In light of the recent debacle in Dallas City’s $7 billion shortfall on pension funds, Health Ranger Mike Adams has cautioned that the same deficiencies may happen across the U.S.
Adams cited a report by the New York Post, stating that the City of Dallas is on the verge of bankruptcy as its board of pension trustees made lucrative pension payout promises to its retirees and city employees that may otherwise endanger the city’s funds. According to Adams, the city is currently $1.1 billion short of declaring bankruptcy. The Health Ranger quoted the report, saying that panicked Dallas retirees have pulled out as much as $200 million out of the fund. This was in line with a recommendation released in July that retirees will no longer be allowed to take out huge sums of money. Even before the recommendation, the city’s pension trustees have been under fire for making investment decisions that were otherwise worth less that previously estimated.
The Health Ranger takes it back to 1993 when the Unions were able to negotiate huge benefits for beneficiaries. According to Adams, retirees and government employees back then were to be provided with individual bank accounts. A guaranteed 8.5 percent locked-in interest rates will then be paid by the federal government annually when the beneficiaries reach the age of 50 years. According to Adams, this meant that the city will have to produce investment returns of 8.5 percent per year or it will run the risk of lagging behind its obligations to the beneficiaries.
According to Adams, the pension trustees also estimated that the pension fund will earn nine percent in investments annually. Having these estimates, the trustees went on to invest in rather shady endeavors including luxury resorts, villas, and farmlands. The trustees has also made a motion that investments would require ocular visits, making the investment trips touted as global investment tours, appear to be excessive vacation trips.
Over time, the stock market has failed to generate such investment returns year after year. In effect, the city’s hidden pension debt rose to $7 billion after 23 years of unmet goals in investment returns. With the city being $1 billion away from declaring bankruptcy, Adams said it may substantially reduce the payout of beneficiaries by up to 50 percent.
Mike Adams, also known as the “Health Ranger” is a best selling author and an internationally acknowledged scientific researcher in clean foods. He currently serves as the founding editor of NaturalNews.com and the lab science director of an internationally accredited analytical laboratory known as CWC Labs. Adams has been awarded a Certificate of Excellence for attaining extremely high accuracy in the analysis of toxic elements in unknown water samples using ICP-MS instrumentation. The Health Ranger is also highly proficient in running liquid chromatography, ion chromatography, and mass spectrometry time-of-flight analytical instrumentation. Adams is the founder and publisher of Natural Science Journal, an open source scientific publication. The Health Ranger is also a renowned author of numerous peer-reviewed science papers published by the journal. Adams is the author of the world’s first book that published ICP-MS heavy metals analysis results for foods, dietary supplements, pet food, spices and fast food. The book is entitled Food Forensics and is published by BenBella Books. The Health Ranger is also widely known for his lab research breakthroughs. Adams has made numerous food safety discoveries such as revealing rice protein products imported from Asia to be contaminated with toxic heavy metals like lead, cadmium and tungsten. Adams was the first food science researcher to document high levels of tungsten in superfoods. He also discovered over 11 ppm lead in imported mangosteen powder, and led an industry-wide voluntary agreement to limit heavy metals in rice protein products.