Posted on 12/25/2010 3:03:22 PM PST by Libloather
Public Pension Cost Cover-Up? The Union Effort to Kill Transparency
The usual (and not so usual) suspects don't want you to know how much your grandchildren owe.
Posted by LaborUnionReport
Sunday, December 19th at 2:30PM EST
If you’re going to be required to pay for something, common sense would say that you should have the right to know how much it costs, right? After all, no one likes surprises — especially if those surprises cost trillions and you, your children and your children’s children are likely going to have to pay for it for decades to come.
Yet, there are those who seem to think that the American taxpayers will forever just keep shoveling our money into the furnace of bailing out banks, car companies, and union pensions funds. Moreover, these same putrid people (be they bureaucrats, bankers, or union bosses) seem to think that, if they hide the truth from the the American taxpayer, we will just blindly and willingly keep bailing out failure. Have they learned nothing over these past two years?
The Ticking Time Bomb
On Saturday, three examples were given of the public pension Ponzi scheme that is beginning to unravel. In one case (Central Fall, RI), the costs have put a city into financial ruin. In Chicago, Mayor Daley is openly talking about reorganizing the city’s pension through bankruptcy. Then, of course, there’s California and newly retread governor Jerry Brown and the 30-year old legacy of union domination in the tarnished Golden State.
(Excerpt) Read more at redstate.com ...
EDITED Who are America's fastest-growing class of millionaires? They are police officers, firefighters, teachers and federal bureaucrats, who, unless things change drastically, will be paid something near their full salaries every year--until death--after retiring in their mid-50s....a retirement sum worth millions.
Based on a realistic 4% return, an $80,000 annual pension payout with full health benefits implies a large pot of money--$2 million, to be precise.
That $2 million also happens to be the implied booty of your average California policeman who retires at age 55........in Carlsbad, Cali, the average firefighter or police officer typically retires at age 55 and has 28 years of service w/ an annual city pension of $76,440 for life. SOURCE http://www.forbes.com/
NOTE Vallejo, CA firemen make 200K a year---not including benefits and perks PLUS the inevitable lifetime pensions and eternal Cadillac family benefits.
I walked by a Movie Theater just after noon. Two guys were holding “Boycott this Theater, Nonunion” signs. These guys must have been in their 80's. I had to ask (likely Atheists) why they would care when they were starring death in the face. They never answered. I did piss them off though, then I could see one of them thinking about it.
Combine Federal debt with government pensions. We are by far the most indebted country on the planet.
We will collapse.
“We will collapse.”
I think so too. And the day that happens, the despots declare martial law.
Transparency would kill the unions.
Federal pensions are mainly a 401(k) type of system now. The old days of the system where people got 75% of their salary at 55 have been over since 1983. The retirement age is 62 now. There are some people on the old system, but Reagan & company fixed that. Everybody hired since 1983 is on the new system.
State systems, that’s another matter. Law enforcement/public safety of any kind, that’s another matter too.
This is another madoffian scheme that needs to stop.
Govt sector employees must be made to face the music on these scams and be told the truth that these scams are killing the nation.
Read both articles and the comments. Here’s the comment link: http://rate.forbes.com/comments/CommentServlet?op=cpage&type=new&sourcename=story&StoryURI=forbes/2010/0628/opinions-rich-karlgaard-digital-rules-millionaire-cop-next-door.html&com=148576
My brother in law is one of them. This guy ain't never going to understand anything but Big Brother Good...individualism Bad. The guy is your typical leech on society. They are too stupid to see anything but a free ride.
I have a few in my self defense and to hear them discuss pensions, sick time, time off, ot, double time, etc, and then say crap like “well ceo’s are making millions” as to justify their heist is sickening.
And yes it is a heist of madoffian levels. If I told you the salaries and pensions they get you would choke.
The Federal Employee/Retired Employee contingent of FReepers that always tell you that Federal employees are grossly underpaid, their benefits really suck and that there is no feather-bedding in the federal ranks will be here in 5 ... 4 ... 3 ....
“If I told you the salaries and pensions they get you would choke.”
Nope, I know some totally incompetent, moronic bastards that went into Government jobs....I mean some of these people are absolutely stupid, yet they retire millionaires with a six figure pension. All on the taxpayer’s back.
NOTE Vallejo, CA firemen make 200K a year-—not including benefits and perks PLUS the inevitable lifetime pensions and eternal Cadillac family benefits.
Note
Vallejo is actually, in the real world, bankrupt.
And guess what they have that I don’t? The ability to force customers to pay higher costs year after year regasrdless of the market, the service, the demand or lack thereof for what they are doing, all by force of law.
Its disgusting and I can’t wait for the collapse so these madoffs get what is coming to them - NOTHING.
AMEN to that brother.
Tell us.
I know two cops in yonkers personally that made over 175k last year, plus benes, and will retire at about 45 with pensions of about 100k a year for life plus medical. The pension is nys tax free and if they go out on disability its totally tax free.
Do the math and they are the tip of the iceberg.
Nope, I know some totally incompetent, moronic bastards that went into Government jobs....I mean some of these people are absolutely stupid
They run most government offices everywhere.
Especially the DMV.
Did everyone read the newly released British book by a government worker there about this?
Title was something like “I am exhausted after working 10 hours a week”
and with the great opening line:
“10 AM —— will not arrive until 10:30 AM -—I am late for work; Not to worry. I will be the first one in, as always.”
Isn’t this the one with Doreen, the unluckiest woman in all of Great Britain, who got 6 months off with full pay because she was ...
“Hexed by a witchcraft spell from Nigeria” -— although she has never been to Nigeria
and she needed exactly 6 months to battle the effects
before returning for 2 to 3 days
only to suffer another unlucky break requiring ...
wait for it ...
6 months off with pay, again
and again.
And you wonder why Great Britain had to sell all of its aircraft carriers for scrap ???
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