Skip to comments.
A costly way to address the pension crisis: Why federal bailouts are a bad idea
Washington Times ^
| 01/24/2019
| Joshua Rauh
Posted on 01/24/2019 9:29:21 AM PST by SeekAndFind
click here to read article
Navigation: use the links below to view more comments.
first previous 1-20, 21-35 last
To: SeekAndFind
Corporations have long understood that over-promising pensions.
It a little more than just that. Accounting rules changed under FASB 81 and FASB 106. Companies now had to account for retiree benefits (health and pensions). Before this rule many pensions and retiree health plans were allowed to be pyramid schemes where the workers were essentially funding the retirees. It works okay as long as costs don’t go up too high, the company stays in business and there are more workers than retirees. Too many corporations either went belly-up, had big layoffs and retirees lived long into their 80’s. Pensions are a fairly new institution most received them after World War II. Prior to World War II only the military, railroad industry and police and fire received pensions. All dangerous jobs where the odds of dying on the job was high.
To: FrdmLvr
And government employees dont pay into Socialist Insecurity.
Government employees under the FERS retirement system DO pay social security. CONgress probably doesn't.
22
posted on
01/24/2019 10:34:21 AM PST
by
mountainlion
(Live well for those that did not make it back.)
To: akalinin
And when the money is gone, it’s gone. Defined benefit pension plans were a really bad idea.
23
posted on
01/24/2019 10:38:46 AM PST
by
NorthMountain
(... the right of the peopIe to keep and bear arms shall not be infringed)
To: akalinin
"Blame politics and money managers, not the retired blue collars. AND, while we're giving free shit to illegal immigrants, our fathers deserve to be supported."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.
To: akalinin
Your Dad was a fool for believing the promises of union leaders and politicians.
Not my problem.
L
25
posted on
01/24/2019 10:47:22 AM PST
by
Lurker
(President Trump isn't our last chance. President Trump is THEIR last chance)
To: akalinin
I sympathize with your dad. I worked fulltime until 73, but had no expectations of a funded requirement. My Mother told me the truth: never trust the government with your money, because they will cheat you.
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.
To: Uncle Sham
100% agree with you.
I've got the means to support my parents when the money runs out. Many do not. At that point the pension problem becomes the taxpayer's problem whether you like it or not.
To: akalinin
"I've got the means to support my parents when the money runs out. Many do not. At that point the pension problem becomes the taxpayer's problem whether you like it or not."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.
To: morphing libertarian
already LOCKED into the contract Federal Bankruptcy judges often don't give a damn about what goodies some contract promised, as Detroit pensioners discovered
29
posted on
01/24/2019 11:09:09 AM PST
by
PapaBear3625
("Those who can make you believe absurdities, can make you commit atrocities." -- Voltaire)
To: PapaBear3625
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.
30
posted on
01/24/2019 11:30:01 AM PST
by
morphing libertarian
(Use Comey's Report; Indict Hillary now; build Kate's wall. --- Proud Smelly Walmart Deplorable)
To: Lurker
Not my problem.
If.You.Pay.Taxes.It's.Going.To.Be.Your.Problem.Whether.You.Like.It.Or.Not.
Unless you're evading taxation, of course. If you are, let us know your secret...
To: John Locke
I sympathize with your dad. I worked fulltime until 73, but had no expectations of a funded requirement. My Mother told me the truth: never trust the government with your money, because they will cheat you.
Yeah, I kind of wondered about that too in my 20s - I've been putting away 15% of my gross in a 403(b) since about age 27.
There's no retirements in my profession unless you make your own.
To: akalinin
Nope.
Not.
My.
Problem.
Sorry your dad did something really dumb. But as my grandad used to say Stupid is supposed to hurt.
L
33
posted on
01/24/2019 12:43:15 PM PST
by
Lurker
(President Trump isn't our last chance. President Trump is THEIR last chance)
To: morphing libertarian
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.Michigan Constitution also guaranteed pensions. Didn't matter. Federal bankruptcy law, and the judges who administer it, supersedes state constitution.
34
posted on
01/24/2019 2:37:38 PM PST
by
PapaBear3625
("Those who can make you believe absurdities, can make you commit atrocities." -- Voltaire)
To: PapaBear3625
35
posted on
01/24/2019 3:37:30 PM PST
by
morphing libertarian
(Use Comey's Report; Indict Hillary now; build Kate's wall. --- Proud Smelly Walmart Deplorable)
Navigation: use the links below to view more comments.
first previous 1-20, 21-35 last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson