oriented society, we have been pushed to the limits to spend. A capitalist nation depends on the consumer to spend and spend more. However, recently, due to the ongoing lack of confidence in our economy, many people have turned to save instead of buying for buying's sake. This has sounded alarms in corporate boardrooms. Their goal is to get spending back on track. Larry Kudlow mentioned that the retail sales numbers would be great for May. But, he failed to include that much of that spending was done with stimulus checks. He also didn't state that credit card spending was also up. People are resorting to Credit Cards instead of cash savings. What happened when the stimulus ends and credit cards get maxed out? The pandemic brought an important lesson home to everyone. It has taught us that anything can and will happen and not always good. You plan a budget, then try to stick to it, set aside some money for emergencies, and prepare for the future. Generation X's have a long time to retirement, so they have time to recover from the downturn in the employment market. It will be slow at first. I think we'll be told one day to thank God our president is saving the economy by issuing new, strong money. We'll be told our non-patriotic old money will not be good after a certain date or after a bank holiday. At that point, if it happens, spend ALL your old money on food. After that, I can't tell you. Good luck! Save money. Money talks during a disaster, including finances. Most people put way too much faith in the stock market. Quick gains also open you to quick losses. Buy gold, Silver. Stay away from this market for now. Just wait for the burning smell of speculators to get a sniff of what is heading our way. Markets are way overvalued and will see a massive fall. There is no justification for stock prices when the entire nation is still suffering from this Virus. It is not going away because Trump says so. We haven't seen anything yet until the fall, which is only 16 weeks away. This virus will haunt us again worse in the fall. The FED response has been almost criminal yet continues to persist. I think we may finally be at the breaking point of this fiscal policy since too many people are using it to speculate on values going up no matter what based on FED support, which has created an enormous bubble that can only be addressed by either reducing support, or a massive collapse. A 2nd wave is guaranteed here in the states. The second wave of virus + Riots = stock market's doom. This was The Atlantis Report. Please Like. Share. Subscribe. Leave me a comment. And please take some time to subscribe to my back up channels, I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends!

👉Sovereign Debt, Matters : We are in a Fat Ugly Monster Bubble !!

👉Sovereign Debt, Matters : We are in a Fat Ugly Monster Bubble !!



Total U.S. debt reaches $55.9 trillion amid significant increases in corporate and government borrowing. Total domestic nonfinancial debt jumped by 11.7% to $55.9 trillion, the Fed said in its quarterly statement on domestic financial accounts. The debt had increased by 3.2% in Q4 of 2019. The biggest debt gain comes on the business side, rising 18.8%, while federal government debt also jumped 14.3%. Total federal debt recently passed $26 trillion. We have raised 96% of that debt ($24.5 TRILLION debt) since 1981 or less than 39 years ago. It took the US over two centuries to accumulate its first trillion dollars in federal debt, a number which was surpassed for the first time in the fourth quarter of 1981. What is stunning, however, is the recent pace of increase: total debt was "only" $23.5 trillion on March 23, the day the Fed unleashed unlimited QE, meaning that in two and a half months, the US has added $2.5 trillion in debt. And the punchline: the US added the last trillion dollars in the shortest time on record, achieving this remarkable feat in just one month, since May 4, when the total debt was just under $25 trillion. We added an extra trillion in just last month. That means the debt will double by 2022. Imagine if the average middle-class American planned on doubling his debt by 2022. What could be bought with money totally another mortgage balance, student loan balance, car loan balance, and credit card balance. We're talking $500,000 or more plus salary, to spend in just two years! The COVID effects are starting to snowball down a hill. Wait until the forbearance period runs out, and housing gets sucked in. The roller coaster is just getting started. Fiat bugs and mutants who say debt doesn't matter are going to find out the hard way that debt does indeed matter. The new slogan, sovereign debt, matters! We are 26 Trillion dollars in debt. The government has agreed on a stimulus of 5.5 Trillion dollars and another 3 Trillion dollars next (8.5 Trillion dollars so far). This basically means that our national debt is going to be in 30 Trillion dollars range. Household debt rose 3.9% due in large part to an increase on the mortgage side of 3.2%. Consumer debt rose 1.6%. Only Private-Citizens with Student Loans get NO BANKRUPTCY PROTECTION. I give it a couple of months when the credit cards of the people who are already maxed out stop working, and there's no new income to pay off the minimum. Meanwhile, food will be more expensive, and EBT benefits will not rise in tandem. From 2016-2020 we have tripled our budget deficit and increased our national debt by 20%. Future generations are going to have to pay for this. It's very clear that EVERY President keeps adding a few Trillion dollars, and more specifically, Trump and CoronaVirus are adding a lot of Trillions of dollars to our national debt. This debt is like an ever-heavier weight spread across a population that isn't growing, and eventually, the policies of avoidance will crush whatever is under it. There is NO WAY we will pay off the national debt. We will simply pay the interest until we can no longer even afford that; then it's a complete collapse. The big cities will go first and hard. Supply chain disruptions will be massive, and the cost of living is off the charts, so people will get behind the eight balls almost immediately when the people who are living above their means suddenly lose their income. Then come the street gangs. There is a reason Trump is activating National Guard on the east and west coasts, and it's not because they are fighting the virus. The Collapse is inevitable. No politician has the guts or brains to save the current system. The time to protect whatever wealth you have is now, as stagflation and eventually, hyperinflation will wipeout whatever value is left of the U.S. dollar. It will never get fixed until the system collapses. Talking tax increases and benefit cuts does not win you votes. Trump wants to be re-elected if that means financial collapse and the middle class destroyed, so be it. Maga! He said he was the King of Debt, and he ain't lying. Winning! Which is why there is exactly NO alternative to saving in gold. "Investment" is dead anyway. Return on Investment has been reduced to zero under a flood of printed paper credit. Bank accounts are certificates of confiscation. There's zero yields anywhere unless you are prepared to accept the enormous risk, and real-terms, organic "economic growth" has been gone for years, never mind what the useless "GDP" data releases blurb out. Just put the debt into the stock market like the rest of us. No risk and unlimited money! We're ALL gamblers now, bettors because that's all that is left. The Weimar Republic will look like paradise compared to what's coming. Extraordinary to me how the average Joe really has no clue about the epic seriousness of all this. Printing still requires supplies and labor; computer digits don't. And that, my friends, is significant. Fun Fact: By mid 1923, Germany's central banks were using more than 30 paper factories, almost 1,800 printing presses, and 133 companies to print banknotes. And don't forget about the $250 trillion in unfunded liabilities boys and girls. That is debt, no matter how you slice and dice it. America is $250T in the hole, but everything's going to be alright, folks, not a problem. That includes the unfunded promises for Medicare and social security. It’s unfunded even though our employers and we sent the money in - because corrupt congress stole it. So they will have to borrow to make the payouts - which seems like we paid twice. Now we see why smaller government is better government; They stole more than our social security payments. They undermined our life's work into nothing and made us pay for the weapons they will use to shut us up. The US economy to debt ration is equal to that of Greece’s ten years ago, and that is using a US pre-Corona economy. The next six months will be interesting. The rate of U.S. Debt growth has gone parabolic! There is no turning back from this insanity. The only out is through a smoking pit of disaster, crawling out the other side to start over. The federal government has a huge balance sheet. Oil and gas leases totaling more than $150T for starters. It must be nice to leave your fiscal mess to someone else. Politicians only know how to spend. The nation is bankrupt. Sooner or later, we will have to declare bankruptcy; or borrow from an unknown source to pay the debts. Then whoever we borrow from will pretty much own the US. If the government continues to print money, then money, in general, will start to be worthless. All the people who worked hard and saved and lived within their means will see that money’s value decrease because of over-saturation. I cannot honestly believe some people don’t understand that if you receive money for doing nothing, then it needs to be repaid. It was not enough to hold the markets up. They needed Unlimited QE, i.e., another 2 trillion dollar injection now. What they got is a slow drip, while Jerome sounded like he was the candyman to equities. He did say markets should price in risk, meaning no PPT saves and let the markets fall until they find a now Limited QE medium. Robinhood traders will get slaughtered, and the Fed looks good. That was just to bail out the 1% who own stocks and bonds. It is going to cost a bit more to keep the other 99% from burning the country to the ground. Until the GOP Manifesto for "Tycoon-Tax-Freedom" is firmly dealt with, and "Fair Share Responsible Taxation is restored and a Wealth Tax on the 1% Oligarchy who have accumulated 50% eliminate "Greed-Breed" entitlements. We can start by closing the tax loopholes for huge corporations and remove the roll-back of the taxes they paid. Thirty-five percent may have been a bit much. However, thirty percent would still afford the big corporations to make profits and produce millionaire/billionaire CEOs. Twenty-one percent is obscene. Must close the loopholes. Everyone should expect taxes to increase, both federal, state, county, city, and of course, when there is a budget deficit, the first thing to go are social programs and education. This is how wealth transfers happen in the US. The Fed bails out airlines, Hedge fund companies, banks, etc. etc. i.e., their buddies mega corporations without needing to pay it back. The fed makes money off the interest for hitting some keys on a computer creating fake currency, and the hard-working Americans via taxes pay it back. So we pay for extremely wealthy people to get even more wealthy. Meanwhile, small businesses only hope they can qualify for a loan (most won't get one), and they have to pay it back with interest. The FED exists to support greed and irresponsibility, simple as that. The US, Japan & Euro zones all need to man up and accept the mistakes they've made. Put greed aside, and let markets/economies clean themselves out. Stop this money printing bailout mentality and return to free-market roots. Otherwise, this thing will just keep going on, and reward for effort will be a thing of the past. Stop rewarding stupid & corrupt behavior! Stop corporate welfare end wall st, and the stock market that way companies have nothing to do with their money except investing in their workers and their companies, not their stock prices. Start collecting taxes from them. American business mentality is to borrow egregiously and make very risky bets. Then when everything goes wrong, deflect the negatives of the risk by having the Fed bail you out or game the system. How much longer can moral hazard be ignored, rewarding these inefficient and dangerous business practices instead of punishing the ever wealthier executors? Americans like living on debt, but the party is over. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. The market bubble doesn't turn my stomach as much as the debt bubble. Unless you've bought recently on margin, a correction might sting, but it won't bankrupt you. Debt, however, needs its payments made. And if you've got one low payment too many, it gets ugly fast. Add a few trillion here to the debt and add a few trillion there to the debt and pretty soon, still, nobody gives a damn, because everybody knows that in order to keep the shithouse's walls from imploding, there will have to be another few trillion added here and another few trillions added there. That is called Ouroboros economics. Until now, it has been a discussion about billions. Now we shall hear a discussion about trillions. Three zeros difference. Zero is nothing until you keep adding them to the end of a number. And with the dollar devaluation coming, it will be quadrillions. Forget trillions. This is the Buzz Lightyear economics: To infinity and beyond. Well, at least we are in good hands. Our current president is the best president in American history...in handling bankruptcies. He has a lot of experience, and that's what we need right now, one with experience. And now I understand what he was saying when he said, "I am the chosen one." Who else would be able to handle this pending, greatest bankruptcy in the history of mankind? After all, he's gone through 6 bankruptcies already. And America will become his 7th. The USA is a Republic run by Big corporations. Therefore, it is actually an Oligarchy. Elections will not stop this as it gets worse every time. The top 0.1 % of the Super Rich have decided who wins through gerrymandering and by keeping this antiquated Electoral College system, both favoring the top 1% of the population. Compared to the EU countries, the USA hard-working citizens do not have any universal health care system, no six weeks/ year paid vacation, no 38 hours of work, no nothing European citizens have. Why is that? Well, the taxation system is much fairer, military expenses are far lower, so Eu can afford to make laws favoring the interest of their voters. In the EU, the politicians are afraid of the voters; in the USA, they are afraid of Big Corporate America! There is no money in the banks. Your bank accounts reflect a measured value of somebody else’s unbridled power. We are allotted credits by the secret elite that allow us to live falsely believing they have not enslaved us. Capitalism is simply what communism sees in the mirror. Nothing is going to happen to fix our deficit because both parties (and people) are addicted to debt and never-ending GDP growth. There is no way out this other than inflation. It is not possible politically to cut benefits and raise taxes sufficiently to make any meaningful headway on the national debt. It is just too big, and the political and social forces against deep cuts and big tax increases are too entrenched. Fix the problem by cutting politicians' entitlements, politicians' luxury spending, and stop giving tax breaks to wealthy, who need to pay taxes on all income. Stop stimulus pay to big companies and to those who make over $90,000 a year and to noncitizens with green cards. Cut multiple living expenses to presidents with multiple security to adult family members. Now, that is a good bog start to boost our economy. Cut Federal salaries by 50 %. Cut Federal benefits by 80 %. Cut Federal Holidays by at least five days. Cut Federal pensions by at least 50 %. Cut congress pensions by 100 %. They do not deserve a pension for two years of doing nothing. Cut congress medical to the same the retired people get. Watch the budget balance in a hurry. - The Fed counterfeits dollars by the trillions, destroying their purchasing power and driving up prices. - Funds endless wars and welfare. - Creates massive and artificial economic booms, that must be followed by painful busts. - Bails out the politically-connected, creating an economy riddled with zombie corporations. Central planning is (as always) a disaster! The FED will bail till it cant bail anymore, complete economic warfare followed by the destruction of society. Post-Coronavirus, the situation will be two times or five times or ten times worse. Global depression is imminent and will continue for an indefinite period as depopulation, deleveraging, and decline are the natural state of things. Cast off the lifeboats...the Titanic is going down, and we'll be in small boats on very rough seas from here on. This was going to happen. Eventually, Coronavirus has just accelerated the timeline." 3 D's. Depression. Depopulation. De-dollarization. It's the New World Order. Serfdom. Destroy middle class, small business, pensions (public and private), 4o1 ks. Doctors can't even perform surgeries right now unless they are emergency surgeries. Virtually every business is suffering. When the formerly comfortable middle class loses everything, the government will come in to "save us," with public benefits and police state. No honor among thieves. The greed pandemic is upon us. The real looters are living in wall street, and they're looting our money by the trillions. I personally hold the Globalists and their Federal Reserve accountable for this Global Depression scenario. They are responsible for inflating the currency and all bubbles, enabling criminal behavior, and destroying the economy in the process. This was The Atlantis Report. Please Like. Share. Subscribe. Leave me a comment. And please take some time to subscribe to my back up channels, I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends!