Quote:
Originally Posted by Locke
To be honest with you, in almost every Pension discussion we've ever had on this board I've been very clearly saying the same thing.
People who are worried about their Pensions shouldnt be worried about little rule curtailments like this or lowered payments or deferred age regulations.
The fact that those things are happening are clues to the underlying and inherent problem which is that these programs are perilously close to complete and utter collapse.
"I have to wait a few years!!" Is a whole lot better than "Its gone. You get nothing."
A lot of these Pension Programs, especially Government Pension programs, are Ponzi schemes.
Not in the 'its a scam' sort of way, but in the fact that you need new people and fresh blood to enter into them so that their contributions are paying the retired people.
If that flow of fresh blood, or in the Ponzi theme, 'Flow of Suckers,' stops or slows or trickles to a halt then the whole thing collapses.
Again, messing with People's pensions is not being done for Political Brownie Points, its being done because it probably very desperately has to.
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People are always shocked when I explain this to them but I don't understand why. The system relies on constant growth. Our whole economy is set up that way. Well, we're looking at the end of that growth.