close

Privacy guaranteed - Your email is not shared with anyone.

TIME's Fareed Zakaria-"Why We Need Pension Reform"

Discussion in 'Political Issues' started by glockman66, Jun 17, 2012.

  1. glockman66

    glockman66

    Messages:
    3,540
    Likes Received:
    8,606
    Joined:
    Mar 23, 2004
    Last edited: Jun 18, 2012
  2. glockman66

    glockman66

    Messages:
    3,540
    Likes Received:
    8,606
    Joined:
    Mar 23, 2004

  3. cowboy1964

    cowboy1964

    Messages:
    23,709
    Likes Received:
    5,304
    Joined:
    Sep 4, 2009
    Location:
    U.S.A.
    "Ohio's pension liabilities are now 35% of the state's entire GDP."

    Yikes. I realize that probably is decades of liabilities compared to one year's GDP, but still.
     
  4. walt cowan

    walt cowan

    Messages:
    12,429
    Likes Received:
    3,703
    Joined:
    Feb 18, 2005
    Location:
    Absurdistan
    then let him turn over his pension to the states general fun and work into his 80's.
     
  5. series1811

    series1811 Enforcerator. CLM

    Messages:
    11,385
    Likes Received:
    19
    Joined:
    Apr 27, 2003
    Location:
    Retired, but not expired.
    The crux of the problem. Financially, the states and federal government can't afford the future liabilities of these programs. But, poltically, they can't do away with them, or even significantly modify them and get re-elected.

    Greece?
     
  6. aircarver

    aircarver Descent Terminated Silver Member

    Messages:
    30,670
    Likes Received:
    8,666
    Joined:
    May 26, 2002
    Location:
    Ft. Worth, Republic of Texas
    What's he mean by 'pension reform' ?

    'We take yours and give it to somebody else' ?

    .
     
  7. maxsnafu

    maxsnafu

    Messages:
    2,942
    Likes Received:
    1
    Joined:
    Dec 29, 2006
    Yes, that's EXACTLY what he means. The welfare class will be the last to be cut off.
     
  8. RickD

    RickD Pro-Open Curry Millennium Member

    Messages:
    3,875
    Likes Received:
    236
    Joined:
    Sep 26, 1999
    Location:
    Arizona
    While some on the left would love to raid *private* pension funds, Zakaria is not advocating that in this TimeMag piece. This is all about public sector politics and pushing the cost down the road for political benefits today.

     
  9. aircarver

    aircarver Descent Terminated Silver Member

    Messages:
    30,670
    Likes Received:
    8,666
    Joined:
    May 26, 2002
    Location:
    Ft. Worth, Republic of Texas
    Sounds like one of those 'have to pass it to find out what's in it' bills to me .....:steamed:

    .
     
  10. jeanderson

    jeanderson Making America great again! Platinum Member

    Messages:
    8,671
    Likes Received:
    12,117
    Joined:
    Apr 11, 2012
    Location:
    Ohio
    Forget about the mess the states are in, get this: If the United States did their budgeting the way the law requires every private company to do theirs, this year's deficit would have been the equivalent of 88% of every citizen's income.

    In other words, if the United States were a private company, everyone would have to fork over 88% of their income to keep it solvent.

    As bad as the deficit is, the real horror story is being masked. The 16 trillion you hear about is the current deficit, not counting in long-term entitlement liabilities. Then, yes, there's the problems in the states. Overall, we're screwed!
     
  11. engineer151515

    engineer151515

    Messages:
    14,322
    Likes Received:
    546
    Joined:
    Nov 3, 2003
    So far, the solution appears to be devaluation of the US dollar.

    The .gov't will pay you every dollar they promised, the problem is that the dollar will be worth essentially nothing.

    It's obvious to me that future pensioners won't be able to live on their pension amounts. Worthless currency. A form of hidden tax. Since we are heading toward an electronic, paperless currency, you'll be spared the embarrassment akin to printing $10,000 notes and spending them on a single loaf of bread.
     
  12. Kingarthurhk

    Kingarthurhk Isaiah 53:4-9

    Messages:
    12,283
    Likes Received:
    2,774
    Joined:
    Sep 5, 2010
    Location:
    Texas
    That would be fine. But, he probably still wants to funnel that money overseas.
     
  13. DonGlock26

    DonGlock26

    Messages:
    52,863
    Likes Received:
    13,466
    Joined:
    Jan 18, 2001
    They are feared by the political ruling class.

    _
     
  14. Kingarthurhk

    Kingarthurhk Isaiah 53:4-9

    Messages:
    12,283
    Likes Received:
    2,774
    Joined:
    Sep 5, 2010
    Location:
    Texas
    If YOU work for a living that negates being welfare.