According to Natural News, Detroit owes former government employees — teachers, firefighters, cops and more — a whopping $3.5 billion in current and future payments. The city is in a state of economic collapse.
But even as all this was becoming apparent, the government workers there continued to collect fat paychecks and pensions, all based on the promise that endless population growth would out-pace the rise in pension obligations. Many pensioners are owed over $100,000 a year from the government, and this is true across California, Illinois and many other states as well.
Chicago, for example, owes $19 billion in pension payments that it doesn’t have, and the city of Los Angeles is more than $30 billion in the hole. The story is much the same in every major U.S. city.
As the Detroit Free Press now reports:
Early this year, the Pew Center released a survey showing that 61 of the nation’s largest cities — limiting the survey to the largest city in each state and all other cities with more than 500,000 people — had a gap of more than $217 billion in unfunded pension and health care liabilities. While cities had long promised health care, life insurance and other benefits to retirees, “few … started saving to cover the long-term costs,” the report said.
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A disturbing passage was published in the Federal Register on June 17, 2010 – about three months after Obama signed Obamacare into law. The admission in question discusses health insurance plans that would be grandfathered in – that is, plans that would not have to comply with the law’s new minimum coverage requirements and other provisions.
As reported by Forbes:
The Departments’ mid-range estimate is that 66 percent of small employer plans and 45 percent of large employer plans will relinquish their grandfather status by the end of 2013,” wrote the administration on page 34552. All in all, more than half of employer-sponsored plans will lose their “grandfather status” and get canceled. According to the Congressional Budget Office, 156 million Americans – more than half the population – were covered by employer-sponsored insurance in 2013.
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DO YOU THINK OBAMACARE IS A HUGE HOAX?
Are we all idiots or is that just what Washington DC thinks? How long can this continue? Check out the “Idiocracy” trailer/best scenes right here and you will know!