Posted on 05/12/2016 5:04:34 AM PDT by MichCapCon
The Detroit News reported this week that the U.S. Department of Education allegedly gave Detroit Public Schools $30 million to help it pay required contributions to an employee pension fund, but the school district never sent the money into the state-run system. The $30 million was supposed to cover pension contributions for DPS employees whose pay came from federal grants.
ForTheRecord says: For a clear example of how the rising cost of maintaining a defined benefit pension system is strangling school budgets, one need look no further than the Detroit school district. Employment has been cut in half, from 15,465 full-time employees (FTEs) in 2007-08 to 7,280 in 2014-15. (Enrollment fell an equivalent amount.)
Despite the decline, the district paid 65 percent more per employee for required pension contributions in 2014-15, or $13,527 per full-time employee. In 2007-08, the total cost for half as many employees was $126.5 million, or $8,181 per FTE.
Govt people need to go to jail or the malfeasance will never stop.
All donated to Hillary Clinton.
My small town misplaced $2M from our school budget a few years ago.
They told — about a thousand times — that it hadn’t been embezzled. Every meeting. Over and over and over. It wasn’t embezzled.
It wad “an accounting error”.
Is that like the $6 Billion the state department couldn’t account for while Hillary was SoS?
Show of hands if you expected any other outcome ...
Anyone?
Do where is the 30 million? Invested in a separate account? Cashed and spent on something else?
Is that Like the 6.6 Billion the Pentagon lost during the Iraq reconstruction during Bush 2?
(1) There should be no such thing as “funding” from the US Department of Education. What that means is that citizen’s property taxes are sent to Fedzilla to be redistributed. Locals should refuse this three-card-monty scheme.
(2) There should be no such thing as a US Department of Education. It’s is a matter of Constitutional integrity.
(3) Setting aside points (1) and (2) above...why didn’t Fedzilla make a “direct deposit” into the pension fund?
Martha Reeves has a new backyard, in-ground pool?
Lotsa caddys and bling all around.
Well I like the thought, but we're gonna need a bigger jail system.
Did they check the seat cushions on the sofa?
Criminals plus lawless government = criminals continuing their criminal behavior. Are there no government “workers” who aren’t no integrity jerks?
How is this not criminal ¿
Which is why every time I hear cries of “we need more money for the children”, I respond with:
“No, you need to better manage the money already entrusted to you.”
Administrators, Unions, show-piece facilities, non-value added curricula....
Why is the U.S. Department of Education funding local pensions?
Isn’t it a little strange that the guberment can trace a $15. deposit from a private citizen to Switzerland or someplace but cannot trace a 30 million dollar loss from a guberment organization?
All money leaves a paper trail.
why are we paying for their pension is the question we should be asking.
It’s not our fault they can’t budget their money. It’s not our fault they didn’t pay enough in taxes or gave them too much in compensation.
The only sectors rich enough and dumb enough to offer pensions are government and oligarchs.
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