Posted on 03/15/2009 7:29:50 PM PDT by Vince Ferrer
Ouch, my MIL is really cheap on the medical but she’s 86 and healthy as a horse, she’s going on 21 years retired so she’s getting her fair share for sure.
I believe that could be true for some teachers that paid into a pension rather than social security and taxpayers picked up almost all of the tab for their health insurance and our high property taxes pay for all of this and I will not be happy to be taxed to take care of their loss (Texas).
But don’t lump all government workers in this. My husband is a retired federal employee who paid 6 percent of his income into his retirement all those years and does not receive anywhere near 90% of his highest salary and pays for his health insurance like everyone else still working at about $200 a month. He paid a lot less for group health insurance working for AT&T.
I’ve long known Calpers was in the hole, I’ve never seen a number, until now.
Doesn’t surprise me, though, I bet it is more than $49 billion.
Many teachers could not choose to pay into social security. They HAD to join the teacher’s pension plan. In some cases. teachers were able to choose both, but they won’t be able to collect from both.
No thanks. I’m staying right here unless we go south and take over Mexico.
“Obama’s people are already saying that rationing healthcare for people over 50 is on the table.”
Can you provide a source for this allegation?
And the biggest shoe of all . . . social security, the Ponzi to top all ponzi’s. Realistically, is there any way out except for the whole stinking country to take bankruptcy?
I’m not sure why its my responsibility to make up the difference in all the unfunded state pension systems.
What they'll do is start raising taxes..on the already over taxed private sector, many of whom have no pensions, have lost their investments, homes, jobs.... They're in a tail spin here. Already happening else where...
Watch their government unions become unglued when talk of job, salary, pension and benefit cuts become unavoidable.
I believe it was one of our greatest thinkers of all time who once said, “To err is human, to forgive, divine.
Too bad we’re dealing with mostly humans, not the divine.
You ain't seen nothing yet!!
I am not sure that many pension funds have bought large quantities of mortgage securities. Most pension funds have a requirement to have a balanced portfolio. MBSs were probably part of the fixed income part of the mortgage. A number of pensions have other investments often in social investing.
The emphasis on unfunded liabilities misses the real problem. The real problem is on the benefit side, not on the investment side. The benefits are simply outrageous in many plans. Public employees think they have a birthright to highly subsidized early retirement. The pension agencies and gullible state legislatures have granted public employees an impossible investment: no risk and high returns. The idea that pension agencies can invest in risky assets to guarantee average returns of 8%+ is ludicrous.
In almost every state, there is a looming showdown between public employees who will demand to be made whole from taxpayers reeling from a crippling recession. Taxpayers were never told that they would have to bear a crushing debt to pay for highly subsidized early retirement. While the average taxpayer struggles to retire even at age 65, public employees demand to retire in their mid 50s with 50% to 75% of their recent salaries, inflation protection, and subsidized health care.
If you oppose this abmoniation and suggest that public employees should work to normal retirement age, you will be viciously attacked. The courts and pension agencies will insist that public employees have a property right to highly subsidized early retirement. The judiciary is the biggest defender of these benefits as the justice system has even higher benefits than the normal public employee.
I believe you.
My 68yo Momma won't without a link to an MSM article or *.gov website.
Does such a thing exist?
“Guess they’ll just have to keep on working like the rest of us - or join 0bama’s brownshirts.”
Sorry, not a very workable solution for my 88 year old mom who taught school in Texas for 30 years and who totally relies on her $1300 per month retirement for living expenses related to assisted living.
Also, as a retired navy communications officer (in WW2) and thirty years service in the Reserve, she’s about to screwed out of Tricare as well....
Friggen makes BLOOD shoot out of my ears to watch what is happening to this country.
The teachers unions just tick me off. They are the ones always asking for more money for education and benefits for themselves while teaching all the liberal claptrap that 0bama is proposing to our children.
Teachers pension system broke?
I seriously do not care for teachers any more than they did me when I was s student.
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