“Credit-rating agency Moody’s estimates state, federal and local government pensions are $7 trillion short in funding.  And corporate pension funds are underfunded by $375 billion.  One of the big drivers behind this is that investment returns are way too low.  Today with government bonds yielding 3% or less (and in some cases bond yields are NEGATIVE), they aren’t achieving their targets.  One or two years with sub-optimal investment returns is not catastrophic. But it’s been like this now for a decade.  And that’s just problem #1.  Problem #2 is that the ratio between workers and retirees is moving in the wrong direction.”

Read more: https://www.sovereignman.com/trends/the-ponzi-scheme-thats-more-than-100x-the-size-of-bernie-madoff-22601/

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