Largest Bankruptcies (Photo credit: Adam Crowe)
Long-term viability of Social Security has been a subject of concern for years. Now, the Detroit bankruptcy filing turns the spotlight on municipal and state pensions.
I personally believe Social Security is in better financial shape than most people think. Social Security can easily survive into the 22nd century and beyond, if only we have the will.
Detroit skyline (Photo credit: Bernt Rostad)
But retirees, and anyone who expects to retire in the future, ought to be nervous about the shock waves from the Detroit bankruptcy. How many other cities, big and small, will have their credit ratings reduced? How many more will follow Detroit into bankruptcy? Not many, we may hope.
SOMETIMES WE’RE PADDLING HARD, IN OPPOSITE DIRECTIONS. — John Hayden photo
This is the summer of discontent and division in America. We’re fractured by class, race, gender, age, and politics.
Yes, I’ve written about divisions before, at least once or twice. Consider this a seasonal update.
As U.S. stock markets set new records, people who don’t own stocks are being squeezed and crushed. Recession may be over, technically, but only now are Americans feeling the wrenching pain from the economic dislocation of the past decade.