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
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