Posted on 08/06/2010 6:07:17 PM PDT by Libloather
Battle Looms Over Huge Costs of Public Pensions
By RON LIEBER
Published: August 6, 2010
There’s a class war coming to the world of government pensions.
The haves are retirees who were once state or municipal workers. Their seemingly guaranteed and ever-escalating monthly pension benefits are breaking budgets nationwide.
The have-nots are taxpayers who don’t have generous pensions. Their 401(k)s or individual retirement accounts have taken a real beating in recent years and are not guaranteed. And soon, many of those people will be paying higher taxes or getting fewer state services as their states put more money aside to cover those pension checks.
At stake is at least $1 trillion. That’s trillion, with a “t,” as in titanic and terrifying.
The figure comes from a study by the Pew Center on the States that came out in February. Pew estimated a $1 trillion gap as of fiscal 2008 between what states had promised workers in the way of retiree pension, health care and other benefits and the money they currently had to pay for it all. And some economists say that Pew is too conservative and the problem is two or three times as large.
So a question of extraordinary financial, political, legal and moral complexity emerges, something that every one of us will be taking into town meetings and voting booths for years to come: Given how wrong past pension projections were, who should pay to fill the 13-figure financing gap?
Consider what’s going on in Colorado — and what is likely to unfold in other states and municipalities around the country.
(Excerpt) Read more at nytimes.com ...
Note to self:
Never take advice from one who cannot properly use “you’re.”
Now, because of the crap that is happening I’m supposed to feel guilty because the whiners didn’t plan as well as I did 30 years ago?
Screw all you aholes!!!
What percent of your income did you pay in? What did the government pay in on your behalf? Why did you expect the government to invest (spend) your money wisely?
I'm sorry, but you bought into something that was too good to be true. Your decision ranks right up there with someone voluntarily deciding "That there Social Security sounds like a great thing - start taking a big ol chunk out of my paycheck today!"
"Now, because of the crap that is happening I’m supposed to pay even more taxes because the public employees decided their best lot in life was living off of someone else's dime 30 years ago? Screw them that want to put the thumb screws to the rest of us because they were foolish enough to think the government was a competent retirement fund manager passing Willie Wonka's golden tickets."
True - but also, what jobs are there going to be for oldsters who find themselves out of work anyway? There can only be so many Wal-Mart greeters in the world, and there are only 9 Supreme Court justices.
I didn’t make the poster, it was off Google; but if it makes you feel better about yourself.....then fine.
Oh, good gravy. What is it with the grammar police here? What is the matter? Did you not do as well on your Chemistry or Physics classes, and feel you have to compensate?
I am going to have to cite you for a dangling participle.
It isn't my poster, and if you really feel that strongly about it, I suggest you write your (proper use of your there) Congressman....or Congresswoman.
I always find it fascinating that teachers like to lump themselves in with cops and firefighters.
In fact, here in NJ, they made a big deal about laying off firefighters first with the budget cuts. We told them at a town meeting to lay off teachers because they were more expendable - and they had a cow.
They do this on purpose. The know the public values first responders more than they do teachers, so they try and milk it for all it is worth.
Gamble, smoke, and drink.
That's what I see many of them doing.
Be careful.
The people are pissed off. It is precisely your attitude that is going to screw your retirement check.
The former encumbers your children and theirs. The latter encumbers only you and your peers at the time.
The former is popular with politicians because it promises them your vote now for a future benefit that they will not have to deliver.
“It is precisely your attitude that is going to screw your retirement check.”
Exactly.
Thank you for your insightful comments.
Private sector pensions have been under attack for at least two decades as private companies calculated the long term costs. The costs were unsustainable so companies cut back their pension plans.
Public sectors pension costs are even more unsustainable and must be reduced to a viable level. Welcome back to reality...
What the Hell did we have to say about it when the Freakin Unions got all this Crap put into place in the First Place .
Government Unions should be Banned ,If you work for the Government you are a Government SERVANT, If As we are told you are SACRIFICING then SACRIFICE ,you dont get to rip off the Owners,you want to work for the Government you are supposed to get paid LESS than the Private sector not double what the private sector gets ,STOP LYING to the American Public,you should all be Fired and your Pensions forfeited to the Social security fund and you will henceforth receive your checks from there
I’m one of those who decided early in life to work for the public sector.
just curious - Should military pensions be at risk too?
I’ll have 25 years of service when I retire. I’ve deployed 3 times and will most likely go again. I’ve risked my life, been shot at, been separated from my family for countless months etc. Did I earn my 50% of base pay for life after I hang it up?
Am I supposed to congratulate you for taking the easy way out?
That's what I see many of them doing.
Seriously, more smoking and drinking would solve a lot of these problems. The mathematics behind sustainable pensions worked best when Americans would die shortly after leaving the workforce. Now grandpa takes his Centrum Silver, eats lean meat and jogs 5k a day so he can enjoy 25 years of retirement.
Don’t forget the double-dippers! Those who are collecting pension checks and being a paid consultant.
You posted it as your own.
Don’t blame me for your poor editing.
So do many people here.
It doesn't mean I take them with my own digital camera.
I just don't understand the pettiness of your post. The problem with posts like yours is you set yourself up as somehow perfect, when we all know we all make spelling or grammar errors (and that picture wasn't even mine.)
So, if you ever make a error with one of your posts, you are instantly a raging hypocrite. Is that what you want?
Keep digging.
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