Posted on 03/30/2015 5:31:21 PM PDT by george76
Some of the worst public-sector pension problems in America are playing out in states and cities where legislation or local court rulings have granted extraordinary protections to workers’ retirement benefits—far beyond those enjoyed by private-sector employees.
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One can see a glimpse of Illinois’s possible future in Arizona. Last year, the state’s Supreme Court overturned 2011 pension reforms that, among other things, sought to curb expensive annual cost-of-living increases for judges, legislators, and
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The predicament faced by Illinois and Arizona should be a warning, especially to other states where government pensions enjoy extraordinary legal protections. Raising benefits or shortchanging annual pension-system payments is especially dangerous in states lacking the ability to tame costs once debt grows too large. Yet, New York State, where government workers enjoy some of the strongest protections against changes to their retirement benefits, is doing exactly that—continuing a program that allows the state and its hard-pressed municipalities to shortchange the pension system by billions of dollars.
(Excerpt) Read more at finance.yahoo.com ...
The merry-go-round always stops eventually. The nation and most states would have had to file bankruptcy already, if they were private businesses.
Not one damned dime from the federal taxpayers. NOTHING!!
This is exactly why I supported keeping the Detroit bankruptcy here in Michigan as the best of our bad options. We now have the moral high ground to say “Hell no” when they come begging.
the SHF moment never comes to them...they're protected from it all....
BS....they’ll get our tax money and probably dip into our hard earned measly 401’s as well....
Well, not if we say “no” within the system. We must purge the boehners and the cornyns/ mcconnels and raise up those leaders with guts. NO MORE PAYING BLACk DEMORATS TO VOTE IN MISSISSIPPI AGAINST WINNING PRIMARY CANDIDATES FOR AN “ESTABLISHMENT” POC!! (they paid $15 per vote!!). We need to get active or we are dead.
The answer is pretty simple, Declare any and ALL Unfunded Liabilities, an Act of Slavery upon Future Generations. Because that’s what they are, and SLAVERY IS ILLEGAL!
If state and local socialist interests get control of the federal Senate, more police control and other influence through an Article V convention, they’ll take whatever pensions they desire by any means they choose.
See “The Article V Convention Scam” at the bottom of the Billwatch table.
Rocky Mountain Gun Owners
http://rmgo.org/
“One can see a glimpse of Illinois’s possible future in Arizona. “
LOL...Yahoo liar .
AZ is not in trouble, and Ill. is BK.
There should be no such thing as an unfunded government liability....if a benefit is promised as a perk of employment....it must be 100% funded or not offered.
Illinois is so screwed... New Gov. Rauner probably thinks often of Star Trek’s Dr. McCoy’s line “Bet you wish you’d stayed in bed” as applied to himself!
The standard of living/income decline will hit them last. If it doesn't drag the country the rest of the way down with it first. No joke.
No court or executive can order a legislature to appropriate money, and no legislature must obey such an order.
“The answer is pretty simple, Declare any and ALL Unfunded Liabilities, an Act of Slavery upon Future Generations”
Don’t be a drama queen. No law, no court, and no supposed “contract” can bind a future (not yet elected) legislature.
“There should be no such thing as an unfunded government liability....if a benefit is promised as a perk of employment....it must be 100% funded or not offered.”
All promised conditions of employment by the taxpayers exist at their discretion.
Just as with Social Security, they could be modified or ended tomorrow.
The legislatures that impose taxes and appropriate collections do not employ or supervise the politicians who sign these ridiculous “contracts”, and no sovereign people (acting through their representatives) are bound by them.
The Medicaid Government WorkCamp, mission accomplished.
Rather than fund their future pensions, the public employee union controlled local and state governments conspired to spend the funds on increasing their current incomes while promising even larger future pensions. RICO and break the unions, the corrupt politicians they back, and the sweetheart deals they made.
Mississippi ain’t so bad either - a lot of pensions start lower, but they grow at a rate of 3% per yer per year (3% after one year, 6% more for year 2, 9% more for year 3....) and double every 7 years which helps keep up with higher cost of living increases nicely.
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