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Old 08-06-2013, 08:46 AM
 
Location: Londonderry, NH
41,478 posts, read 54,755,509 times
Reputation: 24752

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I believe public pensions should not be put at risk in the Stock market or any other private sector involvement. It should be set up where current payments are covered by current income. This would eliminate the risk of a market crash destroying the futures of people that never wanted to "invest in the market" or anywhere else beyond a long term savings account in a local bank. Public employees generally accept lower wages in return for health insurance, job security and a decent pension. Their employers with the problem pension systems have simply been cheating.
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Old 08-06-2013, 08:48 AM
 
22,769 posts, read 28,078,381 times
Reputation: 14623
I wanted to add:

Some pension funds are indeed in serious trouble, but this article is heavily biased. Meredith Whitney has been predicting widespread municipal and state bankruptcies for quite some time now, to the extent that her career is VERY heavily invested in that outcome.

Glenn Hubbard, the other person quoted here, is more of your garden-variety pro-banking slimeball.


http://www.youtube.com/watch?v=4GC8XhChJNQ


"Give it your best shot" - Glenn Hubbard (from Inside Job) - YouTube
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Old 08-06-2013, 08:53 AM
 
Location: Colorado
1,974 posts, read 2,139,633 times
Reputation: 1755
Union busting and cat food for retirees, yes! Go GOP!
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Old 08-06-2013, 09:28 AM
 
14,292 posts, read 6,939,816 times
Reputation: 9087
Quote:
Originally Posted by GregW View Post
I believe public pensions should not be put at risk in the Stock market or any other private sector involvement. It should be set up where current payments are covered by current income. This would eliminate the risk of a market crash destroying the futures of people that never wanted to "invest in the market" or anywhere else beyond a long term savings account in a local bank. Public employees generally accept lower wages in return for health insurance, job security and a decent pension. Their employers with the problem pension systems have simply been cheating.
OK .....
1. no stock market
2. fund with current income
3. interest from a savings account

question ....
What kind of "current income"?
You do know that savings accounts are at close to zero interest and have been for years - this is part of the reason for the high stock-market. It's the only way to keep up with inflation and earn money on your savings.

It's not the fault of the Stock Market that Pension Managers and Government officials have lied about the rates of return for years. It's the fault of the employees and Union leadership for letting them get away with these lies.
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Old 08-06-2013, 10:14 AM
 
Location: Central Texas
13,719 posts, read 27,568,101 times
Reputation: 9243
Quote:
Originally Posted by MTAtech View Post
According to CPER, the "unfunded liabilities are 0.22 percent of projected GDP over the next 30 years." That is hardly a crisis.

Moreover, they are unfunded because politicians decided not to fund promises that they already made so they can keep taxes low or divert the money to pet projects.
Smashing all the unfunded liabilities into one bucket to produce an apparently nice number vs. GDP doesn't help the states that have a big problem, does it?
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Old 08-06-2013, 10:17 AM
 
20,950 posts, read 17,459,979 times
Reputation: 10270
Quote:
Originally Posted by artisan4 View Post
Tax reform involving raising taxes on the upper class and wealthy corporations, getting rid of flat/regressive tax rates, and working together as a nation will solve our fiscal problems, not the me-first, screw everyone else mentality of the Republican Party. The right is trying to destroy the lives of public employees in the same manner as they attack the poor. Domestic enemies.
Is that you keith ellison?

http://www.google.com/url?sa=t&rct=j...50310824,d.aWc
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Old 08-06-2013, 10:21 AM
 
Location: Pa
20,301 posts, read 20,519,614 times
Reputation: 6532
Quote:
Originally Posted by GregW View Post
I believe public pensions should not be put at risk in the Stock market or any other private sector involvement. It should be set up where current payments are covered by current income. This would eliminate the risk of a market crash destroying the futures of people that never wanted to "invest in the market" or anywhere else beyond a long term savings account in a local bank. Public employees generally accept lower wages in return for health insurance, job security and a decent pension. Their employers with the problem pension systems have simply been cheating.
I disagree. I believe that public sector wages and benefits should reflect those of the average taxpayer. I never wanted to be forced to wear cheap safety glasses where I work. I have the option of buying quality ones instead. I buy quality.
Private sector employees don't get a whole lot of options or choices in their benefit or retirement packages, why should public sector be any different? I think in light of the fact that it is tax dollars that pay for public sector employees that perhaps it should be put to a vote.
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Old 08-06-2013, 10:23 AM
 
3,537 posts, read 2,491,714 times
Reputation: 1034
Quote:
Originally Posted by GregW View Post
I believe public pensions should not be put at risk in the Stock market or any other private sector involvement. It should be set up where current payments are covered by current income. This would eliminate the risk of a market crash destroying the futures of people that never wanted to "invest in the market" or anywhere else beyond a long term savings account in a local bank. Public employees generally accept lower wages in return for health insurance, job security and a decent pension. Their employers with the problem pension systems have simply been cheating.
The funds must be invested in something though.
They should be invested in Muni bonds.

The very public unions who want to collective bargain against the taxpayer should have their pension invested in the very securities backed by the faith and credit of their employer like many private sector American workers do.

It would be similar to ESOP plans.
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Old 08-06-2013, 10:23 AM
 
20,950 posts, read 17,459,979 times
Reputation: 10270
Quote:
Originally Posted by Kibby View Post
OK .....
1. no stock market
2. fund with current income
3. interest from a savings account

question ....
What kind of "current income"?
You do know that savings accounts are at close to zero interest and have been for years - this is part of the reason for the high stock-market. It's the only way to keep up with inflation and earn money on your savings.

It's not the fault of the Stock Market that Pension Managers and Government officials have lied about the rates of return for years. It's the fault of the employees and Union leadership for letting them get away with these lies.
Don't expect to win arguments with lefties using facts.
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Old 08-06-2013, 10:25 AM
 
20,950 posts, read 17,459,979 times
Reputation: 10270
Quote:
Originally Posted by BoomBen View Post
The funds must be invested in something though.
They should be invested in Muni bonds.

The very public unions who want to collective bargain against the taxpayer should have their pension invested in the very securities backed by the faith and credit of their employer like many private sector American workers do.

It would be similar to ESOP plans.
They wouldn't consider it.
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