Vallejo was the first domino to tumble. And it’s still in sad shape.
http://money.cnn.com/2014/03/10/pf/vallejo-pensions/index.html
but pretty soon people like me won't have any money and then what'll you do govt class?....
the problem is not the investments...the problem is that they have bargained these insane and IMO sinful amounts of money to people that do not work anymore, if ever IMO...
Public employee pensions,like government *employment*,is one giant scam.It’s just a question of *when* these pension funds will collapse,not if.
if they're from Vallejo and get a city pension, they must live there....
if they move out of that vicinity, there is a tax of 20% or a reduction of pension....
how can these pikers collect these obscene amounts and then move....let them eat the consequences of their obscenity...
He's also known for being the kid brother of Whitey Bulger,former FBI Ten Most Wanted,serial killer,and the subject of the excellent film,"Black Mass".Billy is believed to have tipped his brother off that the Feds were about to arrest him,at which point he went on the lam for 20+ years.Billy also testified,under oath,before a (US) House of Representatives Committee and took the Fifth several dozen times.
Today,Billy is collecting a $250,000 a year pension...courtesy of the taxpayers of the Commonwealth of Massachusetts.
The American slaves (taxpayers) will backstop this socialist scheme via the PBGC.
Socialism Is Legal Plunder - Bastiat
DEFUND socialist schemes/collectives, foreign and domestic.
live - free - republic
I know this is a bit oversimplified to say, but, we can set up spreadsheets containing all the variables, such as rates of return, expected payouts based on life expectancy, etc. and derive amounts needed to balance the budget of the pension funds.
I’m trying to say, we could figure out what combination of increases in employee contributions, employer contributions, pension benefit cutbacks, are needed to bring things into balance.
If we’re saying union contracts, or political realities make it impossible to take certain actions, then we will crash land some years from now
The same concepts apply to funding Social Security.
You know, of course, that this problem was caused by global warming.
It’s all good, the Millennial’s grandchildren will pay for it one way or another.
Millions of public sector workers who worked 25-30 years, retiring at 55 getting 50k-100k/yr and healthcare for the rest of their lives, what could go wrong?
bump
Don’t worry ! The PBGC will bail everyone/all of them, out ?
Whoops, I forgot..The PBGC is already BROKE !!
Golly Gee—All those promises by those unions won bennys aren’t gonna be there ?
All those Gubmint retirees aren’t gonna get 80/90 of their old pay in retirement?
I’n gonna enjoy some of this coming PAYBACK !
This should be a fun problem to watch next recession that hits
- States can’t declare bankruptcy
- States rapidly hemorrhaging revenue
- Debts and costs continue to increase
- Government worker unions raise holy hell on the public
- States find no one can or wants to pay increased taxes
how to solve that problem??