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Zendo Deb notes that this is not bad math, this is fiscal madness
Meep has an update on the insanity of Multi-employer Pension (MEP) funds and the state of fail: Central States Teamsters Pension Fund finally gets its bailout money, as planned — now what?
I mentioned math. You can dislike math. You can claim you are not good at math. (Do a web search for “You aren’t bad at math; you’re just lazy” and then get back to me on that.) What you can’t do is ignore the realities that math describes. Well you can, but you will end up like someone ignoring a speeding tractor-trailer barreling down the road at them. You won’t survive without outside help.
But here is the breakout:
Assets: $10.4 billion
Liabilities (valued at 2.43%): $58.6 billion
Expected payouts in 2021 (after the above): $2.9 billion
Expected contributions in 2021: $0.6 billion
So, where is that money coming from? Must be a grove of magic money trees somewhere……..
