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At work today I saw a post saying one of the stupidest things I've ever heard on Patrick.net
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2020 Feb 24, 10:28pm 2,349 views 13 comments
Comments 1 - 13 of 13 Search these comments
2
WookieMan
2020 Feb 25, 8:39am
WookieMan
2020 Feb 25, 8:39am
marcus says
I don't know what post you're talking about. If the information is wrong that's fine. You're ignoring the 800lbs gorilla in the room....
marcus says
Who cares about the percentage? If it's 8 or 80. That money isn't going into services, it's going to pay for peoples retirement that should have been taken from their salary at a rate that could sustain the system and not be UNDERFUNDED! Nitpick the percentage and if something is wrong, point it out like you did. But the issue is still the same. If you can't fund your pension, it needs to be cut or you need to raise your contribution. Plain and simple.
It said that 80 cents on the dollar of California government revenue/spending goes to funding underfunded pension funds and benefits to govt employees.
Anyone that throws around retarded numbers like that should be ignored. It's probably closer to 8 cents of every dollar. And that is a lot.
I don't know what post you're talking about. If the information is wrong that's fine. You're ignoring the 800lbs gorilla in the room....
marcus says
California government revenue/spending goes to funding underfunded pension funds and benefits to govt employees.
Who cares about the percentage? If it's 8 or 80. That money isn't going into services, it's going to pay for peoples retirement that should have been taken from their salary at a rate that could sustain the system and not be UNDERFUNDED! Nitpick the percentage and if something is wrong, point it out like you did. But the issue is still the same. If you can't fund your pension, it needs to be cut or you need to raise your contribution. Plain and simple.
3
socal2
2020 Feb 25, 8:48am
Marcus - I am the one that posted it and don't have you on ignore.
Many of these municipal pensions are ridiculously generous and bankrupting our cities. There is no denying it. Just read the local papers anywhere in California, Illinois and Connecticut. If these cities can't get their pension funds in order after this historic bull market, we are going to see massive municipal bankruptcies at the next downturn. Where are poor cities like Stockton and Vallejo going to get more money? They don't have alot of rich people to tax.
Even the morons in California won't keep agreeing to raise taxes with misleading bond initiatives while we continue to watch school districts cut bus services, library hours and after school programs - while they keep paying lavish salaries and pensions to administrators and some overpaid teachers.
The whole thing is going to come crashing down on you if you don't get your unions to agree to some modest reforms.
Many of these municipal pensions are ridiculously generous and bankrupting our cities. There is no denying it. Just read the local papers anywhere in California, Illinois and Connecticut. If these cities can't get their pension funds in order after this historic bull market, we are going to see massive municipal bankruptcies at the next downturn. Where are poor cities like Stockton and Vallejo going to get more money? They don't have alot of rich people to tax.
Even the morons in California won't keep agreeing to raise taxes with misleading bond initiatives while we continue to watch school districts cut bus services, library hours and after school programs - while they keep paying lavish salaries and pensions to administrators and some overpaid teachers.
The whole thing is going to come crashing down on you if you don't get your unions to agree to some modest reforms.
4
FortwayeAsFuckJoeBiden
2020 Feb 25, 8:50am
If it’s 8c of every dollar they wouldn’t be desperately trying to raise my taxes to pay for more debt.
Ponzi scheme of debt and crooked Dems stealing billions from hard working Americans.
Ponzi scheme of debt and crooked Dems stealing billions from hard working Americans.
5
FortwayeAsFuckJoeBiden
2020 Feb 25, 8:52am
Dumbest thing on patent I’ve seen probably leftists supporting feminism, homosexuality, and saying Biden didn’t do anything wrong.
6
WookieMan
2020 Feb 25, 8:58am
WookieMan
2020 Feb 25, 8:58am
socal2 says
I personally already think it has crashed even with the market riding high. Just because they can make payments through borrowed money or from the fund itself, doesn't mean many pension funds aren't toast already. The situation is pretty bad here in IL, but our state constitution has fucked the majority from doing anything.
It would cause a recession itself, but every public employee should have to put 20% of their income into their pension funds starting tomorrow. It's still your money, you just net less. Sorry you make less in the short term.
My wife and I if you include SS (which we can't touch until our 60's) set aside close to 30% of our income for retirement (so ~18% on our own). Which is substantially more than a teacher, cop, fire fighter, etc. We should be able to retire by 50, but so do most cops that got in early.... If you're pension isn't pulling double digit percentages from your check, it's going to fail. Basic math.
The whole thing is going to come crashing down on you if you don't get your unions to agree to some modest reforms.
I personally already think it has crashed even with the market riding high. Just because they can make payments through borrowed money or from the fund itself, doesn't mean many pension funds aren't toast already. The situation is pretty bad here in IL, but our state constitution has fucked the majority from doing anything.
It would cause a recession itself, but every public employee should have to put 20% of their income into their pension funds starting tomorrow. It's still your money, you just net less. Sorry you make less in the short term.
My wife and I if you include SS (which we can't touch until our 60's) set aside close to 30% of our income for retirement (so ~18% on our own). Which is substantially more than a teacher, cop, fire fighter, etc. We should be able to retire by 50, but so do most cops that got in early.... If you're pension isn't pulling double digit percentages from your check, it's going to fail. Basic math.
7
FortwayeAsFuckJoeBiden
2020 Feb 25, 9:00am
Dumbest things by far are left wing memes. Clearly people with issues, totally disconnected from reality.
It’s cute how raising taxes doesn’t bother Marcus, but cutting government tot instantly brings outrage.
It’s cute how raising taxes doesn’t bother Marcus, but cutting government tot instantly brings outrage.
8
socal2
2020 Feb 25, 9:37am
WookieMan says
Same deal here in California with the "California Rule". The unions were able to get this shit into the State Constitution tying the hands of all the cities from doing what was necessary years ago.
Hopefully the California State Supreme Court has seen what is happening in Illinois and gets a clue. If they do the right thing, I think we will see it spread through the rest of the country. So there is some hope.
Trump and the Republicans aren't going to bail out Democrat run cities in California, Illinois and Connecticut over the next 5 years and the cities can't print money. So we are going to see a shit ton of municipal bankruptcies in the near future. Either that or pitchforks as they try to raise our taxes while they simultaneously reduce services.
The situation is pretty bad here in IL, but our state constitution has fucked the majority from doing anything.
Same deal here in California with the "California Rule". The unions were able to get this shit into the State Constitution tying the hands of all the cities from doing what was necessary years ago.
Hopefully the California State Supreme Court has seen what is happening in Illinois and gets a clue. If they do the right thing, I think we will see it spread through the rest of the country. So there is some hope.
Trump and the Republicans aren't going to bail out Democrat run cities in California, Illinois and Connecticut over the next 5 years and the cities can't print money. So we are going to see a shit ton of municipal bankruptcies in the near future. Either that or pitchforks as they try to raise our taxes while they simultaneously reduce services.
9
WookieMan
2020 Feb 25, 10:04am
WookieMan
2020 Feb 25, 10:04am
Pension reductions are a guarantee in most places. It's time unions and the employees figure it out. There are still massive shortages with this stock market. Doesn't matter if a state constitution protects it (which should have never been allowed in the first place). They really should be proactive instead of reactive, although I think that may be too late.
I'm just glad I went private sector. Many government employees have no skill that is desirable outside of political and nepotistic hiring practices. With penalty of course I can tap into my 401k any time I want if we hit a rough patch. It's a flawed system and in a way I feel bad for government employees that didn't have a choice in the matter when accepting a job that they pursued.
I'm just glad I went private sector. Many government employees have no skill that is desirable outside of political and nepotistic hiring practices. With penalty of course I can tap into my 401k any time I want if we hit a rough patch. It's a flawed system and in a way I feel bad for government employees that didn't have a choice in the matter when accepting a job that they pursued.
10
Bd6r
2020 Feb 25, 10:17am
Bd6r
2020 Feb 25, 10:17am
I don't see why public servants should have a system separate from Social Security. Anyone can to enlighten me?
11
EBGuy
2020 Feb 25, 2:38pm
rd6B says
Because FICA is for suckers and have you seen the ROI on Treasuries?
I don't see why public servants should have a system separate from Social Security. Anyone can to enlighten me?
Because FICA is for suckers and have you seen the ROI on Treasuries?
12
MisdemeanorRebel
2020 Feb 25, 2:42pm
MisdemeanorRebel
2020 Feb 25, 2:42pm
Given the recent stock market performance, there's really no hope that increasing market values will bolster the pensions out of trouble if they haven't by now.
13
Ceffer
2020 Feb 25, 4:08pm
Ceffer
2020 Feb 25, 4:08pm
Tax leeches and political self dealers tying their putative worth to impossibly high capitalist model projections. Will the irony never end?
But here's the stupid part, that is stupid on the part of the author of the commentary he's posting, but also stupid for anyone who believes such absurdity.
It said that 80 cents on the dollar of California government revenue/spending goes to funding underfunded pension funds and benefits to govt employees.
Anyone that throws around retarded numbers like that should be ignored. It's probably closer to 8 cents of every dollar. And that is a lot.
Forgetting the details though, and looking at the more general proposal, of cutting the compensation of govt emplyees, to say slmilar of slightly higher pay, but with 401ks, and then later cutting those back, and eventually having corrupt cops and incompetent public service workers, where do you think the money goes ? In the short run it might look like it goes to the middle class tax payer, but ultimately it goes to the people at the top.
How stupid does someone have to be, that they don't understand that government jobs are not only an option for most educated people, but they also compete with the private sector for labor (i.e helping to hold up middle class wages in the private sector).
Are these the same people that think that not having enough immigrants to pick crops, and be nannies or landscapers, will boost middle class wages ?
Wtf ?
What they want will probably happen - or at least I wouldn't be surprised. But it won't be a good thing for anyone.