This article appeared online at TheNewAmerican.com on Monday, December 12, 2016:
In a moment of surprising candor, Danielle DiMartino Booth, a former advisor to the Federal Reserve, said in a Real Vision TV interview on Saturday that “the Baby Boomers are no longer an actuarial theory. They’re a reality. The checks [from their retirement plans] are being written.”
For years commentators have repeatedly asserted that “when” the Baby Boomers (that generation born between 1946 and 1964) start to retire, they will start using up funds set aside in pension plans, putting those plans into crisis. According to Booth, that day has arrived.
She pointed to the crisis in Dallas that threatens to put the city into bankruptcy, and the report from Calpers (the California Public Employees Retirement System),