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Report has public pension short fall at $4.6 trillion

Discussion in 'The Okie Corral' started by Mr981, Jan 4, 2013.

  1. DanaT

    DanaT Pharaoh

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    Do remind me how Californians the are trying to ruin our state.

    Very hard to raise taxes here based upon CO laws.
     
  2. DanaT

    DanaT Pharaoh

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    This shows you are just selfish.

    You think that the people losing their jobs because of the govt contracts being cancelled think the contracts are "cancelled without repercussions." You shouldn't be a cop; you seem to be less than truthful. Why do I say this? There are the same type of repercussion on people when any contract is cancelled you just dont care because there are no repercussions FOR YOU if they are cancelled. That is all you care about Paul. Why Paul? Because you sure dont mind taking from Peter.
     

  3. Big Bird

    Big Bird NRA Life Member

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    Not true. A true Defined Benefit Pension plan can be a sound way to design retirement benefits and has been used for many many decades by companies to pay retirement benefits to employees. Most are economically sound.

    PUBLIC Pensions (ie Government Pensions promised to Government Employees--teachers, firemen, police, Postal Workers etc) are not subject to the funding rules surrounding privately sponsored defined benefit plans. The polticians simply write a new law promising more benefits to get more public sector workers to vote for them but they have no intention of ever funding those promises. They also deliberately underfund those programs as in the CALPERS example above by making unrealistic returns assumptions. This allows them to spend more tax dollars now than they would otherwise be required to set aside to fund all those pensions. FWIW many Unions also have successfully lobbied for different funding rules for Union Pensions and guess what--many Union sponsored pension plans are going broke as well.

    The reason Pension Plans and Social Security is going broke is because people are living too long. 30 years ago the average life expectancy for a man was age 68 and 73 for a woman. So it was no big deal to fund a pension that would last no more than 5-10 years. But today, people are living 20 and 30 years into retirement and that makes funding a sound pension for these folks VERY expensive. Which is why only 15% of the Fortune 500 companies still offer Defined Benefit Pension plans when 20 years ago 85% of those companies offered pensions.

    The real problem is if you add up all the unfunded liabilities for this nation--between state, local and federal governments--including Social Security, Medicare and Medicaid. Federal pensions, State Pensions, Military Pensions etc etc...we have over $160 TRILLION in unfunded liabilities...$80 Trillion is SS and Medicare/Medicaid alone This was published in the Wall Street Journal about a month ago.


    Quite literally, there is not that much wealth on the entire planet. We couldn't tax everyone on the face of the earth 100% of all their income and assets and pay for it. Historically what has happened when governments get into this kind of pickle? They default on their debt and don't pay their obligations. Think that's BS? Who in Washington is seriously making proposals for paying off our $16 Trillion National Debt?

    NOBODY... Not a single politician
     
    Last edited: Jan 6, 2013
  4. Restless28

    Restless28

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    Great post.

    As far as the debt and threat of default, I believe it's a part of a intentional push towards world government. Globalization is coming.
     
  5. engineer151515

    engineer151515

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    +1 on both. Great initial post. Globalization of currency. Will add devaluation of everybody's savings. The exchange will not be 1:1. You dollar, your savings, you pension, your 401K will be instantly worth 1/10 of current value.

    I would expect nothing less from a President and political party that made a mantra out of how unfair America has been to the world in the past.
     
  6. Restless28

    Restless28

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    I will also add, much to the chagrin of many, that we have a 1 party political system with 2 divisions. There are exceptions, but, for the most part, there are very little differences between the 2.

    These politicians are elected before we vote for them. The invisible hand really had the fix in with Romney and Obama. They couldn't lose.

    Why do you think that Sarah Palin was destroyed by the media and most politicians?
    She was a populist. She was a threat to the puppetmasters of the world. In their eyes, a populist would be the barrier to the assimilation of the U.S. into the world government.

    The New World Order is on the horizon. The signs are everywhere, if you choose to see them.
     
  7. Patchman

    Patchman Florist

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    Maybe you should read my post in the full context of what it was responding to.

    So do you, or do you not, agree that new administrations can cut funding for existing projects/contracts/budgets?
     
    Last edited: Jan 6, 2013
  8. Patchman

    Patchman Florist

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    All I'm looking for is what I was promised 16 years ago.

    For the past several years we've deferred from visiting Europe because the Euro was so expensive. Do I wish I could demand my job pay me in Euros or Chinese RMBs instead of dollars? Absolutely.
     
  9. devildog2067

    devildog2067

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    No, it's not.

    Europe has a single currency, and even they can't put together a supra-national government. When the cracks started to appear in the single currency people were talking about bailing out, not combining governments. We're a long way from it.
     
  10. devildog2067

    devildog2067

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    Not gonna happen.

    Every currency on the face of the planet already faces inflation; you don't need a single currency to devalue everyone's savings.

    Again, not going to happen. That's not how currency devaluation works. In countries where this does/has happened (I was in Romania when they launched the new lei) prices are also adjusted by the same factor.
     
  11. devildog2067

    devildog2067

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    This is very true. Both parties in the US are quite centrist, that's why they seek out wedge issues to differentiate themselves.
    Nope. The only "fix" was in the fact that the Republican party ran such terrible candidates in the primary.

    Because she had little executive experience, isn't all that intelligent or articulate, and is shrill and annoying.

    :rofl:

    If Sarah Palin was our last hope, we might as well give up.
     
  12. devildog2067

    devildog2067

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    "The Euro" isn't expensive. That's now how currency conversions work. Yes, 1 euro is worth a bit more than 1 dollar, but that's irrelevant. 1 dollar is worth about 90 yen. The number itself doesn't matter. Japan is one of the most expensive countries in the world.

    It's the prices that matter, and there are cheap and expensive places you can go that both use Euros. Visit Paris and you'll be paying a lot. Visit Slovenia and you'll be paying a lot fewer of the same Euros for everything.

    Why would you possibly want that? The RMB was pegged against the USD for most of its history, and only recently has the Chinese government been cautiously allowing it to float. The Euro has fluctuated wildly with the economic crisis of the last few years.

    Besides, if you live in the US and get paid in Euros, you have to convert them before you can buy anything. That's kind of the reason why currency conversion exists, and why so many trade flows are denominated in dollars--because the US still makes a lot of what the world wants to buy.
     
  13. certifiedfunds

    certifiedfunds Tewwowist

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    Yeah, the stupid flag. That post was full of it.
     
    Last edited: Jan 6, 2013
  14. DanaT

    DanaT Pharaoh

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  15. DanaT

    DanaT Pharaoh

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    Lets make this a little more your speed.

    I PROMISE my child to pay them an allowance. I lose my job and have no income. Do you think my promise get amended.

    And by the way, there is no"promise". You seem to think that. Show me where you have this promise in writing.


    prom·ise
    [prom-is], verb, prom·ised, prom·is·ing.
    noun
    1.a declaration that something will or will not be done, given, etc., by one: unkept political promises.
    2.an express assurance on which expectation is to be based:

    What you probably have is a civil contract, which are broken all the time, which probably has many clauses in it as to how the pension can be terminated.

    But make me out to be a "moron." Show us your contract that shows you will get paid a certain amount and there are no stipulations or termination clauses in it. In the may contracts I have negotiated, I have never seen one without a termination clause.
     
  16. Patchman

    Patchman Florist

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    Fortunately, we don't live off my measly paycheck. So being paid in Euros or RMBs (at a pre-determined rate, of course) would have given us some nice flexibility.

    As for RMBs, I actually have several thousand RMBs at home (long story with my child) when the conversion rate was about 8 RMB to the USD. Now I see it's a little above 6 RMBs to the USD. Basically, that little "mistake" turned into a 25-percent return. I don't see RMBs getting weaker.
     
    Last edited: Jan 6, 2013
  17. DanaT

    DanaT Pharaoh

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    Awe shucks. Why aren't you paid in Euros (or Swiss Francs)? Do you lack the ability to compete in a global market and demand being paid in the highest currency?

    I have been paid in foreign currency for the last 5 years. Why cant you? Lack of ability? Laziness? There must be a reason why you can't.
     
  18. DanaT

    DanaT Pharaoh

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    Again, why arent you paid in Euros? If you are worth it, it should be no problem.
     
  19. Patchman

    Patchman Florist

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    Silly you. What you promised your kids, and then refuse them, that your issue.


    As for my pension, stay tuned. When I retire, I'll let you know whether I'm getting what was promised me, or not.
     
  20. Patchman

    Patchman Florist

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    Wow, DanaT. Your true self is showing.

    And not only are you in high demand that you can be paid in Euros, you're a humanitarian also, isn't that right?

    I mean, you did design that life saving medical devise, right? And you put it out in the public domain, so that all sick people, rich and poor, can benefit from your invention. Correct?

    Sick people, both rich and POOR can benefit, right? Not just the RICH sick people, right?

    OK, maybe you're not a humanitarian. But at least you're $$$ millions$$$ rich. And can demand to be paid in Euros and/or Swiss Franks. Congratulations. And enjoy.

    And keep those promises to your kids. That's advise from me to you... free.
     
    Last edited: Jan 6, 2013