Posted on 12/29/2022 7:22:26 AM PST by Bon of Babble
Three high-profile Democratic governors are struggling to stabilize their states’ retirement programs due to a falling stock market and may have difficulties paying out benefits in the coming years.
(Excerpt) Read more at dailycaller.com ...
They blame their predecessors, of course. Making them prime POTUS candidates for 2024.
ESG is killing them ?
No public grant or assurance of assistance, no matter how solemnly promised, should be given where the means no longer exists to provide them.
There sould be no “entitlements”.
“They blame their predecessors, of course. Making them prime POTUS candidates for 2024.”
The voting public in America only cares about how well you play the virtue signaling game, and what you promise them. So yes, those are prime candidates.
As for paying retirement benefits? Ha! Uncle Joe’s handlers will print gobs of money and send it their way.
Don’t worry the US Taxpayer will bail them out.
No worries. They’ll seize your home and assets.
Doesn’t matter.
They’ll say their brand of Marxism will correct the last, failed brand of Marxism b/c it “wasn’t done right.”
Yeah, let’s all bail out the corrupt thugs who run democrat hellhole cities...
Yes. They are really not worried because they know the uniparty will bail them out. This is all about posturing for the state run media.
California has been playing Russian Roulette with CALPERS for a couple of years now.
It’s only a matter of timing and luck running out before it blows up in a spectacular manner. The impact on retirees will be huge — most of them have not made any separate provision apart from their retirement package that they “earned” over their twenty years of service before they were fully vested. The interesting part will be the currently employed cops, firefighters, teachers, and various state and county aparatchiks who see their plans for retirement go up in a puff of smoke.
You can bet that California will be looking at wealth confiscation to plug the holes in PERS in the coming decade.
It’s rather generous of them to put up their own money. Pritzker is well-heeled; I think Murphy and Newsom are too.
And Republican ones, who were equally good at kicking this can down the road.
When you can’t pay out retirement benefits it’s because the retirees didn’t produce enough during their careers to cover those benefits.
“ESG is killing them ?”
Yep, if they invested in coal, they’d be making a killing now...since everyone in Europe seems to want it again (for some strange reason).
Public worker’s unions made sweetheart deals with Dem politicians. They got exorbitant retirement benefits in exchange for pouring hundreds of millions of dollars into Dems campaigns. The Dems thought it would be painless because those benefits would have to be paid in the future. Well, the future is here.
It is painless, for them. The union boss thugs and the corrupt pols that made these deals are spending their $$$$ in Florida golfing.
Not to worry, I see a new pandemic on the horizon that should supply enough federal taxpayer dollars to get them by . . .
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