had an invite the other day to hear what one of the NY fed officials had to say,…
John Williams
President, Federal Reserve Bank of New York
Vice Chairman, FOMC (@ucsd)
FWIW at the table I sat at,… sensed there was not such a warm and fuzzy feeling given recent news and the discussion of the inverted yield curve and unexpected spike of the Repo rate
looking at the bigger picture there is the ever growing unsustainable off balance sheet debt which is fractal in nature,… meaning debt obligations are happening at the local level
so while the nation is being distracted w/ various political POTUS shenanigans,… there is a storm brewing on the horizon that few are paying attention to
[quote] PBGC Projections: Multiemployer Program Insolvent in FY 2025
May 31, 2018
WASHINGTON – The Pension Benefit Guaranty Corporation’s Multiemployer Insurance Program continues to face insolvency by the end of fiscal year 2025, according to findings in the FY 2017 Projections Report. The agency’s insurance program for multiemployer pension plans covers over 10 million people.
The new projections show a narrower range of years for the likely date of insolvency of the Multiemployer Program. The likelihood that the Multiemployer Program will run out of money before the end of FY 2025 has grown to over 90 percent, and there remains a significant chance the program will run out of money during FY 2024. The likelihood the program will remain solvent after FY 2026 is now less than 1 percent.
