New Jersey's pension fund has lost more than $23 billion this year, dropping to its lowest level since 2003 as a collapsing financial market battered its investments, a new state report shows.
The latest losses -- nearly $9 billion in October, and another $3 billion so far this month -- mean the fund is now worth $57.8 billion, or less than half the $118 billion in benefits it is due to pay out over time.
Sen. Bill Baroni (R-Mercer), whose district includes many state workers covered by the fund, called the drop in value "a historic breakdown," and demanded a legislative review and criminal investigation of the state's investment policies.
I have been warning you about this for months now. Now the crap will hit the fan. Tiny little New Jersey is almost $60 Billion under funded in just the pension plan. Just wait until tax receipts are lower than expected at the end of this year. We are talking about many trillions and trillions of dollars once you expand it accross the nation.
Did I say trillions and trillions??????
You know all that planning you are doing for retirement.......throw it out the window. If you have a few million dollars in the bank and a loaf of bread costs $100K.....that is only a few weeks worth of food you have saved for a lifetime.
Soon you will see what I am talking about. America is bankrupt and your uncle is coming after you if you have any money to give........it is not the end of the world.....just the end of our economy as we know it...........
in the mean time....my goal is to be rated 100 before the end of the year........which would take me to the top within one year of playing caps.
Do you belive in Miracles????