There is not enough money in pensions to pay out who is "owed." The worst off are government pensions. Governments have been borrowing from government pensions to pay government expenses. They hope the economy will improve, with a tax base expansion, and then a recovery of the pension funding.
It is impossible for the economy to recover without some sort of deregulation to stimulate the economy, and a cut in the size of government. Neither will happen. Even if it did, the fewer government employees paying into the pensions would fail to refund them. If you depend on a government pension, and you are owed one with social security, you will be out of luck. Don't depend on it.
Now it gets worse. Governments are borrowing from pensions to make minimum payments to pensions. Yikes! When this is more common, the governments will seize private pensions too. If you have pension, paycheck or property, you are sunk for the next 30 years.
It is impossible for the economy to recover without some sort of deregulation to stimulate the economy, and a cut in the size of government. Neither will happen. Even if it did, the fewer government employees paying into the pensions would fail to refund them. If you depend on a government pension, and you are owed one with social security, you will be out of luck. Don't depend on it.
Now it gets worse. Governments are borrowing from pensions to make minimum payments to pensions. Yikes! When this is more common, the governments will seize private pensions too. If you have pension, paycheck or property, you are sunk for the next 30 years.
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