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Old 02-03-2019, 07:48 PM
 
5,687 posts, read 7,182,040 times
Reputation: 4327

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https://www.zerohedge.com/news/2019-...icago-lead-way

Orlando, Jax and Miami. C'mon, guys, we can do better than that.
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Old 02-04-2019, 06:01 AM
 
Location: Free State of Florida
25,732 posts, read 12,808,029 times
Reputation: 19298
Government worker pensions & cadillac health plans are unsustainable. Since Cities, County's, State's have not been able to control their own spending, I see no alternative to getting the Fed's involved to enact laws limiting and/or eliminating these Ponzi scheme's. If not, they all will eventually implode, and retirees will not be paid what they were promised.

Of course, the Feds are doing the same thing on a grander scale w/ the National Debt, and continuing resolutions, but that is a discussion for the National Politics forum, so let's not go there.

The fees being charged to manage these Billions of dollars that are actually there (not owed), are way out of line, so there are money-manager-parasites draining cash from the pot, and those parasites are paying off politicians with extravagant dinners, trips, tickets, and other graft so the politicians continue to allow it. The corruption is rampant and the victims are taxpayers, and government worker retirees at the back end of the ponzi scheme who wont be paid the pension they were promised...like what happended in Detroit.

Solution: STOP promising, end the plans, and offer mandatory buyouts.
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Old 02-04-2019, 08:04 AM
 
5,687 posts, read 7,182,040 times
Reputation: 4327
Quote:
Originally Posted by beach43ofus View Post
Government worker pensions & cadillac health plans are unsustainable. Since Cities, County's, State's have not been able to control their own spending, I see no alternative to getting the Fed's involved to enact laws limiting and/or eliminating these Ponzi scheme's. If not, they all will eventually implode, and retirees will not be paid what they were promised.

Of course, the Feds are doing the same thing on a grander scale w/ the National Debt, and continuing resolutions, but that is a discussion for the National Politics forum, so let's not go there.

The fees being charged to manage these Billions of dollars that are actually there (not owed), are way out of line, so there are money-manager-parasites draining cash from the pot, and those parasites are paying off politicians with extravagant dinners, trips, tickets, and other graft so the politicians continue to allow it. The corruption is rampant and the victims are taxpayers, and government worker retirees at the back end of the ponzi scheme who wont be paid the pension they were promised...like what happended in Detroit.

Solution: STOP promising, end the plans, and offer mandatory buyouts.
Excellent post, beach. The cities should follow the example of the state. Florida was very blessed that we once had a treasurer by the name of Alex Sink who told Jeb NO when he was looking to get Lehman heavily involved in the state's finances. Sink is a woman of courage who literally saved Florida from a fate worse than death. If she hadn't done what she did, Florida would have gone down with Lehman during the 2008 financial crisis.
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Old 02-04-2019, 09:51 AM
 
Location: Free State of Florida
25,732 posts, read 12,808,029 times
Reputation: 19298
Since moving back to Florida, I've met quite a few retired government pensioners in the area we now live. They all earned their pensions up North, then retired to Florida, and some at a very young age (<50!). I'm shocked to hear how lucrative their pension plans are. All have been Federal (law enforcement), City, County pensioners, but I've yet to meet a single State pensioner.

I recall Alex Sink's name from when I lived here last time, but didnt know she saved Florida from disaster. Florida's pension was ranked 12th best at 79% funded in May 2018. Thank you Alex!

1/2 the States pension plans in the USA are <2/3rds funded, and 5 States are <50% funded.

New Jersey or Kentucky will fail first because they are only 31% funded, then Illinois at 36%. I'm guessing the stuff will hit the fan in 3-5 years unless the Dow takes a huge hit and drops below 20,000. If that occurs, the sirens will alarm sooner.

Detroit set the legal precedent of pensioners having to accept less than they were promised. This is what will play out in States and City's moving forward. Chicago's pension plan is the next major city plan to collapse. Chicago has already increased property taxes by huge percents in a futile attempt to keep the City Pension payments alive. Chicago's pension collapse could occur at any time and because Illinois is in such bad shape, the State cannot resue the City. It will be catostrophic for Hundreds of Thousands there.

The private sector has already self-corrected by eliminating most pensions. At their peak, 88% of company's offered pension plans, and that has plummeted to 33% today, and of the 33%, only those already vested will get payouts. No recent or future hires will have a pension. Pensions for new hires in the private sector are nearly extinct. Millions of pensioners in the private sector had to agree to 50% payout cuts to help failing pensions to remain solvent. Here's a recent article about it:

https://www.npr.org/2018/11/28/67167...nk-of-collapse

Pensions have proven to be mostly unsustainable over the long haul, and Millions of Americans are now being impacted by their collapse, and we have just seen the tip of the iceberg.
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Old 02-04-2019, 10:44 AM
 
Location: Florida -
10,213 posts, read 14,832,045 times
Reputation: 21848
It seems like these silly best and worst lists are everywhere ... and often only represent the snapshot-in-time opinion of the person writing the editorial. If one looks around a bit, one can find almost any city ... on lists representing both sides of any claimed ranking.
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Old 02-04-2019, 01:25 PM
 
Location: Free State of Florida
25,732 posts, read 12,808,029 times
Reputation: 19298
Quote:
Originally Posted by jghorton View Post
It seems like these silly best and worst lists are everywhere ... and often only represent the snapshot-in-time opinion of the person writing the editorial. If one looks around a bit, one can find almost any city ... on lists representing both sides of any claimed ranking.
I agree to some extent about all the lists we see now. Most are click bait designed to keep us on a web site for as long as possible so we can be bombarded with pop up ads.

This one though is more raw data based than opinion based, and is not click-through dependant. It's extremely basic. How much does a city owe now + how much is it committed to pay into the future, divided by how many people live there. Simple math all laid out on a single page, or two.

The Federal government can get away with debt because they can print money. Cities, County's, and States cannot. To remain solvent, all they can do is raise taxes & fees. Reducing spending is political suicide so its not in their vocabulary, so that option is hypothetical in real life.

When taxes/fees get too high, people leave, and city's collapses a la Detroit, Stockton, and many other cities on the map in the link below:

https://www.washingtonpost.com/news/...=.57fe2034070e

What this list is trying to show is how cities are failing financially because the city government overpays themselves. The parasites are killing their hosts.

Chicago's next.
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Old 02-06-2019, 04:44 PM
 
Location: Ormond Beach, FL
1,615 posts, read 2,142,117 times
Reputation: 1686
Federal employees that were hired after 1987 have a retirement system called FERS. FERS is very similar to the 401k system. The employee and employer contribute into an account same as a 401k. The employee pays SS. This is not a special costly retirement system.

Often first responders can retire early because of the risk in their job or be medically retired early. If you think government employees are overpaid or have too good a retirement, you haven't ever had a government job and seen contractors get paid 1.5x what they make. I was a federal civilian employee for 14 years. Within a year of my quiting the government I made 40% more than my government salary.
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Old 02-06-2019, 05:06 PM
 
Location: Free State of Florida
25,732 posts, read 12,808,029 times
Reputation: 19298
Quote:
Originally Posted by Fredesch View Post
Federal employees that were hired after 1987 have a retirement system called FERS. FERS is very similar to the 401k system. The employee and employer contribute into an account same as a 401k. The employee pays SS. This is not a special costly retirement system.

Often first responders can retire early because of the risk in their job or be medically retired early. If you think government employees are overpaid or have too good a retirement, you haven't ever had a government job and seen contractors get paid 1.5x what they make. I was a federal civilian employee for 14 years. Within a year of my quiting the government I made 40% more than my government salary.
We disagree, and because you are on the opposite side of the fence, there's no way for me to convince you, or for you to convince me otherwise. I would point out job security, pensions, and superior healthcare as being the difference makers....not to be universally applied, but generally speaking.
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