For those who missed it here is an example of looming pension fund
failure and consequences.
A small town in Alabama is now unable to pay pension money .
There have already been deaths and extreme hardship is the norm
for those now struggling to survive . It is unclear to me whether
people in this circumstance would have had access to food stamps ????
This obviously an early example of what soon will become a common event .
My take on all this is ....
- There will be a strong tendency for those who are unfit for work
to die much earlier than would otherwise have been the case .
- Laws that are restrictive on labour and small business will tend to be
ignored or breakdown because the penalty for allowing self interest groups
to determine your source of income may be death .
- Many more older people will be competing for work against other segments of the work force .
While generally less fit the older citizens have some advantages against their younger competitors .
They frequently own their own home which can be used as a work centre , have broader experience ,
have already acquired skills and tools which can be used to garner income .
However most will just plain die much earlier .