"I Guess It's Food Stamps": 400,000 Jeopardized As Giant State Pension Fund Plans 50% Benefit Cuts

Zero Hedge ^ | 02/19/2016 | Tyler Durden

[George from New England]

BIONGO —

There should be no pensions paid until social security age. That would solve 90% of our problems

[pgkdan]

What kind of an idiot retires with kids still at home?

lazy government employees come immediately to mind.

[bolobaby]

I’ve been telling people for a while - if you a relying on a pension, you are about to get screwed. When the next big bubble pops, pensions are going down hard.

[bigbob]

That’s certainly been true in the past and in this guys case. Now more companies are making sure that most employees don’t reach the magic number, or are just dropping their pension plans altogether.

[Buckeye McFrog]

So basically she proposes a more Communist form of Social Security

Yep. The thinking is that after the next market collapse when people start freaking out over their statements, the government would step in and offer to make them "whole" with a "guaranteed monthly payment", and we'd all be jumping over each other to take the deal.

To the Liberal mindset it offers two other advantages. The pension money can be redistributed by the government "more fairly". And it would leave Uncle Sam the majority stockholder in a whole lotta corporations.

[IYAS9YAS]

According to standard Liberal economic theory you SHOULD retire at 51, because that is creating a job for some young person.

Cool, then they can confiscate his paycheck for my retirement... I'm figuring by the time I can afford to retire, I'll be dead. If I time it right, they can just shuffle me from the retirement party into the soylent green machine.

[HangnJudge]

Gosh I feel sorry for this fellow (/sarc)

I'm 61 yrs old
Working at current job for 35 yrs
Plan to keep working until Wife tells me to quit
Have 401-K, No Debt, No Dependents,
but still worried about outliving savings
and Social Security biting the dust

Yeah, I feel sorry for this fellow

[MNDude]

Holy cow! You’ve got a daughter that’s retired?

[Mr. K]

This is what happens when THE GOVERNMENT controls a pension fund...

No need to actually deposit money into a savings account, just promise to pay them out of future tax revenue!

If a business owner promised to pay his employee’s pensions out of their future income, they would never be allowed to do that.

[Buckeye McFrog]

Uh, I think I might know how your F-I-L might vote.

His union newsletter told him that they spend "less than 2% of member dues on political activities". And he believes them.

[Lurker]

She’s on my airport list.

L

[Buckeye McFrog]

If you would retire at 51 AND break a bunch of windows on your way out of the building, you’d be creating TWO jobs!

[Obadiah]

You know, when I read stories like yours I want to jack-slap all those morons who made fun of the 50’s and things such as Leave-it to Beaver shows. For all the ridicule heaped upon things like Father Knows Best and the like, please compare and contrast those golden times with the stinging dreck and the sludge the 60’s counter culture heaped upon this country.

[pgkdan]

Politicians of the era gambled that they would be out of office before the consequences hit.

Unfortunately that's how most politicians think...that's why we're 19 trillion dollars in debt. And it's not all obama's fault...as much as I'd like to blame him...but Congress has signed on to every penny of it.

[TangoLimaSierra]

What kind of an idiot retires with kids still at home?

lazy government employees come immediately to mind.

The guy worked there for 33 years. I don't think lazy applies.

[Obadiah]

Bwahahahaa... Yeah, astonishing how people believe things like that.

[ladyjane]

Who in his right mind will buy those 20 and 30 year bonds? They’ll have to pay 10% interest. LOL

[Ciexyz]

Just remember folks, not all union members vote Democratic and not all of them are living the gravy train life as retirees. This is not a time to start bashing retirees and their benefits. I suspect Democratic mischief behind these stories coming to the fore right now. Trying to scare Republican- leaning union families away from voting for the sensible Republican policies.

[RedStateRocker]

I was born when my dad was 60.

He never intended to retire, although he had a pension from 25+ years in the army he *LOVED* his job as a PI, enjoyed it every day, and was very very good at it. Then he had a stroke when he was 67...

[mykroar]

You’re not the first, but I absolutely expect it.