A "dirty little secret" that many know about, but don't bother taking any action on, is the public pension liability.
This issue, which many retirees are now depending on, is gradually dragging many cities, counties, states, and potentially the nation, into the financial abyss.
To understand this issue more clearly, watching this latest PragerU video will easily spell out the history and impact.
Should the "day of reckoning" ever catch up on a statewide, or national, scale, the potential for a "super-mondo" depression is very real and many baby-boomers still living will have nothing to live on.
Saying that Social Security will be their fallback in such a crisis is laughable. Those who've had their monthly income cut in half - assuming they don't have any assets in personal retirement accounts - will end up deciding between eating and taking their daily medication.
Even then, who knows what the ripple-effect fallout will end up being regarding the impact of public pension liabilities collapsing and personal retirement accounts, the stock market, and the national economy.
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