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No one has said what impact State Bankrupcies would have on their ability to get financing in the future for important projects like roads and all the investors (like you?) in their 401(k) Plans that will be killed. There will be a ripple effect.
Your definition of "know" is everyone else's definition of "make believe", or so it appears from what you have written above. The public employee pensions are consuming state budgets and cannot continue unmodified or there will be NOTHING for ANYONE, pensioneers or otherwise. Nobody is proposing eliminating the pension, your strawman notwithstanding (try wikipedia to learn about that term/tactic), but bringing them in line with sanity is necessary for the state's survival.
In CA, public employees, work for 20 years, retire at 55 and earn up to 150% or more of their annual salary for life, with full medical.
I would suggest that you keep your posts, somewhere close to within the bounds of fact. Just a suggestion, though, you are free to continue to delude yourself and others if you so wish.
Apparently, you have trouble reading.
Did i say "unmodified?" Seems to me that i said the word "renegotiate!"
It would seem to me that if Congress believes in cancelling pensions as a way of easing a government's financial burdens they should have the moral decency (In Congress? ) to cancel their own first.
If and when the federal gov't goes bancrupt congressmen will feel the pain also.
Absolutely not! If a governor refuses to fund or underfunds or defunds, state worker pensions it should be an IMPEACHABLE offense. Peoples Exhib it A is New Jersey Governor Chris Christe.
So, you think a state should go completely broke, fire everybody from the Gov. right down to the janitor so it can pay out it's pension obligation.
Sound like, Give me mine and the hell with the rest of you.
States chronically underfunded their pension obligations year after year after year.
And here we are today..with a $2.5 Trillion shortfall among states.
So I ask you posters..is it the pensioner's fault that the state underfunded these pensions ?
Is it the pensioner's fault that the state didn't move with the times and up the age + years requirements ?
Is it the pensioner's fault that what money there was in the pension fund was grossly mismanaged with bad investments in RE and CDO's and other RISKY investments ? Is that prudent care by the states ?
The pensioner's should be the LAST to feel the sting. The states should be forced to sell off their assets, change their retirement rules for new employees and/or phase pensions out altogether like the corporate world has and move everyone to the 401K plan.
The pensioners did their time and were promised pensions. Don't get that "mob mentality" against them; they did nothing wrong. If you had a job with the city or state for 20 years and retired you'd be mad right about now as you read of the problems. Mad because your future retirement is on the line here.
The state government is responsible for the pension mess; the city government is responsible for the pension mess.
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) to cancel their own first.
