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What will happen to your pensions Red State Rep/Con/Teas?
You know the Right is against entitlements? Red State city govt. is a great place to start eliminating these Socialist Programs.
What will happen to your pensions Red State Rep/Con/Teas?
You know the Right is against entitlements? Red State city govt. is a great place to start eliminating these Socialist Programs.
It won't just be the red states who will eventually eliminate these programs. I am sure at some point all states will because they're just to costly.
You know the Right is against entitlements?
you put in 100 in taxes and get out 300 somehow...
if not a ponzi scheme sounds broken to me.
where did the 200 come from ?
Reminds me of the CA govt working getting something like $400K upfront
and over 100K in pension. Heck my vacation pay is capped at max like
everyone else in private industry... use it or lose it...
yet these govt workers dont cap their vacation accrual... and ring it up
based on final wage/salary rates.
You know the Right is against entitlements?
you put in 100 in taxes and get out 300 somehow...
if not a ponzi scheme sounds broken to me.
where did the 200 come from ?
Reminds me of the CA govt working getting something like $400K upfront
and over 100K in pension. Heck my vacation pay is capped at max like
everyone else in private industry... use it or lose it...
yet these govt workers dont cap their vacation accrual... and ring it up
based on final wage/salary rates.
Yep. Some people who work for CA would get an entire years or more worth of income just from accumulating vacation leave and retiring. It's ridiculous.
AverageBear
@
2013 Dec 12, 1:35am
Stockton, Detroit... Chicago is next! You think the brew-haha in Wisconsin was a big deal? It will look like a Book Club Meeting if Chicago doesn't address its fiscal irresponsibility. Start wearing the body armor, Rham!
Stockton, Detroit... Chicago is next! You think the brew-haha in Wisconsin
was a big deal? It will look like a Book Club Meeting if Chicago doesn't address
its fiscal irresponsibility. Start wearing the body armor, Rham!
The lyin' sack-o chimes in with more of his BS. Does Illinois allow municipal bankruptcy?
What will happen to your pensions Red State Rep/Con/Teas?
You know the Right is against entitlements? Red State city govt. is a great place to start eliminating these Socialist Programs.
It won't just be the red states who will eventually eliminate these programs. I am sure at some point all states will because they're just to costly.
I agree.
I can see pension collapse in all states. Detroit might be the precedent. I'm just waiting to see how happy Red State retirees will be with cuts in "Big Govt." pensions since we hear all the talk about smaller govt.
Rep/Con/Teas are such easy targets.
BTW,I didn't vote Democratic.
I can see pension collapse in all states.
But, was it pension debt that led to Detroit's BK?
Look at this:
http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html
Bankrupt Cities, Municipalities List and Map
729 2.8k 34 22
Share on email Many local governments across the U.S. face steep budget deficits as they struggle to pay off debts accumulated over a number of years. As a last resort, some filed for bankruptcy.
FortWayne
@
2013 Dec 12, 3:12am
If they don't have the money what are they to do? They can't pay people with IOY's.
Either way this is a result of years of theft and mismanagement. Unions got what they had coming to them.
But, was it pension debt that led to Detroit's BK?
Yes, it was. Detroit has about 18 billion in debt and about $9 billion of that comes from retiree pension and health care obligations.
No way the city will be able to recovery without attacking both pension benefits.
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/07/19/detroits-pension-problems-in-one-chart/
Yes, it was.
Spider/bear, whatever. But seriously, a blog?
Well, the governor of Michigan says you're full of crap.
"Now's our opportunity to stop 60 years of decline," Snyder said at a Friday news conference with Orr. "How long had this been going on and people were kicking the can down the road and not doing something? We're doing something."
Snyder has said that 38% of the city's budget is being spent on "legacy costs," such as pensions and debt service.
http://money.cnn.com/2013/07/18/news/economy/detroit-bankruptcy/index.html
Either way this is a result of years of theft and mismanagement. Unions got
what they had coming to them.
You're advocating that employers steal from their employees?
You MUST be a right winger.
Yes, it was.
Spider/bear, whatever. But seriously, a blog?
Well, the governor of Michigan says you're full of crap.
"Now's our opportunity to stop 60 years of decline," Snyder said at a Friday news conference with Orr. "How long had this been going on and people were kicking the can down the road and not doing something? We're doing something."
Snyder has said that 38% of the city's budget is being spent on "legacy costs," such as pensions and debt service.
http://money.cnn.com/2013/07/18/news/economy/detroit-bankruptcy/index.html
Right that is correct 38% is spend on pensions. But what's not counted in that 38% is the health care costs associated as well. When you combine both of them (you can even check Detroits balance sheet). The costs goes over 50%.
But even then, 38% is still a big chunk of your finances that goes towards people who don't even work for the city.
Sorry to say it's not a sustainable cost.
Either way this is a result of years of theft and mismanagement. Unions got
what they had coming to them.
You're advocating that employers steal from their employees?
You MUST be a right winger.
Honestly, I am advocating that Unions steal from employers. Which is why most private sector jobs around the world got rid of them.
And a big reason why public sector jobs (Cities, States, and etc) who still hold onto to unions demands are tanking.
Right that is correct 38% is spend on pensions.
Can you read?
Snyder has said that 38% of the city's budget is being spent on "legacy costs," such as pensions and debt service.
FFS, your own post said that it was half ($9Billion of the $18 Billion), and then you claim it was all the debt, just how stupid are you?
And a big reason why public sector jobs (Cities, States, and etc) who still hold
onto to unions demands are tanking
Maybe you should learn a few things like:
Deferred compensation
An amount that has been earned but is not actually paid until a later date, typically through a payment plan, pension, or stock option plan.
http://financial-dictionary.thefreedictionary.com/Deferred+Compensation
And;
Definition of 'Deferred Compensation'
An amount of earned income that is payable at a later date. Most deferred-compensation plans allow the wage earner to defer tax now so that the funds can be withdrawn and taxed at some point in the future.
Investopedia explains 'Deferred Compensation'
The most common form of deferred compensation is a retirement plan. Deferring income allows the earner to use the income later in life when they have a lower tax rate. Other examples include pension plans and stock-option plans.
http://www.investopedia.com/terms/d/deferred-compensation.asp
Not to mention WHY there are constitutional protections against whacking away at public employees' pensions, because of the ability of right wingers to skip payments and underfund public pensions. Michigan has a section of their constitution to specifically address public pensions, as do many other states.
FYI, if you bothered to read the link above that I gave, it would show you why the majority of municipal bankruptcies are for failed public projects, and not for pensions(although the common theme for piss-poor public fund (mis)management coincides with underfunded pension funds).
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Not sure if this was already posted, I did a search in the forums and nothing came up. But hey like I've stated before, it was only a matter of time before pensions were cut. I wouldn't be surprised if other cities follow suit.
http://www.cnbc.com/id/101242616