by Brian Maher, Managing editor, The Daily Reckoning
“This is going to be a national crisis…”
“This” being America’s woefully underfunded pension liabilities, according to Karen Friedman. She’s the executive vice president of the Pension Rights Center.
(A place called the Pension Rights Center does in fact exist. We checked.)
MarketWatch columnist Jeff Reeves howls in confirmation that “collapsing pensions will fuel America’s next financial crisis.”
“This is not a distant concern,” warns he, “but a system already in crisis.”
According to data supplied by the Federal Reserve, pensions — public and private combined — were roughly 27% underfunded at the end of last year.
By some estimates, America’s public pensions alone are sunk in a $6 trillion abyss.<!–more–>