#southcarolina

Am I a Despot or Not?

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We have compiled a spreadsheet titled US State Governor Coronavirus Responsesto see who would appear to have the most despotic tendencies. We have broken down the categories by party affiliation, COVID19 infections, deaths and some choice quotes to express how some treat their minions. However there is one true standout governor that must be channeling former Albanian dictator Enver Hoxha for despotic tendencies.

Before we get accused of being partisan hacks, we note that in some states, governors have seemingly crossed their political ideologies in the opposite direction.

On balance, Republican governors have been far more eager to open up their economies and remove restrictions. Arkansas, Iowa, Nebraska, North Dakota and South Dakota all resisted issuing stay-at-home orders, while Wyoming, Utah, Oklahoma and South Carolina have only issued such orders in specific parts of their states. All nine are Republican states. Most of these states encouraged “personal responsibility.

Infection rates in the aforementioned 9 rogue states stand at only 0.2886% and death rates are at 0.0096%. The relatively spread out nature of these states no doubt helped. Instead of the predictions that death rates would spiral out of control, 99.99% of the population in these states continue to function.

On the other hand, Democrat governors have had far harsher restrictions with respect to stay at home laws. Some may argue that the population densities of New York skew the figures.

Analysing the data, 178.7 million Americans live in the 24 (+1) Democrat-run states (districts). 149.5 million in 26 Republican-controlled states. COVID-19 infections in Democrat states is at 1.07 million with deaths at 70,652. Republican-controlled states have 456,000 infections and only 21,700 deaths. That means that Democrat states have a 0.5995% infection rate and 0.0395% death rate vs Republicans at 0.3049% and 0.0145% respectively, or effectively half. Stripping out NY for the Democrats would kick those figures to 0.4452% and 0.0262%. This would mean that infection rates were still 46% and death rates 80% higher relatively speaking.

The mainstream media wasted no time pointing out the negligence of GOP states and the shocking reckoning that would follow.

Partisan paper, The Kansas City Star, lambasted Missouri Gov. Mike Parsons (R) on April 1. They contrasted his failures to the successes of NY Gov Cuomo (D), Kansas Gov Kelly (D) & Illinois Gov Pritzker (D) by saying, “Only three other governors in the country have been as laissez-faire as Parson has in dealing with a crisis the likes of which no one alive today has ever seen — and one that will define the legacy of most every elected official now serving.” 6 weeks after this prophecy, 99.99% of Missourians haven’t succumbed to COVID-19 vs 99.994% in Kansas, 99.96% in Illinois and NY at 99.85%. Hardly a train wreck for Parsons!

Perhaps what is scarier is the “staged approach” methodology to removing restrictions which do not seem to be based on robust scientific evidence but copying thy neighbour’s homework. Take a look at some of the gradual loosening of Australia’s restrictions and it smacks of the same “one size fits all” approach in many states in the US. e.g. 10 people only in restaurants. Social distancing etc. Hardly inspiring to have such a lack of independent thinking. Especially when the coronavirus statistics to date are anything remotely as reported in the hysteric media.

Enough from us. Let’s get down to the approaches of these American states.

The most in your face comment during the coronavirus came from Indiana Republican Rep. Trey Hollingsworth.

It is policymakers’ decision to put on our big boy and big girl pants and say it is the lesser of these two evils…It is not zero evil, but it is the lesser of these two evils, and we intend to move forward that direction…We are going to have to look Americans in the eye and say, ‘We are making the best decisions for the most Americans possible,’ and the answer to that is to get Americans back to work, to get Americans back to their businesses

We wonder why data means nothing to Hawaiian Gov David Ige (D)?

Hawaii has a 0.0012% COVID death rate, one of the lowest in the country but Democrat Gov. David Ige pushed the stay at home order to the end of June. Furthermore, in the first month, the Honolulu Police Department handed out 4,600 warnings and 353 citations for breaches of the executive order.

What on earth was Tampa Bay, Florida Mayor Castor (D) thinking?

Tampa Bay, Florida Mayor Jane Castor (Democrat) released 160 prisoners from Hillsborough County Jail over concerns of COVID-19. One prisoner ended up killing a civilian the day after being released.

New Jersey Gov. Murphy (D) & Kentucky Gov. Beshear (D) showed little or no care about the constitution. 

In an interview with Fox NewsTucker Carlson, Democrat Gov. Philip Murphy (D) uttered the words “the Bill of Rights is above my pay grade.” He then went on to confess that he had not considered the effect of his restrictive executive orders on the Bill of Rights.U.S.

District Judge William Bertelsman ruled in May that Kentucky Gov. Andy Beshear’s (D) restrictions on out-of-state travel were unconstitutional.

We were surprised to see Colorado Gov. Polis (D) adopt seemingly Republican style freedoms to his constituents.

Democrat Gov. Jared Polis spoke of Coloradans taking “personal responsibility“. Instead of imposing draconian police state penalties like most of his Democrat colleagues he left it to local authorities to sort out.

Mayor Hicks (D) of Grants, New Mexico decided to take a potshot at his Democratic Governor accusing her of adopting Nazi Germany style tactics. 

Hicks criticised Governor Michelle Lujan Grisham’s Public Health Orders saying, “What the governor is doing is wrong” He allowed small business and golf courses to open before state police intervened and shut him down. He likened the New Mexico State Police behaving like the Gestapo.

It wasn’t just Democrats either. Republican primary candidate Daniel McCarthy took a swipe at Arizona Gov. Doug Ducey (R) saying, “No empathy! Dictator Ducey tacked on another 15 days of shutdowns, leaving Arizonans wondering why our own governor is so comfortable letting lives and businesses be crushed under the weight of our new regime.

Rhode Island Gov. Gina Raimondo (D) took the technology initiative much like Australia’s COVIDSafe app.

An app, called “Crush COVID RI” will be used by state health experts to conduct contact tracing and better understand the spread of the virus across the state.

South Dakota Gov. Kristi Noem (R) is the standout in terms of constituents openly pouring out love to her. 

Gov. Noem was presented with a surprise parade by her constituents thanking her for her considered actions in response to putting the responsibility back on them.

Texas Gov. Greg Abbott (R) slammed the judiciary for its pettiness. 

After a Texas hairdresser was jailed for not apologizing to the judge because she reopened her salon during lockdown, Gov Abbott said, “Throwing Texans in jail who have had their businesses shut down through no fault of their own is nonsensical, and I will not allow it to happen.” She was released.

Gov Cooper (D) of North Carolina copped a slap on the wrist from the judiciary

A federal judge blocked enforcement of a portion of Cooper’s order preventing churches from holding indoor services attended by more than 10 people.

Virginia’s Liberty University used the Bible to criticise Gov Ralph Northam’s (D) criticisms.

We invite Governor Northam (D) to come and see our compliance for himself, rather than making false accusations in press conferences from Richmond. As the Ninth Commandment says, “Thou shalt not bear false witness against thy neighbor.””

Democrat-controlled Wisconsin Chief Justice Patience Roggensack probably could have chosen her words more carefully. 

Roggensack was blasted for her remarks saying the uptick in coronavirus cases in Brown County was due to meatpacking employees testing positive and not “regular folks.” Take that you lowly educated Trump-voting deplorables.

There were many governors channelling Enver Hoxha for despotic tendencies. The reality is that more mayors were enjoying their newfound powers. 

We had LA Mayor Eric Garcetti (D) proudly champion he would have the water and electricity cut off for any businesses that didn’t comply with the lockdown. He also proudly banned sunbathing on dry sand, citing Australia as his benchmark.

We had Chicago Mayor Lori Lightfoot (D) justify having a haircut (considered non-essential to everyone else) because of her regular TV appearances despite berating Chicagoans like children with the threat of the heavy hand of the CPD to anyone who violated stay-at-home orders.

NY Mayor Bill De Blasio had his failed, “dob in your neighbour hotline“, his use of the gym (considered non-essential to everyone else) and the threat to fence off the beach at Coney Island were the peons to misbehave.

Washington DC Mayor Muriel Bowser (D) threatened to get compliance from her minions by “exercising the full force of our MPD, FEMS, DC Health and ABRA and the emergency authority to achieve it.

NY Governor Andrew Cuomo extended the stay at home directive called PAUSE—which stands for “Policies Assure Uniform Safety for Everyone” til June 13th. As most know, NY has had the highest incidences of infections and deaths throughout the country. The high density of NYC compounded the problem.

He ordered that infected patients be sent to the nursing homes which caused a huge spike in deaths. There are now reports that the data was fiddled to cover up the scandal. He has since stopped sending people back to nursing homes. He said, “Older people, vulnerable people, are going to die from this virus…That is going to happen. Despite whatever you do.

Michigan Gov. Gretchen Whitmer (D) pandered to racism and many other issues from the identity politics playbook to disguise the fact she is being sued by other state legislators for extending the executive orders without their approval. Protestors that descended on Lansing complained they were sick of being treated like small children. 99.5% of Michigan residents haven’t been infected with coronavirus. 99.95% haven’t died.

Alas, Gov. Katie Brown (D) of Oregon has shown herself to be the most despotic leader. Despite 99.92% of Oregonians not being infected and 99.997% not having succumbed to the virus she had no compunction ramming her rule of law. Oregon has less than 4% of the infection rate and 2% of the death rate of NY State yet Brown has kept an “indefinite” stay at home order in place.

An Oregon judge declared that the coronavirus restrictions enacted by Gov. Brown were “null and void” because her emergency orders were not approved by the state legislature after 28 days. The judge agreed with the lawsuit launched by 10 churches against the State of Oregon which argued that the emergency powers only lasted for a month and that to lengthen them required legislative approval which she did not seek!

Not to be outdone, Gov. Brown went to the State Supreme Court where she has a pending review. The Governor praised the Supreme Court action by saying, “There are no shortcuts for us to return to life as it was before this pandemic. Moving too quickly could return Oregon to the early days of this crisis when we braced ourselves for hospitals to be overfilled.

A bit of an odd statement when the number of people hospitalised in Oregon with COVID19 has fallen 63% in the last month to May 12th to 57 people.

Worst of all was her treatment of hair salon owner Lindsey Graham who was fined $14,000 for opening her store because it was a non-essential business. She was further threatened with the prospect of having her lease terminated as she operated out of a building owned by the State of Oregon. The final straw was the dispatch of child protection services to Graham’s home to interrogate her 6-yo stepson and check if bathroom sanitation (aka the cleanliness under the toilet seat) was up to standard.

No one questions the tragic loss of life from this pandemic. We just question the heavy-handed tactics of governors and mayors who have a twisted version of data which is completely at odds with reality. This is all about politics.

Am I a Despot or Not??

We have compiled a spreadsheet titled US State Governor Coronavirus Responsesto see who would appear to have the most despotic tendencies. We have broken down the categories by party affiliation, COVID19 infections, deaths and some choice quotes to express how some treat their minions. However there is one true standout governor that must be channeling former Albanian dictator Enver Hoxha for despotic tendencies.

Before we get accused of being partisan hacks, we note that in some states, governors have seemingly crossed their political ideologies in the opposite direction.

On balance, Republicans governors have been far more eager to open up their economies and remove restrictions. Arkansas, Iowa, Nebraska, North Dakota and South Dakota all resisted issuing stay-at-home orders, while Wyoming, Utah, Oklahoma and South Carolina have only issued such orders in specific parts of their states. All nine are Republican states. Most of these states encouraged “personal responsibility.

Infection rates in the aforementioned 9 rogue states stand at only 0.2886% and death rates are at 0.0096%. The relatively spread out nature of these states no doubt helped. Instead of the predictions that death rates would spiral out of control, 99.99% of the population in these states continue to function.

On the other hand, Democrat governors have had far harsher restrictions with respect to stay at home laws. Some may argue that the population densities of New York skew the figures.

Analysing the data, 178.7 million Americans live in the 24 (+1) Democrat-run states (districts). 149.5 million in 26 Republican-controlled states. COVID-19 infections in Democrat states is at 1.07 million with deaths at 70,652. Republican-controlled states have 456,000 infections and only 21,700 deaths. That means that Democrat states have a 0.5995% infection rate and 0.0395% death rate vs Republicans at 0.3049% and 0.0145% respectively, or effectively half. Stripping out NY for the Democrats would kick those figures to 0.4452% and 0.0262%. This would mean that infection rates were still 46% and death rates 80% higher relatively speaking.

The mainstream media wasted no time pointing out the negligence of GOP states and the shocking reckoning that would follow.

Partisan paper, The Kansas City Star, lambasted Missouri Gov. Mike Parsons (R) on April 1. They contrasted his failures to the successes of NY Gov Cuomo (D), Kansas Gov Kelly (D) & Illinois Gov Pritzker (D) by saying, “Only three other governors in the country have been as laissez-faire as Parson has in dealing with a crisis the likes of which no one alive today has ever seen — and one that will define the legacy of most every elected official now serving.” 6 weeks after this prophecy, 99.99% of Missourians haven’t succumbed to COVID-19 vs 99.994% in Kansas, 99.96% in Illinois and NY at 99.85%. Hardly a train wreck for Parsons!

Perhaps what is scarier is the “staged approach” methodology to removing restrictions which do not seem to be based on robust scientific evidence but copying thy neighbour’s homework. Take a look at some of the gradual loosening of Australia’s restrictions and it smacks of the same “one size fits all” approach in many states in the US. e.g. 10 people only in restaurants. Social distancing etc. Hardly inspiring to have such a lack of independent thinking. Especially when the coronavirus statistics to date are anything remotely as reported in the hysteric media.

Enough from us. Let’s get down to the approaches of these American states.

The most in your face comment during the coronavirus came from Indiana Republican Rep. Trey Hollingsworth.

It is policymakers’ decision to put on our big boy and big girl pants and say it is the lesser of these two evils…It is not zero evil, but it is the lesser of these two evils, and we intend to move forward that direction…We are going to have to look Americans in the eye and say, ‘We are making the best decisions for the most Americans possible,’ and the answer to that is to get Americans back to work, to get Americans back to their businesses

We wonder why data means nothing to Hawaiian Gov David Ige (D)?

Hawaii has a 0.0012% COVID death rate, one of the lowest in the country but Democrat Gov. David Ige pushed the stay at home order to the end of June. Furthermore, in the first month, the Honolulu Police Department handed out 4,600 warnings and 353 citations for breaches of the executive order.

What on earth was Tampa Bay, Florida Mayor Castor (D) thinking?

Tampa Bay, Florida Mayor Jane Castor (Democrat) released 160 prisoners from Hillsborough County Jail over concerns of COVID-19. One prisoner ended up killing a civilian the day after being released.

New Jersey Gov. Murphy (D) & Kentucky Gov. Beshear (D) showed little or no care about the constitution. 

In an interview with Fox NewsTucker Carlson, Democrat Gov. Philip Murphy (D) uttered the words “the Bill of Rights is above my pay grade.” He then went on to confess that he had not considered the effect of his restrictive executive orders on the Bill of Rights.U.S.

District Judge William Bertelsman ruled in May that Kentucky Gov. Andy Beshear’s (D) restrictions on out-of-state travel were unconstitutional.

We were surprised to see Colorado Gov. Polis (D) adopt seemingly Republican style freedoms to his constituents.

Democrat Gov. Jared Polis spoke of Coloradans taking “personal responsibility“. Instead of imposing draconian police state penalties like most of his Democrat colleagues he left it to local authorities to sort out.

Mayor Hicks (D) of Grants, New Mexico decided to take a potshot at his Democratic Governor accusing her of adopting Nazi Germany style tactics. 

Hicks criticised Governor Michelle Lujan Grisham’s Public Health Orders saying, “What the governor is doing is wrong” He allowed small business and golf courses to open before state police intervened and shut him down. He likened the New Mexico State Police behaving like the Gestapo.

It wasn’t just Democrats either. Republican primary candidate Daniel McCarthy took a swipe at Arizona Gov. Doug Ducey (R) saying, “No empathy! Dictator Ducey tacked on another 15 days of shutdowns, leaving Arizonans wondering why our own governor is so comfortable letting lives and businesses be crushed under the weight of our new regime.

Rhode Island Gov. Gina Raimondo (D) took the technology initiative much like Australia’s COVIDSafe app.

An app, called “Crush COVID RI” will be used by state health experts to conduct contact tracing and better understand the spread of the virus across the state.

South Dakota Gov. Kristi Noem (R) is the standout in terms of constituents openly pouring out love to her. 

Gov. Noem was presented with a surprise parade by her constituents thanking her for her considered actions in response to putting the responsibility back on them.

Texas Gov. Greg Abbott (R) slammed the judiciary for its pettiness. 

After a Texas hairdresser was jailed for not apologizing to the judge because she reopened her salon during lockdown, Gov Abbott said, “Throwing Texans in jail who have had their businesses shut down through no fault of their own is nonsensical, and I will not allow it to happen.” She was released.

Gov Cooper (D) of North Carolina copped a slap on the wrist from the judiciary

A federal judge blocked enforcement of a portion of Cooper’s order preventing churches from holding indoor services attended by more than 10 people.

Virginia’s Liberty University used the Bible to criticise Gov Ralph Northam’s (D) criticisms.

We invite Governor Northam (D) to come and see our compliance for himself, rather than making false accusations in press conferences from Richmond. As the Ninth Commandment says, “Thou shalt not bear false witness against thy neighbor.””

Democrat-controlled Wisconsin Chief Justice Patience Roggensack probably could have chosen her words more carefully. 

Roggensack was blasted for her remarks saying the uptick in coronavirus cases in Brown County was due to meatpacking employees testing positive and not “regular folks.” Take that you lowly educated Trump-voting deplorables.

There were many governors channelling Enver Hoxha for despotic tendencies. The reality is that more mayors were enjoying their newfound powers. 

We had LA Mayor Eric Garcetti (D) proudly champion he would have the water and electricity cut off for any businesses that didn’t comply with the lockdown. He also proudly banned sunbathing on dry sand, citing Australia as his benchmark.

We had Chicago Mayor Lori Lightfoot (D) justify having a haircut (considered non-essential to everyone else) because of her regular TV appearances despite berating Chicagoans like children with the threat of the heavy hand of the CPD to anyone who violated stay-at-home orders.

NY Mayor Bill De Blasio had his failed, “dob in your neighbour hotline“, his use of the gym (considered non-essential to everyone else) and the threat to fence off the beach at Coney Island were the peons to misbehave.

Washington DC Mayor Muriel Bowser (D) threatened to get compliance from her minions by “exercising the full force of our MPD, FEMS, DC Health and ABRA and the emergency authority to achieve it.

NY Governor Andrew Cuomo extended the stay at home directive called PAUSE—which stands for “Policies Assure Uniform Safety for Everyone” til June 13th. As most know, NY has had the highest incidences of infections and deaths throughout the country. The high density of NYC compounded the problem.

He ordered that infected patients be sent back to the nursing homes they came from which caused a huge spike in deaths. There are now reports that the data was fiddled to cover up the scandal. He has since stopped sending people back to nursing homes. He said, “Older people, vulnerable people, are going to die from this virus…That is going to happen. Despite whatever you do.

Michigan Gov. Gretchen Whitmer (D) pandered to racism and many other issues from the identity politics playbook to disguise the fact she is being sued by other state legislators for extending the executive orders without their approval. Protestors that descended on Lansing complained they were sick of being treated like small children. 99.5% of Michigan residents haven’t been infected with coronavirus. 99.95% haven’t died.

Alas, Gov. Katie Brown (D) of Oregon has shown herself to be the most despotic leader. Despite 99.92% of Oregonians not being infected and 99.997% not having succumbed to the virus she had no compunction ramming her rule of law. Oregon has less than 4% of the infection rate and 2% of the death rate of NY State yet Brown has kept an “indefinite” stay at home order in place.

An Oregon judge declared that the coronavirus restrictions enacted by Gov. Brown were “null and void” because her emergency orders were not approved by the state legislature after 28 days. The judge agreed with the lawsuit launched by 10 churches against the State of Oregon which argued that the emergency powers only lasted for a month and that to lengthen them required legislative approval which she did not seek!

Not to be outdone, Gov. Brown went to the State Supreme Court where she has a pending review. The Governor praised the Supreme Court action by saying, “There are no shortcuts for us to return to life as it was before this pandemic. Moving too quickly could return Oregon to the early days of this crisis when we braced ourselves for hospitals to be overfilled.

A bit of an odd statement when the number of people hospitalised in Oregon with COVID19 has fallen 63% in the last month to May 12th to 57 people.

Worst of all was her treatment of hair salon owner Lindsey Graham who was fined $14,000 for opening her store because it was a non-essential business. She was further threatened with the prospect of having her lease terminated as she operated out of a building owned by the State of Oregon. The final straw was the dispatch of child protection services to Graham’s home to interrogate her 6-yo stepson and check if bathroom sanitation (aka the cleanliness under the toilet seat) was up to standard.

No one questions the tragic loss of life from this pandemic. We just question the heavy-handed tactics of governors and mayors who have a twisted version of data which is completely at odds with reality. This is all about politics.

Pension Sinkhole

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The pension problem that many in the US face is no laughing matter. ‘Tis but a scratch is how many (especially state run) pension funds continue to view their predicament outwardly. Internally they must be panicking. Actuarial accounting is a wonderful thing. Tweak a few assumptions and immediately wash away a deep deficit. To put this in perspective the California Public Employee Retirement System (CalPERS) lost around 2% of its funds in 2015/16. The fund assumes an aggressive 7.5% return. Dr. Joe Nation of Stanford Institute for Economic Policy Research thinks unfunded liabilities have surged to $150bn from $93bn in the last two years. Furthermore suggesting the use of a more realistic 4% rate of return. CalPERS has an unfunded liability of $412bn (or the equivalent of 3 years’ worth of state revenue). California collects $138bn in taxes annually in a $2.3 trillion economy (around the size of Italy). With over-inflated asset markets and increasingly negative returns on highly rated paper, the growth in unfunded liabilities is even more concerning as any market correction (likely to be severe given such blatant manipulation to date). If the correction is huge it will push the unfunded portion to even more dizzying levels.

According to a Bureau of Labor Statistics report from 2015, the average household income of someone older than age 75 is $34,097 and their average expenses are around $34,382. Despite such austerity, a pension collapse would literally kill off the ability to live a bare bones existence.

Years of poor investments have stuffed South Carolina’s government pension plans with a massive funding gap. The plans serve about 550,000 (11%) of residents, and the shortfall of $24.1 billion is more than 3x Palmetto State’s annual budget.

Rewind to 2008. The municipality of Vallejo, California filed for bankruptcy. It wasn’t just the evil bankers that caused financial markets to collapse resulting in tax revenues shrivelling. Sadly, the city of Vallejo was living high on the hog. Bloated pensions and fat cat salaries for public servants ruled by stubborn unions created a scenario where it could not bail water fast enough when the crash hit.

The police captain was paid over US$300,000 while his lieutenants were on c.US$250,000. The average fire fighter took home US$170,000. The police and firefighters pay and conditions sucked up three-quarters of the budget much more than the 55-60% of most municipalities. That $80mn budget suddenly faced a $17mn black hole.

The city was forced to fire 40% of its 260 police officers and told its residents to be judicious with calling 911. Crime rates soared above the state average.

Vallejo did not sort its pension obligations to CalPERS during its bankruptcy negotiations which ended up becoming its largest budget hole by a considerable margin. Even in 2011 when the city came out of bankruptcy the pension time bomb ticked away. Moreover, the declaration of bankruptcy prevented access to bond financing making budget gap filling even more complicated.

Fast forward to 2016, the anaemic (and slowing) economic growth around the world is putting stress on pension funds ability to payout retirees and fund future pensions. Pension funds set “return targets” which actuaries calculate to ensure the fund stays solvent. However, pension funds need to be diversified with a mixture of cash, bonds and equities. With equities reaching more outlandish valuations and bonds moving further into negative yield territory (capital appreciating at least) pension fund returns are undershooting. When pension funds undershoot then the unfunded liabilities keep growing. As more baby boomers retire the more outflows are putting more pressure on the unfunded portions.

San Bernardino, California also filed for bankruptcy after GFC carrying $140mn in unfunded pension liabilities including $50mn in debt it had to raise to fill the pension hole. Yes! It was borrowing money to plug a pension hole. Sort of like buying groceries on the credit card you can’t pay off.

Take Detroit, Michigan. It declared bankruptcy around this time three years ago. Its pension and healthcare obligations total north of US$10bn or 4x its annual budget. Accumulated deficits are 7x larger than collections. Dr. Wayne Winegarden of George Mason University wrote that in 2011 half of those occupying the city’s 305,000 properties didn’t pay tax. Almost 80,000 were unoccupied meaning no revenue in the door. Over the three years post the GFC Detroit’s population plunged from 1.8mn to 700,000 putting even more pressure on the shrinking tax base.

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Scroll forward to 2013 and this is how it looks. 2017 would look even more terrible.

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Do people then rely on Social Security? Well, according to the 2016 Social Security Trustees report it shows at the current rate the Social Security’s combined retirement and disability trust funds will be empty by 2034. The trustees estimate that the 75-year shortfall is $11.4 trillion in NPV terms. Good luck filling that.

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