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The unions' plush pensions and retiree benefits will fall. There simply isn't the money, or the ability to take on more debt, to pay them. End of story.
Location: By the sea, by the sea, by the beautiful sea
68,330 posts, read 54,400,252 times
Reputation: 40736
Quote:
Originally Posted by sanrene
Truly incredible. Now we know why manufacturing is in the toilet in the US and states are buckling under the weight of these union goodies to retirees.
What's truly incredible is this is about public sector employees in NJ and you somehow try to mystically tie it in with manufacturing problems. Just WHAT is it these people were manufacturing?
And, if you want to talk about union costs in manufacturing, IF you're possibly interested in actually presenting an overall picture, it's necessary to also present a rundown of just how much non-union management contributes vs. what they receive in benefits, golden parachutes included, when they leave the company.
Caution, really scary reading, may keep you up at night.
Reality is about to set in. (http://scw.tearn.com/2010/02/milestones_10.html - broken link)
Quote:
These grandiose grants looked good on paper, were politically popular and were received by the beneficiaries with enthusiasm. CalPers, the nation’s largest public pension plan was rolling in wealth topping $200 billion in assets.
That is until 2008, when the financial grim reaper came knocking.
As of the end of January 2010, CalPers is $63 billion underfunded. That is the money they are currently short to meet all of their retirement requirements. That is over 30% of their total assets.
They are now paying out nearly $2 billion a month more in retirement benefits than they are taking in or earning on their investments.
$2 billion a month ain't nothing, California taxpayers can easily pick that up. To put it in perspective with a population of 33 million that comes to a shortfall of $60.60 per month per every man, woman and child living in the state or just $240 a month for a family of four to make up the shortfall!
Location: By the sea, by the sea, by the beautiful sea
68,330 posts, read 54,400,252 times
Reputation: 40736
Quote:
Originally Posted by sanrene
Can you honestly claim that an investment of $125,000 should yield a payout of over $3 million, all paid for by the taxpayers?
I can honestly claim that until you also post what non-union workers invest vs. what they reap in payouts that this is just another biased, anti-union, baseless piece of blather.
Just for once, just one time, try to address the topic of the thread.
Unionized government employees and their Golden Parachutes for retirement.
Can you honestly claim that an investment of $125,000 should yield a payout of over $3 million, all paid for by the taxpayers?
Sarene, you seem so well versed in government worker union history will you please answer my questions in #5...just for once? (Copied below for your convenience.)
Quote:
I'd like to know how many years the guy paid into the pension plan to total that $124,000 and who was managing/investing that pension program for the workers all those years. Were they/the state skimming off the top of the pension program to pay for general fund projects in the state the way the federal government did with Social Security so there was less money invested than should have been thus cutting its growth potential? I'd also like to know how on earth anyone can say the man will draw back out $3.3 million in pension payments. Do they have a crystal ball to know how long he'll live? Do you know how many people die within a few years of retiring and don't draw any where near as much as they paid into the system?
Yeah lets do away with unions we can all work for $3 an hour with no benefits
Yup, the Repugs think the American economy will be saved when everyone makes minimum wage except for their god , the Wealthy.
The Wealthy have these poor stupid slobs so brainwashed that they will always have their support destroying THEMSELVES....
That's why the right is so religious, they worship their god, The Wealthy....out of fear.....and hate their fellow middle class Americans...weird-asps....
Fiscal collapse as will/is happen/ing in California or an awakened and irate electorate and state leaders like Christie of New Jersey.
Rollback pay and benefits for the "new priviledged" classes and get them more in line with what average working men and women in corporate America receive.
Say no to federal bailouts of States!
The Triple Ten Plan
1. an immediate 10% cut in staffing levels of all government agencies.
2. An immediate across the board 10% cut in pay, benefits, and retirement for all federal, state, and local government employees. No exceptions.
3. An immediate non-negotiable manditory increase in the productivity of all government employees. If you fail to perform at the new level, you will be replaced by an immigrant worker, legal or not.
A government that is big enough to give you everything you want, is a government big enough to take everything you have.
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Just WHAT is it these people were manufacturing? 
abso-friggin-lutely
