Here Come The Crashing Pension Plans

As I noted in my September 18th post, the collapsing pension plan will be the next big new story. Florida announced today that their public employee's pension plan has lost 1/4 of it's value. They say that's "pretty good considering". I bet they're telling the truth on that one too. Many corporate plans are already on the verge of collapse.

I suspect that in the next couple of months, we'll see a few of these pension plans' benefits completely frozen (if not wiped out). The big push will then be a push to fund these plans using taxpayer dollars.

So in essence, these plans represent a huge, unfunded, off-the-books liability for taxpayers that will soon be surfacing.

And you thought it was just going to be $700 billion...