20Oct/103
Reality will hit
Hey guys, have been away at an actuarial conference since Sunday.... did I miss much?
I see that Monty at Ace of Spades has posted on something I've posted about several times before in my posts on public pensions, Social Security, and retirement age.
So I will just repost the comment I made at the AoS:
The short story: the "mandatory" spending ain't mandatory. When it's too much.... those benefits will be cut, and bonds will be defaulted upon [or in the case of fed spending, there will be the printing of money to lower the value of the bonds].
Seriously boomers? The gravy train will end. You guys didn't have enough kids, and the kids you did have will feel no obligation to pay your debts or benefits. And so they will not pay them.
Bon appetit.
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October 21st, 2010 - 08:52
An actuarial convention? I’m all a-twitter waiting for the exciting stories… *g*
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October 21st, 2010 - 13:55
Well, we had Ted Koppel as our keynote speaker. I walked out somewhat into his talk…they’ve been booking journalists/politicians for the last n years where n represents the number of SOA Presidents who have been liberal [i.e., all the ones I've known...but I've been to these meetings for only three years]
We had another major speaker, Dr. Paul Embrechts, who was much better and interesting, talking about the global economic meltdown, and how he and colleagues had warned about this stuff ten years ago. So, um, yay.
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October 21st, 2010 - 15:28
I am friggin excited for the onion to be peeled, frankly. I might even get some popcorn and watch the federal and state employees jump out of their respective 13th floors.
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