Article

2010-02-16 Economy

Emperor has no clothes: Pensions are short cash

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Posted by Fred 2010-02-16 00:00|| || Front Page|| [11132 views ] Top

#1 You, the "Public Servants" are who makes more than those that pay for your "service". Your unions, your pay rates, your state programs, and YOUR PENSIONS will bankrupt the nation.

Very few "public servants" are worth the cash they are paid. The idea was you took a pay cut to have job stability and all that government junk bond you can get.

Well, that used to be. Now this is out of control and must be stomped out.

I do not believe it is always Patriotic to work for the government. I think it more Patriotic to work yourself out of a job when in government. Not to make more.

Learn the definition of Patriot also, democrats. You idiots.

Posted by newc 2010-02-16 00:26|| 2010-02-16 00:26|| Front Page Top

#2 Wow. Sounds like Oregon's 'PERS', public employee retirement system...

Posted by logi_cal 2010-02-16 09:46|| 2010-02-16 09:46|| Front Page Top

#3 This is not just a problem in Illinois. As far as I can tell, this is the situation for all public pension plans nationwide, including Social Security. Pensions all depend on future revenues being used to pay future obligations. Pension obligations may be predictable, but future tax revenues ARE NOT. The states are learning this, one by one.
Some financial disasters can be predicted mathematically, and this was one of them.
The only public pensions that make sense to me are for retired military, due to the special natures of their work. All the other public officials can fund their retirements the old-fashioned way, by saving for it, like the rest of us have to. Unfortunately, all dollar-denominated savings are subject to devaluation of the dollar, which the federal government is hell-bent on doing.
A war between taxpayers and public pensions seems inevitable.

Posted by Anguper Hupomosing9418 2010-02-16 10:31|| 2010-02-16 10:31|| Front Page Top

#4 A war between taxpayers and public pensions seems inevitable. Anguper Hupomosing9418

The war over corporate pension plans has already been fought. We lost.

Posted by Besoeker 2010-02-16 10:51|| 2010-02-16 10:51|| Front Page Top

#5 The war over corporate pension plans has already been fought. We lost. Please elaborate. My working theory is that defined benefit plans are not sustainable, due to the key assumption I mentioned in my first post.

Posted by Anguper Hupomosing9418 2010-02-16 11:20|| 2010-02-16 11:20|| Front Page Top

#6 Please elaborate. My working theory is that defined benefit plans are not sustainable, due to the key assumption I mentioned in my first post. Posted by Anguper Hupomosing

Your theory is spot on. The number of corporations or firms offering funded pension and retiree insurance plans has been dwindling precipitously for decades. I doubt the trend will reverse itself. We've simply "lost" them. Much cheaper foreign labor is the route being taken. The seed corn has been consumed.

Posted by Besoeker 2010-02-16 11:45|| 2010-02-16 11:45|| Front Page Top

#7 Defined benefit (aka pension) plans have all but been eliminated in the private sector. The funds are typically rolled into the workers' 401(k), so they no longer are guaranteed a life-long post retirement income stream.

Posted by regular joe 2010-02-16 17:59|| 2010-02-16 17:59|| Front Page Top

#8 A 77%-To-88%-US-DEBT-To-GDP-RATIO come Year 2020 = EVEN IFF YOU RETIRE TODAY OR IN NEAR-TERM AT FULL BENEFITS, DOESN'T MEAN YOUR PENSION, ETC. IS SAFE AS NATIONAL ECON INSOLVENCY = FED-LOCAL GOVT INSOLVENCY ALSO.

The OWG + NATIONAL-GLOBAL SOCIALIST ORDER + "PAY FOR THE REST OF THE WORLD" US = GLOBAL TAXATION, etc which Amer Voters didn't vote for, either to begin with nor in the present nor in the near future.

YOU KNOW - BEING-A-GOOD-LEADER-IS-BEING-A-GOOD-FOLLOWER, JOHN PAUL JONES + JOHN WAYNE + REAGAN, "LEADERSHIP"!

Posted by JosephMendiola 2010-02-16 21:56|| 2010-02-16 21:56|| Front Page Top

#9 Lest we fergit, D *** NG IT MORIARITY, AT LEAST UNDER SOVIET COMMUNISM THE PEOPLE WERE PERMANENTLY POOR BUT OPTIMISTIC - WE WERE "OPTIMISTIC", D *** YOU!

Posted by JosephMendiola 2010-02-16 21:59|| 2010-02-16 21:59|| Front Page Top

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