Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
How about he worries about shoring up social security instead. Oh, that’s okay, we can just print more money to cover that too. This is the democrat fiscal policy in the 21st century.
Shoring up Social Security?
Only way to achieve this is to cut benefits and/ or increase premiums ( payroll taxes). Obviously neither is popular and therefore this can ( of worms) continues to be kicked into the future.
The most obvious solution would be to raise or eliminate the cap on Social Security taxable wages.
Some may recall, the Bush 2 Admin sought to privatize a portion of Social Security. It failed to gain traction with Republicans, let alone across the aisle.
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.
When I retire, my pension will be around $100,000 a year, plus whatever SS will give me for all the years that I worked for a SS employer.
.... and just in case anyone is confused, we actually PAY INTO the pension fund as employees (a higher percentage than SS recipients pay into SS), as do our employers. It's not exactly "free" money, it costs me quite a bit each month.
Here’s the fascist scam - pension plans invest. They invest in all those mega zombie companies that you call capitalist. Those investments pay for the salaries of those employed at those companies. When those companies fail as they should, Biden and RINO gov bail the pension funds out with tax money, that go straight to the “capitalist” corps’ employees salaries again.
Here’s the fascist scam - pension plans invest. They invest in all those mega zombie companies that you call capitalist. Those investments pay for the salaries of those employed at those companies. When those companies fail as they should, Biden and RINO gov bail the pension funds out with tax money, that go straight to the “capitalist” corps’ employees salaries again.
Yep- the irresponsible leftist states do not have the money for their pensions.
So rather than asking them to not have such exorbitant pensions, Biden just bails them out.
The next president will reverse all Biden's insanity and/or the republican congress will pass legislation to reverse it
The OP’s introduced topic here is a bail out of the Pension Benefit Guarantee Corp ( PBGC), which is limited to single and multi- employer PRIVATE SECTOR pension plans.
The inability of PBGC to guarantee benefits has been projected for years as pension funding formulas have been diluted and employer premiums not kept pace with exposures.
ERISA and PBGC evolved following the failure of several major plans in the 60’s.
Both Nixon and Ford Admins supported legislation to regulate defined benefit plans and insure benefits in the event a private sector employer blows up.
Last edited by middle-aged mom; 07-07-2022 at 10:33 AM..
Think thats called social security ... except its my money helping to pay for my retirement.
That comes from the present generation of children's taxes in SS that are employed.
In 65 the SS system gave to the gov, a surplus, they were so happy with that that they spent it all plus. It's been in the hole ever since and is subject to go bust in 2030. That is when the bulk of the (largest participant in workforce) Boomers are set to finalize retirement.
This is what happens when the people rely on the government (with a deficit in leadership) to manage --- anything.
Pension Benefit Guaranty Corporation (PBGC) existed since 1974 - long before Biden was president. It's good for the small guy - regular workers.
Before PBGC, my father lost his pension because his employer went bankrupt. Poof, gone. PBGC was formed to prevent workers from getting their pensions wiped out after working for decades expecting the pension they were promised.
There are a lot of hard working blue collar construction workers, railroad workers, coal miners, manufacturing workers, teachers, police, firefighters and laborers that would lose their pension if not for PBGC.
PBGC is not funded by general tax revenues. Its funds come from four sources:
Insurance premiums paid by sponsors of defined benefit pension plans;
Assets held by the pension plans it takes over;
Recoveries of unfunded pension liabilities from plan sponsors' bankruptcy estates; and
Investment income.
ERISA, thus the PBGC, expressly exempts employee benefit plans established or operated by state, municipal or other government entities and churches. Thus, teachers, police and firefighter pensions are not a part of PBGC.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
