From Armstrong Economics, by Martin Armstrong
The pension crisis is going to be the HUGE issue in 2017. Obama is supporting about a20% reduction in military retirement benefits. This is how such things are done. It is the way lame-duck Presidents leave office doing the nasty things nobody will admit who has to stand for election. So those on their way out do the dirty work. This is just the beginning.
Obama could not get Congress to pass the takeover of private pensions. So what he did was to revise the regulations to allow states to take over private pensions. California may be one of the first states to do this. As the Pension Crisis looms, we will see your worst nightmare become reality. They will MOST LIKELY begin with corporate pensions. Actually seizing private pensions will probably be left for the lame-duck Congress in 2018. Keep in…
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