“This struggling small city on the outskirts of Mobile, Ala., was warned for years that its pension fund would run out of money by 2009 if it did nothing. Right on schedule, its fund ran dry. Prichard declared bankruptcy, and stopped sending out its monthly pension checks,” reports the New York Times.
Nettie Banks, 68, a retired Prichard police and fire dispatcher, was forced to declare bankruptcy.
Alfred Arnold, 66, a retired fire captain, is working in a shopping maul, to try and keep from losing his house.
Eddie Ragland, 59, a retired police captain who was shot by a robber, has had to take help from bake sales, etc.
In a far worse case the retired fire marshal was found dead in his house without electricy or running water. David Anders, 58, a retired district fire chief said, "He was a proud enough man that he wouldn't accept help." He is only one of eleven retirees who has died in Pritchard.
"Prichard is the future," said Michael Aguirre, the former San Diego city attorney, who has called for San Diego to declare bankruptcy and restructure its own outsize pension obligations. "We're all on the same conveyor belt. Prichard is just a little farther down the road."
“There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.” declares Proverbs 21:20. Sadly, we might add there is retirement treasure to be desired, but the foolish have already spent it.