By JD Heyes
On Monday, Wall Street fell to levels not seen in years as “Bidenflation” — massively rising inflation thanks to purposefully destructive economic policies enacted by Joe Biden’s handlers — continues to destroy the perfect economy Donald Trump built.
When the former president’s election was stolen from him and Biden was installed as a figurehead president, Trump’s economy was booming: Unemployment was coming back down from highs during the pandemic; the country was energy independent; wages had risen substantially for all ages, ethnic groups and both sexes; there was no war in Ukraine; and our country was once again respected on the global stage.
In 15 short months, Biden’s Marxist handlers have reversed all of that in their push to create so much chaos that Americans will beg them to ‘make it stop,’ at which time they will gladly oblige but only by destroying our founding system of democratic republicanism and at the cost of our liberties.
Part of that plan, apparently, is the ticking time bomb of trillions in unfunded state pensions, which will wipe out the retirement of tens of millions of Americans, as The Center Square reports:
Unfunded state pension liabilities have climbed to $8.28 trillion, or nearly $25,000 for every person in the United States, according to a new report from the American Legislative Exchange Council.
The American Legislative Exchange Council released the latest edition of its report on pensions in all 50 states Thursday. The report, “Unaccountable and Unaffordable 2021,” shows just a handful of states with outsize pension liabilities account for a large share of overall pension debt in the U.S.
The report looked at 290 state-administered government pension plans and their assets and liabilities from fiscal year 2012 to fiscal year 2020. An example of state-administered government pension plans in Illinois would cover state employees, teachers, university workers, judges and lawmakers.
This is, apparently, a red-and-blue problem: The biggest liabilities include California ($1.53 trillion), Illinois ($533.72 billion), Texas ($529.70 billion), New York ($508.70 billion) and Ohio ($429.53 billion). Combined, those five states alone account for $3.5 trillion in unfunded liabilities or around 43 percent of the total.
“As state pension plans invest their funds in increasingly risky assets, the gap between expected rates of return and actual rates of return widens, with results falling far short of expectations,” the report’s authors noted. “When investment returns fail to meet expectations, taxpayers and plan members must make up the difference through increased contributions.”
And of course, right now, Biden’s economy is destroying the stock market, meaning these unfunded liabilities are only widening as returns on market investments are wiped out.
The states with the least unfunded pension liabilities were Vermont ($14.43 billion), South Dakota ($14.44 billion), North Dakota ($15.13 billion), Delaware ($18.46 billion) and Wyoming ($18.71 billion). On a per capita basis, the lowest were Tennessee ($8,511.92), Indiana ($10,188.66), Nebraska ($13,370.44), Florida ($14,062.16) and Idaho ($15,918.74).
None of the states had fully-funded pensions. But the highest funded was Wisconsin at 56 percent while the least was the basket case of New Jersey at a paltry 18 percent.
“Many experts feared dramatic pension investment losses in 2020,” the authors wrote. “Even in years where investment returns beat the assumed return, public pensions cannot invest their way out of the problem of growing unfunded liabilities. … The problems of pension underfunding are structural. Poor assumptions, over promising benefits, chasing returns, and political investment strategies plague public pensions across the country.”
In short, there is no way to make up the shortfalls without forcing taxpayers to cough up huge amounts of money — at the same time, Bidenflation is destroying household budgets with insanely high gasoline, diesel fuel, food, shelter and energy costs.
The Marxists within our deep state apparently have grown weary of waiting around to impose their authoritarianism on Americans: They stole Trump’s election so they could install a brain-dead puppet who they will allow to take the fall in order to get their agenda implemented.
If you haven’t already been stocking up and saving money, there is no time to waste to begin doing so.