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California creates state-run private retirement plan (6 million lower-income workers to pay 3%)
Yahoo ^ | 9/28/12 | JUDY LIN

Posted on 09/29/2012 2:14:19 PM PDT by Libloather

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To: Libloather
The program directs employers to withhold 3 percent of their workers' pay...

The thief who sticks a gun in your face and demands your wallet has more honor and integrity than these pukes. Seriously Jerry, just get prostate cancer or something.
21 posted on 09/29/2012 3:20:33 PM PDT by SpaceBar
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To: Libloather

Failtrain leaving the station! ALL ABOARD!

Obviously, this will never work. Before long, the 3% will become 6%, then 9%, then 12%, in order to cover administrative costs and to be able to deliver the fund’s guaranteed return...


22 posted on 09/29/2012 3:32:57 PM PDT by dinodino
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To: rbg81
Anybody in Vagas taking bets on how many months before the State raids that fund?
23 posted on 09/29/2012 3:38:25 PM PDT by fella ("As it was before Noah, so shall it be again,)
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To: Libloather

What a creative way to get a hold of money...Untill They spend that too.

Wonder who will fall for this scheme?


24 posted on 09/29/2012 3:38:25 PM PDT by HollyB
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To: Libloather

All the pols are gathered round the money spigot waiting for the dollars to start flowing out. That money is already spent.


25 posted on 09/29/2012 3:42:18 PM PDT by moovova (Hey buddy, can you spare a tagline?)
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To: Libloather

You haven’t seen riots until this Ponzi scheme falls apart.

House on fire, throw more gas. Yeah, that’s the ticket!


26 posted on 09/29/2012 3:43:15 PM PDT by ConradofMontferrat (According to mudslimz, my handle is a Hate Crime. I just Hope they don't like it.)
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To: Libloather

Socialism really is a complete mental disorder. I just can’t believe that educated people can think like this.

Alas, Babylon.


27 posted on 09/29/2012 3:46:14 PM PDT by ConradofMontferrat (According to mudslimz, my handle is a Hate Crime. I just Hope they don't like it.)
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To: Libloather

What could possibly go wrong?


28 posted on 09/29/2012 3:47:58 PM PDT by Auntie Mame (Fear not tomorrow. God is already there.)
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To: Libloather

smoke mirrors swindle are good words to search for googling this scam.....


29 posted on 09/29/2012 3:58:38 PM PDT by ptsal (E)
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To: rbg81

lock box? What lock box? It will just get dumped into the general fund.

Piggy bank just begging to get smashed!!!!


30 posted on 09/29/2012 3:58:54 PM PDT by Kolath
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To: rbg81
"Yeah, this’ll work. [Chortle, snort]

Since it's California, maybe not. But there are already many, many state-run retirement plans for various state employees. I'm most familiar with the Louisiana teacher's retirement plan (my mom taught for 40 years and drew full retirement, and my wife was an LSU instructor long enough to qualify, so she gets a small stipend from the fund). I know California has a similar teacher's retirement plan. With perhaps a few exceptions (I am aware of none, but I'm sure some must have problems), they work quite well. And are much more Constitutionally legitimate than Social Security (find SS in the Constition.....not).

31 posted on 09/29/2012 4:03:49 PM PDT by Wonder Warthog
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To: Libloather

It’s a 3% tax that will be used to bail public pensions.


32 posted on 09/29/2012 4:06:26 PM PDT by glorgau
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To: Kolath

Not only that, but I’m sure that the Illegals will be able to join too. No ID required. And, of course, the payouts will exceed the take-in even if no raiding takes place (which it will). The last few taxpayers in CA are going to walk out wearing nothing but a barrel.


33 posted on 09/29/2012 4:10:19 PM PDT by rbg81
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To: Libloather

And when the poor reach retirement age and discover the Democrats raided their retirement fund long ago and spent every penny, who will get the blame? Republicans, of course.


34 posted on 09/29/2012 4:19:25 PM PDT by LibWhacker
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To: Libloather

Is this the same congress that has never managed to manage anything successfully? This sounds like another tax to me. A tax on poor people because inflation is not stealing money fast enough, yet.

I hope the synaguage of satan can spend all that money before they go to hell


35 posted on 09/29/2012 4:33:50 PM PDT by winodog
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To: GeronL

“”This is their way of forcing the private sector to pay for the public sector pension””

Moved out of CA to GA 6 years ago after living and working there for over 50+ years and have never looked back. Hubby was born in L.A and was out of the state only for the military. Tough call to make but you do what you have to do. When you reach the age of 70 and still can’t retire there, it’s time to move on!!!! So we did! We thought it was bad when we left but now? We’d sure be kicking ourselves if we hadn’t made the decision in 2006 to get the heck out!!


36 posted on 09/29/2012 5:24:18 PM PDT by Thank You Rush
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To: Libloather

california wants to collapse first, and doing so, will get bailed out, leaving nothing for the rest of the moochers.


37 posted on 09/29/2012 5:26:58 PM PDT by King Moonracer (Bad lighting and cheap fabric, that's how you sell clothing.....)
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To: MasterGunner01
Don't overlook that they will force employers to donate 3% of wages into it also.
38 posted on 09/29/2012 8:33:20 PM PDT by hinckley buzzard
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To: hinckley buzzard

The California politicians say 3% now, but it will not remain there long. Count on that number to double and more. Donkeys gotta spend and tax because that is what they do.


39 posted on 09/29/2012 8:53:05 PM PDT by MasterGunner01
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