Sweden Raises Retirement Age… To Cope With Immigration! – #MigrantCrisis

Sweden Raises Retirement Age – to Cope With Immigration!:

The retirement age for Sweden’s pension funds will eventually rise to 69 due to the Muslim immigration boom in the country.

In short, the country is spending so much money on migrant welfare that it can no longer properly fund the pensions for native retirees.

Swedish media, which typically downplays immigration pitfalls, actually admitted the rise in the retirement age would result in “a major deterioration” of the quality of life for Swedes.

According to Epressen.se (translated into English):

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It Begins: Pension Bailout Bill To Be Introduced This Week

It Begins: Pension Bailout Bill To Be Introduced This Week:

Over the past year we have provided extensive coverage of what will likely be the biggest, most politically charged, and most significant financial crisis facing the aging U.S. population: a multi-trillion pension storm, which was recently dubbed “one of the most heated battles of a lifetime” by John Mauldin. The reason, in a nutshell, why the US public pension problem has stumped so many professionals is simple: for lack of a better word, it is an unsustainable Ponzi scheme, in which satisfying accrued pension and retirement obligations requires not only a constant inflow of new money, but also fixed income returns, typically in the 6%+ range, which are virtually unfeasible in a world where global debt/GDP is in the 300%+ range.  Which is why we, and many others, have long speculated that it is only a matter of time before the matter receives political attention, and ultimately, a taxpayer bailout.

That moment may be imminent. According to Pensions and Investments magazine, Democratic Senator Sherrod Brown from Ohio plans to introduce legislation that would allow struggling multiemployer pension funds to borrow from the U.S. Treasury to remain solvent.

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Your Pension Is A Lie: There’s $210 Trillion Of Liabilities Our Government Can’t Fulfill

– Your Pension Is A Lie: There’s $210 Trillion Of Liabilities Our Government Can’t Fulfill:

Many Americans think of ‘their’ Social Security like a contract, similar to insurance benefits or personal property… we paid in all those years, so it’s just our own money coming back to us… That’s a perfectly understandable viewpoint. It’s also wrong.

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“This May Be The End Of Europe As We Know It”: The Pension Storm Is Coming

“This May Be The End Of Europe As We Know It”: The Pension Storm Is Coming:

I’ve written a lot about US public pension funds lately. Many of them are underfunded and will never be able to pay workers the promised benefits – at least without dumping a huge and unwelcome bill on taxpayers.

And since taxpayers are generally voters, it’s not at all clear they will pay that bill.

Readers outside the US might have felt safe reading those stories. There go those Americans again… However, if you live outside the US, your country may be more like ours than you think.

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“This Is A Crisis Greater Than Any Government Can Handle”: The $400 TRILLION Global Retirement Gap

“This Is A Crisis Greater Than Any Government Can Handle”: The $400 Trillion Global Retirement Gap:

“We think people can spend 35–40 years working and saving, then stop working and go on for another 20–30–40 years at the same comfort level – but with a growing percentage of retirees and a shrinking number of workers paying into the system. I’m sorry, but that’s magical thinking.”

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What Could Go Wrong? For Public Pensions, More Than You Know

…and go wrong it will.

What Could Go Wrong? For Public Pensions, More Than You Know:

And if you’re a public worker or retiree, you better think about how you will make ends meet if your benefits get slashed.

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Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years

“Of course, no amount of math and logic will ever be sufficient to convince a bunch of retired public employees that they have been sold a lie that will inevitably fail now or fail later (take your pick) if drastic measures aren’t taken in the very near future.”

Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years:

We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 – $84 billion underfunded, depending on which discount rate you feel inclined to use. As we’ve argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven’t a prayer of ever again being made whole.

That said, logic and math have never before stopped pissed off teachers and/or clueless legislators from throwing good money after bad in an effort to ‘kick the can down the road’ on their pension crises. As such, it should come as no surprise at all that the Lexington Herald Leader reported today that Kentucky’s 365,000 teachers and other public employees are now demanding that taxpayers contribute a staggering $5.4 billion to their insolvent ponzi schemes over the next two years alone. To put that number in perspective, $5.4 billion is roughly $3,200 for each household in the state of Kentucky and 25% of the state’s entire budget over a two-year period.

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CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%

CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%

While we’ve yet to experience any large municipal pension failures, which is just a matter of ‘when’ rather than ‘if’, the small pension failures sprinkled across the state of California are starting to pile up.* * *

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Pension Ponzi Exposed: Minnesota Underfunding Triples After Tweaking This One Small Assumption…

Pension Ponzi Exposed: Minnesota Underfunding Triples After Tweaking This One Small Assumption…:

We’ve argued for some time that pension accounting is a complete farce that allows administrators the flexibility to mask the true scale their underfundings…here is the proof…

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Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Underfunded Pensions

Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Underfunded Pensions:

“The phase-in of the actuarial assumption is another exercise in kicking the can down the road, but we’re not sure how far the can travels.  You pay less now, pay more later.”

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Middle-class pensioners to lose benefits under Tory plan to fund social care

Middle-class pensioners to lose benefits under Tory plan to fund social care:

Middle-class pensioners are to lose benefits under Conservative plans to fund social care, Theresa May will announce on Thursday.

The Conservative manifesto will set out plans to begin means-testing winter fuel payments and to charge more people who currently receive free care in their own home.

The money saved from means-testing the annual heating handout, worth up to £300, will be used to help close the £2.8 billion social care funding gap.

The Conservatives will also pass legislation to ensure nobody has to sell their home to pay for their care during their lifetime, and new rules will allow pensioners needing nursing home treatment to keep more of their assets.

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Pension raid on middle-class savers is off the cards, private Treasury correspondence says

Pension raid on middle-class savers is off the cards, private Treasury correspondence says

H/t reader squodgy:

“This is a classic case of “incrementalism”.
First they tell us it is NOT a proposition.
So we get adjusted to accept the possibility.
Then we get told it might be necessary, but only for the excessively funded.
Sadly that now means all the middle class who are expendable because they aren’t the establishment.
Prepare to have your pension raided.”

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Dallas Police Pension Board Approves Benefit Cuts; Asks For More Taxpayer Money To Avoid Collapse

Dallas Police Pension Board Approves Benefit Cuts; Asks For More Taxpayer Money To Avoid Collapse:

The Dallas Police and Fire Pension board adopts a plan that will cost Dallas taxpayers an extra $22 million per year while angry pensioners complain that they’re “being treated like animals.”

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