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Just as anyone with an IQ over about 100 could have foreseen. No such thing as a responsibly run blue state. Run up the bills, and then turn it over to friendly administrations in the federal government to bail them out.
The topic of this tread has nothing to do with states.
PBGC is all about the PRIVATE SECTOR.
The long projected inadequacy of PBGC to cover claims is directly attributed to diluting formulas used to compute adequacy of any employer’s funding of future obligations and employer premiums not keeping pace with exposures.
As I understand it, the multi ( private sector) employer part of this has the greatest risk for both surviving employers and former employees of defunct employers. Pension liabilities are top of the agenda considerations for mergers, acquisitions and dissolutions.
The employer’s federally required annual disclosure will include the percentage of future liabilities which are funded. This magic percentage is meaningless unless one understands the formulas used to compute adequacy.
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.
Since inception, SS surpluses are required by law to be invested in special issue treasuries which makes $ available to the Federal Government to spend.
The US has been debt free one year- 1835. Every POTUS inherits debt, adds to it and kicks the can.
Reagan campaigned on delivering a balanced budget ( not that budgets have all that much to do with actual spends). The Reagan Admin in 8 years never delivered a balanced budget and the federal debt crossed the Trillion $ mark. Spending cuts were inadequate to cover tax cuts. At the time, Reagan claimed the refundable Earned Income Tax Credit ( ETIF) was the best way to fight poverty.
Some may recall, the US fought a proxy war with Russia in Afghanistan and the S&L Crisis when about one- third of all savings & loan institutions failed and a major bail out/ unwind was necessary.
It's not "American" rescue plan; it's "State Government bailout".
The fed has been bailing out state for LONG time.
The dems "infrastructure" bill is nothing but state bail out.
Why should people who live in 1 state pay for another state that did not maintain it's infrastructure?
What happened to all the maintenance money allocated for it?
We're already paying for everyone's health insurance and gender surgery so why not retirement as well.
Heck...throw in paychecks too. This way no one has to work and the Fed can just print money as needed.
Everyone’s?
Hyperbole much?
Most people under 65 are insured by their employers.
As it relates to gender reassignment surgery, 25 state Medicaid cover it when deemed medically necessary. This includes some red stares, Alaska, Iowa,Montana and North Dakota. Several states have no policy and address on a case by case basis.
You want to defund the police pensions! Cops put their lives on the line every day and often they don't get paid very well for it. Their biggest benefit is a pension. They stick in those jobs for decades to qualify for that pension. Back the blue!
They get paid for the time they work just like the rest of us. They can contribute to a 401K with employer match like everyone else.
The dems "infrastructure" bill is nothing but state bail out.
Why should people who live in 1 state pay for another state that did not maintain it's infrastructure?
What happened to all the maintenance money allocated for it?
States could address their own infrastructure and natural disasters.
Regardless of politics, all states rely on handouts / bailouts and national politicians are judged on how much bacon they bring home.
Ever notice the propensity for $ for Alaska fisheries to find its way into so many big bills that have absolutely nothing to do with Alaska or fish?
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