Article

2010-01-27 Economy

Public Employees Living Large in Midst of Deep Recession - Train Wreck Coming?

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Posted by GolfBravoUSMC 2010-01-27 11:51|| || Front Page|| [9 views ] Top

#1 --- The core of the problem is that the public cannot afford to pay much longer for the GIGANTIC defined-benefits public pensions their rulers have bound them to by contract.
--- Unfortunately the writer did not give of total the expected future liability for public pensions. He just mentioned recent annual outlays.
--- IANAL & AFAICT, the only way out is bankruptcy of the public organizations who have gotten into this fix, and turning over the obligation to the Pension Benefit Guaranty Corporation, which at some point, will also require a taxpayer bailout.
--- Just recently was published the news that the majority of union workers in this country are now working for the government. This happened as union workers for the private sector have lost their jobs.
--- Someone remind me of why unions of public employees are legal in the first place? When that happened, taxpayers lost their ability to run their own governments.

Posted by Anguper Hupomosing9418 2010-01-27 17:24|| 2010-01-27 17:24|| Front Page Top

#2 Hey,,, pensions in the private sector have been taken over by creditors when under bankruptcy...
United and the car companies come quickly to mind.

Since all Governments now appear to be bankrupt or close to it... by the same logic their pensions should be void...

Or does the private worker exist in a different exalted state than the public worker to moronic Federal Judges?

Posted by 3dc 2010-01-27 20:22|| 2010-01-27 20:22|| Front Page Top

#3 Hey,,, pensions in the private sector have been taken over by creditors when under bankruptcy... IANAL, but AFAICT there is no obligation for creditors to do this. Go to the Pension Benefit Guaranty Corp. web site & read some of the entries. Many of them read like this: The PBGC stepped in because the pension plan faced abandonment after the company, in bankruptcy, sold substantially all of it assets to buyers unwilling to assume the plan.
It is lunacy for anyone to assume the liability of a defined-benefit pension plan without a huge pile of cash to lessen the pain. It is lunacy for state & local governments to attempt to support such. As we will see.

Posted by Anguper Hupomosing9418 2010-01-27 20:42|| 2010-01-27 20:42|| Front Page Top

#4 Anguper Hupomosing9418
I take it you and I speak a different variant of English....
Nobody covered the pensions of United etc...
They were garnished by the bankruptcy judge to pay off the corporation's creditors.
None of them covered the United workers.... rather robbed them....

Posted by 3dc 2010-01-27 22:56|| 2010-01-27 22:56|| Front Page Top

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