Posted on 12/14/2014 9:00:16 AM PST by Oldpuppymax
The just passed $1.1 trillion Cromnibus (Continuing Resolution and Omnibus) check float that successfully got through the Republican controlled US House contains language that could gut pension plans, according to analyses by both conservative and leftist web writers. “The pension provision was made public late Tuesday night,” says a web source that blasts efforts to write down public pension allotments. (1) Mike Adams of Health Ranger warns that “all the pension benefits that have been promised government retirees are about to be stolen back from retirees.” (2)
Quoting a WaPo article, Adams also points out that “the proposal would torpedo basic protections of the federal private pension law…that states once benefits are earned, they can’t be cut back.” Spokeswoman Karen Friedman of the Pension Rights Center says this Cromnibus language would DEVASTATE RETIREES AND THEIR SURVIVING SPOUSES! (3) Adams certainly is right by including this ominous pension threat in his blog about Natural News. He sees these attacks on retirees’ income as outright WAR that spells financial disaster to the millions of pension dependents who served the public for decades.
Of course, the root cause of public pension controversies lies at the heart of this devastating news that will cost us all. Year after year, large urban Democrat voting blocks were “given” what they demanded in the unions’ quid pro quo for turning out blue votes at the polls. My pension deductions, as a non-union teacher, included funding of over 90% of liberal, Democrat initiatives. When I complained to a local unionist about having to fund abortion even though I was opposed to it, I was told “to shut up about it…there’s nothing you can do.” I learned that this was simply the way things were and as long as I worked at the college...
(Excerpt) Read more at coachisright.com ...
Illinois: $25,000 / resident state debt obligation
Indiana: $5,000 / resident state debt obligation
I realize Cali, Ill, and NYS are 104 “slam dunk” electoral votes for Democrats. Will they get a federal bailout of their state debt?
Cry me a river.
If the company I retire from and the resulting fund managing company go under I am SOL. It has happened before and it will happen again in America. NOTHING should make federal retiree’s more safe than we citizens paying their way.
Beyond that, they should not be shocked that this is happening; looking at history, dictatorships always destroy their supporters first before going after their real opposition. Get ready folks, they will be coming for our 401k’s next right after they deep six their own.
These people are going to have to “play to get pay”...”That’s a real nice pension ya got there, be a real shame if something were to happen to it.”
Since the biggest problems are in the blue states, one of the pluses of the Repubs taking the House in 2010 was that it made such a bailout much less likely.
But then, the Repub Congress isn't AAMCO (who you can trust).
“NOTHING should make federal retiree’s more safe than we citizens paying their way.”
I believe this is about federal protection of state and local pension systems, not federal retirees.
I fear that Obama (or Warren or Hillary in 2017) can do it via EO?
Another “We Have To Pass It To Find Out What’s In It” I guess this is the norm now.
Think your 401k, IRA, or private employee funded pension plan is safe?
Think again. ANY store of wealth that is NOT in your physical possesion, that can’t be hidden, WILL at some point be confiscated by the federal government when they decide it is for the “common good”.
It has already happened in Europe recently, and in the US in the last century. It will happen again.
I even worry about my savings accounts.
I had a savings account with the (local) bank that I deal with. The account fees were more than the interest rate on the account. Paying to have a bank hold my money did not appeal to me, so the account went bye-bye. The only reason I deal with any bank is because my employer only does direct deposit for payroll, no live check.
Pensions will not be honored eventually.
They will not grow fast enough to cover commitments after the financial reset.
First, they will be cut (adjusted).
Then they will be folded into a government retirement plan.
...then they will used as political weapons.
I hope it starts with Federal employees...
Too friggin’ bad. I am thrilled the foundations for repeal of these lush unaffordable public hog trough benefits has been laid. These public pension plans have been far too rich for far too long. They are unaffordable AND UNEARNED. They were granted by stupid feel good bleeding heart libs and retards who had no idea the cost of what they approved and did not have one clue how out of range the pensions are with what the real world is able to get.
Full or near full retirement at 50 with inflation provisions AND healthcare? WTH! The cost for that is obscene. The benefit alone just about doubles the effective annual pay of some public sector employees!!!
Most of us mere mortals have to save 25% of our gross for 35 years and manage the money carefully before and after retirement and stand at personal risk of failure and destitution for it all... no such risks for public sector pensioners.
It is Sunday so I will refrain from saying what I really think... but public pensioners can go to ... well.
Horsecrap! Both the public officials and the unions knew exactly what they were doing -- trading bennies for votes.
Pensioners don’t pay union dues, so they are expendable,
I believe that the statists will try and may even succeed. But, for a retiree to have his life savings confiscated with a "promise to pay back" will ignite a firestorm of protest. I do not how exactly or where it will all go. I could see the demand for cutting the handouts being on the chopping block.
If they so much as bring such a Bill up for a vote politicians will start dying in droves.
“If they so much as bring such a Bill up for a vote politicians will start dying in droves.”
They won’t do it that way. They’ll print money, then blame “big business” or “Republicans” or “Tea Party” or “unseen economic forces” for the dilution of your pension assets.
It’s much much easier to simply print $15 Trillion than it is to confiscate $15 Trillion, and the result is the same, but the theft is concealed to the easily manipulated majority.
You are mostly right I’m sure... they didn’t even care what it cost.
I’m putting away money into a mutual fund, but in all honesty, I’ll be surprised if I’m able to retire without winning the lottery. After the Individual Mandate ruling, it wouldn’t surprise me in the slightest if, by the time I hit retirement age, government controls all retirement accounts and charges retirees a fee for “not contributing to the public welfare”.
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