California's three major public pension funds are underfunded by more than half a trillion dollars...[More]This has inspired me to come up with a new saying that sounds like it ought to be an old one:
When the trough is empty, the hogs go feral.Be a heck of a thing, wouldn't it? In so many ways...
4 comments:
Hog season always open, no limit, at least in Texas.
The animals looked from pig to man, and man to pig, and back again, but could no longer tell the difference between each.
"Underfunded"? How Orwellian. Mathematics don't lie.... any ponzi scheme needs a new and ever-broader base of people paying in to support the top... of course they'll never say "public pension funds are on a collision course with the reality of their systemic, inherent unsustainability. I hope 2.5K of .308 is enough
“The liberties of a people involved in debt are as uncertain as the liberty of an individual in the same situation. Their virtue is more precarious. The unfortunate citizen must yield to the operation of the laws, while a bankrupt nation too easy annihilates the sacred obligations of gratitude and honour, and becomes execrable and infamous.”
(1788) Tench Coxe, of Pennsylvania,
a member of the Continental Congress
It's amazing how much those gentlemen knew. Too bad folks today still aren't listening.
[W-III]
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