Comments 1 - 18 of 18 Search these comments
It’s government, they’ll tax everything under the sun to get that money.
They have in CA increased taxes, added fees, reduced services. All to protect the pension system.
Did Detroit and Puerto Rico cut their pension benefits?
IT's a race to the bottom folks. If we're all going to become the pissant peasants and slaves that we should be, the next step is definitely fucking over public workers as much as we possibly can.
So yes indeed. Definitely. Compensating public employees well is bad for us all.
IT's a race to the bottom folks. If we're all going to become the pissant peasants and slaves that we should be, the next step is definitely fucking over public workers as much as we possibly can.
IT's a race to the bottom folks. If we're all going to become the pissant peasants and slaves that we should be, the next step is definitely fucking over public workers as much as we possibly can.
Definitely. Compensating public employees well is bad for us all.
Yeah. They took pensions from the private sector. When are we going to get back to where public employees are worse off than everyone in the private sector as it should be again?
IT's a race to the bottom folks. If we're all going to become the pissant peasants and slaves that we should be, the next step is definitely fucking over public workers as much as we possibly can.
How are corporations supposed to hire you for slave wages if there are other options ??!!!!!!!!!
So yes indeed. Definitely. Compensating public employees well is bad for us all.
I agree with the sentiment that people should be compensated well, but then lets just pay them a good salary and have them save for pensions.
Can't wait until Republican & Democrat govt. employees start to see big changes in their monthly pension.
They should have created a privately owned international business & sold it after becoming billionaires.
Losers love socialism.
Is this a reasonable deal for citizens of our town, and do any private company employees get this kind of deal?
Kicking the can down the road won't work for much longer.
Warnings about looming public pension disasters have regularly cropped up since the 1950s, pointing to problems 25 years or more down the line. To politicians and union leaders, the troubles were someone else's predicament. Then crisis fatigue set in as the big problem remained down the road.
Today, the hard stop is five to 10 years away, within the career plans of current officials. In the next decade, and probably within five years, some large states are going to face insolvency due to pensions, absent major changes.
New Jersey has $78 billion in its state pension fund, which is supposed to cover future payments with a present value of $280 billion. But that latter number is a projection. You can ignore it if you wish, or hope that soaring investment returns or a pandemic among retired workers will fix it. A more certain figure is that the $78 billion represents less than seven years of required cash payments.
If we extrapolate from the past, rather than use promises in the state budget, current employees plus the state will contribute about $25 billion over those seven years, which could provide another few years before the till is empty. But it will also add around $60 billion of future liabilities to current employees. The system probably breaks down before the pension fund gets to zero, for example if assets were to fall below $30 billion while projected future liabilities exceeded $300 billion. Even the most optimistic people would have to admit the situation is unsustainable. This could happen in three years in a bad stock market, or perhaps 10 with good stock returns. But fund assets are so low relative to payouts that good returns aren't that helpful.
https://www.bloomberg.com/view/articles/2018-04-18/collapse-of-public-pension-funds-is-no-longer-a-distant-prospect