maybe not drawing full pension at 50 would help more than fleecing us taxpayers...Politicians are very qualified to solve this problem. Look at the great job they did with Social Security. It’s only a little bit upside down.
Congress is too busy fixing other important things, like securing free stuff for illegal aliens that flooded into our country by the millions. Who’s got time for old Americans?
I don’t have a pension, why should I have to pay for their pension?
maybe not drawing full pension at 50 would help more than fleecing us taxpayers...I see Boner is delighting in making Big Bucks as a lobbyist whore - in between his golf and his alcoholism.
No real detail on which retirement funds are underfunded and why. This has only just begun and has been foreseen for many years in advance. This is another known problem where the can has been kicked down the road time and again.
“...to the underfunded multiemployer benefit plans.”
_________________________
Why are they now underfunded?
This is how it will begin.
Taxpayers in Idaho, a state that pays very low middle class or working class wages to public workers, will be asked to bail out the cadillac pensions of public and private workers in high tax and spend states.
This is not what America is about.
Teachers who make 45k a year should not be asked to bail out teachers who used a union and jacked up the pay for the same task to 90k or more. This is true for autoworkers, police, fire, utility workers, etc etc.
Every American has the right to pick and choose a job based not only on their own pay and benefits, but on the sustainability of their expected retirement. I should NOT have to bail out an entity that paid firefighters 200k a year with overtime that counted towards their retirement benefits!
This is going to be a huge problem for our nation moving forward in addition to the crushing government debt at all levels. The private sector is in the same bad shape as government is within many sectors and Americans do not see the hidden cost in utility rates, the cost of cars, the cost of healthcare, and the list goes on.
We all want a good retirement. I think most of us also want to leave a financially viable and sustainable world for our children. We have a debt problem and when you add our pension debt problem to that (to include social security) we are in very bad trouble.
Many of the pension of which they speak are those of Leftist states that have promised their unions golden pensions that were incapable of being paid. Why should the Federal Government, i.e. the rest of us taxpayers have to pay for the corrupt and irresponsible Leftist state governments and the equaly corrupt unions.
The last couple of weeks he has been stumbling around trying to regain the public eye. His first feeble recent attempt was as a #NeverTrump stooge. I wish that jackass would crawl back into the bottle forever.
Republican Socialism
What is this? Unions that demanded too much and cities that bought favors with lies?
No way to bailing out corrupt liberals.
It’s better to go bankrupt early, and get bailed out early. If / When the tidal wave comes, the public will revolt and there won’t be any money left
Jumping to social security and Medicare I have this question that I wonder if someone can answer. I am sure that the government workers pay their share of social security and Medicare payroll taxes, but does the government pay its share?
I would like to see all the public employee pension folks get a similar kind of deal if their local agency can't pay the public empolyee pensions. Let the employees start class actions lawsuits against the local government agencies.
Government employee pensions?
Screw em
rollthem into Social Security.
These appear to all be state run public sector union pensions. That means it's the states that failed to fund them.
-PJ
Why in Hades should we taxpayers bail out failed pension plans?
Everyone trying to “fix” this is neither trying and certainly not demanding that the multi-employer pension plans - whose boards of directors failed their fiduciary responsibilities and allowed them to slide into the messes they are in - be required by the law that performs the bailout to fix, alter, change, reform and adjust their own pension plans to restore a balance between benefits to be paid and necessary fund balances to pay them. If some pensioners have to take a haircut, so be it.
Without such demands on the failing multi-employer plans, Congress will bail out the PBGC (the federal Pension Benefit Guarantee Corportion) so it can bail out the failing multi-employer plans, but the essential problems won’t change and everyone will be back later on asking for bailouts again.
“Nice 401k you got there. Be a shame if anything happened to it.”