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Biden is encouraging states to be reckless. To promise bigger pensions than they are investing for, because they can just print money (inflation) at the national level.
besides printing money, they increases taxes...taxes have increased nearly every year of our lives, yet gov't still outspends the taxes it takes in, AND the money it prints, and STILL has a debt of $30.5T. It will lead to the DEATH OF OUR NATION, & here it is in a single chart:
2018 chart that doesnt include trillions of stimulus spending, so the 2022 percent of GDP is ~50%....beyond the spike you see in the chart which was WW2 spending.
Pray that Manchin & Sinema will stand firm against this too.
I pray with you!! Giving FREE stuff to others, PAID for by hard-working American taxpayers, is the Democrat way!! That way everyone benefits, whether they contribute to the pot, or not. (Communism?) Americans voted (WINK! WINK!) and got exactly what they asked for!
I know a retired NJ Librarian who get an enormous pension, and yes, she is a multi-millionaire.
I know 2 couples that were all teachers from up East, & their combined pensions are $100k+ per couple.
I know a retired (at 52 yrs old!) NJ police chief whose pension is almost $100k, & he just sold his Florida home for $1.3M.
My Grandfather was a retire Brooklyn fire fighter, and he made a LOT more in pension payments, than he ever made working, due to cost of living escalaters. He retired at 50, lived to 92, 42 years of pension payments after 30 years of working.
Anecdotal, but there are millions out there like these people I know. Gov't pensions are unsustainable, & all you have to do is look to the private sector for proof.
My fed pension is more than $10K a month and my wife has a state pension and collects SS. Life is good.
the path to being a millionaire and having a sizable pension payment is to become a New Jersey cop or teacher.
Now thats a fact. I think of a wealthy relative who lives in a expensive continual care community in that area of the country. It cost a million in advance to get in plus 5k a month. When he first went in he was shocked how many ex teachers were residents with him.
Yes - I know so many millionaire teachers that have retired out there
Using the 4% rule for retirement savings, one would require $1,000,000 in savings when they retire to produce $40K per year income. I know plenty of teachers with pensions greater than $40K per year - the equivalent of having more than $1,000,000 in savings. So yes, there are many millionaire retired teachers.
Pray that Manchin & Sinema will stand firm against this too.
It’s a curious thing that some people incorrectly infer and then take to social media to spread misinformation.
The intention is to prop up the Pension Benefit Guaranty Corp ( PBGC) which insures single and multi- employer PRIVATE SECTOR pensions.
PBGC was initiated by a Republican Senator, approved in Congress and President Ford signed it into law, in 1974. PBGC is a federal agency created under ERISA and generally insures defined benefit plans.
As I understand it, PBGC has long been projected to be unable to pay out claims beginning in 2026 because funding formulas have been diluted over the years and employer premiums into the guaranty fund have not been adequate.
IMO, the 'consultants' called in by every city council and county commissioners court needs to make up the shortfall. Each and every government that funds pensions always call in consultants who tell them the economy will always grow 8-10% a year so those pension increases will be funded.
They all do it. And every 5-10 some city or town is going bankrupt due to unfunded pensions for cops and firefighters.
A cop in my neighborhood got fired for getting caught in soliciting prostitution sting operation in a neighboring county. He is on full salary for the 15 more years until he can take his pension. It will probably be more than the salary because the cops overtime is calculated into their pension figures..
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