were underfunded by $217 billion at the end of 2008.
The Pension Benefit Guaranty Corporation
says that the number of pensions at risk inside failing companies
more than tripled during the recession.
...state and local government bodies in the state of California
have $325 billion in combined unfunded pension liabilities
...it comes to $22,000 for every single working adult in California.
...California's three biggest pension funds
are as much as $500 billion short of meeting future retiree benefit obligations.
...the $33.7 billion Illinois Teachers Retirement System
is 61% underfunded and is on the verge of total collapse.
...the 50 states are collectively facing $5.17 trillion in pension obligations,
but they only have $1.94 trillion set aside in state pension funds.
That is a difference of 3.2 trillion dollars.
...the Social Security system will pay out more in benefits
than it receives in payroll taxes in 2010.
That was not supposed to happen until at least 2016.
...Approximately 57 percent of Barack Obama's 3.8 trillion dollar budget for 2011
consists of direct payments to individual Americans
or is money that is spent on their behalf.
...interest costs on the U.S. national debt
plus rapidly escalating spending on entitlement programs
...will absorb approximately 92 cents of every single dollar of federal revenue by the year 2019.
Approximately half of all workers in the United States
have less than $2000 saved up for retirement.
...36 percent of Americans say that they don't contribute anything at all
to retirement savings.
35% of Americans over the age of 65
rely almost entirely on Social Security payments alone.
Michael Snyder
theeconomiccollapseblog.com
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