Posted on 01/24/2019 9:29:21 AM PST by SeekAndFind
When both Democratic and Republican lawmakers recently joined together to support a taxpayer-funded, multibillion-dollar bailout of big union pension funds, you didnt need to be a swamp creature to know something has gone terribly wrong in Washington, D.C.
But that is exactly what happened when U.S. Rep. Richard Neal, Massachusetts Democrat, chairman of the Ways & Means Committee, offered a so-called bipartisan plan to address the pension crisis. However, this proposed bailout of organized labors retirement plans would cost federal taxpayers billions while setting a dangerous precedent that would expose taxpayers and laborers to more financial mischief.
The expectation for this type of bailout is presumably why labor unions as well as the public sector still offer traditional pensions, while the rest of the United States has largely moved to 401(k) plans.
In a pension plan, employees earn pension benefits and receive monthly checks when they retire. Corporations have long understood that over-promising pensions to their employees is financially reckless and will come back to bite them, and so have embraced 401(k) plans instead. Yet neither labor unions nor state and local governments seem to care as much about the risks of making irresponsible and unfunded pension promises.
(Excerpt) Read more at washingtontimes.com ...
Corporations have long understood that over-promising pensions.
Government employees under the FERS retirement system DO pay social security. CONgress probably doesn't.
And when the money is gone, it’s gone. Defined benefit pension plans were a really bad idea.
This is first and foremost, a UNION problem, to be resolved between the UNION and those greedy bastards who worked for it in the hope of getting a filthy rich pension on the back of the taxpayers. Those retired blue collared types helped this come about by joining and supporting that union and buying into it's deception and lies and contributing to it's damaging politics. NOT.MY.PROBLEM.
Asking for taxpayers to bail out a corrupt union is unconstitutional. Our taxes are paid to be representative of our interest. We were never given a chance to vote our interest as it pertains to unionized federal/state work forces.
Your Dad was a fool for believing the promises of union leaders and politicians.
Not my problem.
L
This is no dark secret: it was laid out explicitly by Samuel Smiles in 1875 in a book called "Thrift". But far too many people were seduced and deceived by the "welfare state". For which I hope the deceivers pay in blood, and pay in full.
Those who have stolen the money know that this will not happen. That's why they are doing everything possible to destroy this country and anger it's citizens to the point of anarchy and geopolitical division. Once the good ole USA no longer exist, they are off of the hook with all of the stolen money and none of the responsibilities associated with where it came from. The baby boomers were great to steal from but now, as they are retiring in larger and larger numbers, the thieves are unable to meet the promises they made thus the never ending attempt to break this nation apart. No nation, no promises delivered.
Federal Bankruptcy judges often don't give a damn about what goodies some contract promised, as Detroit pensioners discovered
The constitution of Cal protects the pensions of public employees. So the state has to find the money because their pensions, once approved, are ‘locked” in.
I also believe I recall judges upholding pensions in other states. But can’t cite.
Nope.
Not.
My.
Problem.
Sorry your dad did something really dumb. But as my grandad used to say Stupid is supposed to hurt.
L
Michigan Constitution also guaranteed pensions. Didn't matter. Federal bankruptcy law, and the judges who administer it, supersedes state constitution.
good luck with that
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