Welfare System Failure
Collapse of pension schemes, health programs and social security systems leading to deprivation and hardship for dependents. Breakdowns triggered by underfunding, and imbalances e.g. ageing populations
Post-Soviet ‘shock therapy’ dismantling of welfare system in Russia 1992;
Municipal Pension Defaults, US cities, 2010;
New Jersey Pension Fund insolvency, 2009;
Ireland state pension credit downgrade, 2008
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