Zero Hedge: We have detailed this problem over the past 3-4 years warning people about how bad the pensions around the nation have become, nothing more than another ponzi scheme. Most, if not all, state, local and federal pension programs are underfunded by 40% or more.
The steam that is building began in earnest in 2012 and has been picking up speed ever since. Look no further than some of the recent events we have documented time and again – Detroit, CALPers, Jeremy Stein, Teamsters and Dallas Pension Fund.
All of these events have taken place in less than five years. What will the next four-plus years bring? How much longer should one sit on their hands and watch as thousands upon thousands of people either have retirement stolen or placed on lock-down as is the case with the Dallas Police Pension fund? more …
“You have sown much, and bring in little;
You eat, but do not have enough;
You drink, but you are not filled with drink;
You clothe yourselves, but no one is warm;
And he who earns wages,
Earns wages to put into a bag with holes.”
Haggai was writing just after the Babylonian captivity (520 BC) and was a contemporary of Zechariah who joined in to encourage the people to rebuild the temple. The implication is that poor economic conditions were hampering the work as a result of disobedience. Their efforts were futile because they had not put the Lord first.
The prophet clearly is describing severe inflation, which many Bible teachers relate to the tribulation, in particular Revelation 6:5-6, when hyperinflation grips a Christ rejecting world.
Not only are Americans hopelessly in debt, but thanks to dishonest politicians and pension managers many beneficiaries of these pie-in-the-sky pension plans have been poor savers just like in Haggai’s day, so when hyperinflation comes it will feel like a purse with holes.