Insolvent Illinois Begs Congress For Pension Bailout
Authored by Mike Shedlock via MishTalk,
Illinois pension plans are in serious trouble. So serious, the states seeks a federal bailout. Cities are in trouble too!
Pension
When is Top 1% OK, Look to Illinois
Great breakdown on what it takes to be in the top 1% in a state by NBC. The call out that 129,000 individuals working for Illinois' state/local government will have $1M+ retirement packages puts them in the Top 1% of the Illinois population.
If you are from the generation that get access to the pension system that are generous, everything looks great. However, the new hires won't be getting the same level of benefits.
Comparing options;
Death of Smart Money?
The markets are great, right? Everyone is making money, right? Here is what is strange "smart" people with "smart" money, like hedge funds and pension funds are loosing their asses. Why? If everything is great, why are the all loosing money?
Funds are liquidating because they can't cut it.
Many pensions loosing money as well ($1.28T gap).