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According to Bloomberg, “New York City’s pension costs will rise by about $6 billion over the next three fiscal years as high inflation and fears of a recession have hammered the city’s retirement plans.” Today’s guest explains how this could have been prevented with proper planning and oversight.
Ted Siedle, co-author of “Who Stole My Pension” says, “When the American or your state pension says they lost 6%, that’s not true. The number is probably double or triple that.”
CalPERS, the largest government pension in the United States, which used to be known as the best-run pension in the U.S. has been faced with scandal and controversy. It’s no longer the gold standard for anything. Siedle says, “It’s the gold standard for misbehavior.”
Host Robert Kiyosaki and guest Ted Siedle discuss the ballooning pension crisis and what that means for future generations.