Pension Crisis is a $5 Trillion Unsustainable Scam – Alex Newman

Posted at 9:00 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com

Journalist Alex Newman says the virus crisis has exposed the financial debacle of the $5 trillion shortfall in state and local pensions. Senate Majority Leader Mitch McConnell says “states should file bankruptcy.” President Trump says a “federal bailout would not be fair.” Treasury Secretary Mnuchin says states are “not going to be bailed out.” As unemployment soars by the millions and taxes implode, pensions are running out of money to pay lavish benefits promised to public workers. Newman contends, “It’s unsustainable, it’s a rip-off, it’s a scam. These people are being used and manipulated, too. The reason Democrat politicians agree to these things is not because they love police and firefighters, it’s because they want the votes from big labor. It’s a really nasty political machine, and I was happy for Senator McConnell to talk about this. What you have here is huge government employee unions run by communist, radical leftists, Deep State operatives that suck up all this money . . . and then they recycle that money back into the campaign coffers of Democrat politicians. . . . Then they say, oh sure, we will give you a bigger pension, and, sure, we will give you more benefits, and it’s a vicious cycle. . . . They have been creating this massive Ponzi scheme, and now they are saying coronavirus caused this, and now we need a federal bailout. Sorry, it’s not going to work. . . .A lot of these issues are now getting exposed. This is the first time in years that we are having a national discussion about this tsunami that’s about to swallow up our economy.”

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