Posted on 02/18/2010 8:57:12 AM PST by WOBBLY BOB
HARRISBURG, Pa. - States may be forced to reduce benefits, raise taxes or slash government services to address a $1 trillion funding shortfall in public sector retirement benefits, according to a new study that warns of even more debilitating costs if immediate action isn't taken.
(Excerpt) Read more at msnbc.msn.com ...
http://www.pensiontsunami.com/public.php
What’s this “MUST” crap in the headline!?!
Owe-Bow-Mao to the all-powerful gubermint goonyans.
At some point, all these independent pension programs will be folded into social security, then dealt with.
AFSME (MN’s gubermint union) were on the news yelling and screaming at Pawlenty with their bullhorns today.
-—”no cuts!!””,blah,blah....same old s**t.
well they won’t be reducing benefits. The unions and their Lawyahs will see to that.
Socialism works until you run out of other peoples money.
There is no way you can retire at 50 and get 90% of your salary and benefits. Any Actuary will tell you this is impossible. This has been a dream of Socialists that always turns into a nightmare.
I predict they will raise taxes and after that’s not enough, steal from our 401ks via some new tax or fee...or just outright take it by force.
Gubermint unions care only about fulfilling their greed and continuing their bloated existence.
“Owe-Bow-Mao to the all-powerful gubermint goonyans.”
That is absolutely hilarious!
LOL
Going to be a hoard of bankrupt states........
There are many ways around that.
Bottom line, no contract is enforceable if the terms are impossible. Lawyers may manage to enforce "unreasonable," but impossible is another matter.
Contracts can be allowed to expire, and a new contract based on reality substituted. If the employees don't like it they quit, or be fired. That's my choice. Fire them all, even if the state comes to a halt (a good thing, the working taxpayers are unaffected).
All new public service contracts can be no better than the median salary/benefits package in private industry for identical work. Anyone who would question or challenge that is ignorant of the nature/practice of "public" employment. An uncompromising principle: the employer decides what he's willing to pay. The employee can take it or leave it.
Works for private industry.
No union-free private business has ever survived with 15% of the employees doing essentially nothing, and 50% working at half speed. None. Zero.
Public emplyment should be a stepping stone to real employment, not another form of welfare. And damned expensive welfare at that.
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