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Old 08-05-2013, 12:45 PM
 
Location: North America
19,784 posts, read 13,867,954 times
Reputation: 8489

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A lot of public service employees are going to get a rude awakening when they go to retire. These states need to do what Florida did, require employee contributions to the state pension plan.

Pandemic of pension woes is plaguing the nation

Detroit, you're not alone.

Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.

A CNBC.com analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement.
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Old 08-05-2013, 01:03 PM
 
Location: Colorado
1,973 posts, read 2,170,094 times
Reputation: 1756
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.
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Old 08-05-2013, 01:07 PM
 
3,537 posts, read 2,532,581 times
Reputation: 1034
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.
Yeah, it really sounds like you want to work together as a nation.
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Old 08-05-2013, 01:08 PM
 
Location: Jacksonville, FL
8,811 posts, read 9,006,361 times
Reputation: 7312
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.
I agree with getting rid of the regressive tax rate. It makes zero sense to tax one income bracket at a higher rate than you tax others. Having everyone pay a flat percentage of their income as a tax would be a much more balanced way of approaching the issue.

Taxing the upper class more order to pay for the pensions of the middle class? Why? How about having the middle class contribute to their own pensions, as anyone with a bit of common sense would call for?
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Old 08-05-2013, 01:09 PM
 
Location: Sonoran Desert
34,922 posts, read 45,037,863 times
Reputation: 23920
Quote:
Originally Posted by carterstamp View Post
A lot of public service employees are going to get a rude awakening when they go to retire. These states need to do what Florida did, require employee contributions to the state pension plan.

Pandemic of pension woes is plaguing the nation

Detroit, you're not alone.

Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with great trepidation.[b] Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.

A CNBC.com analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement.
Maybe they should have paid for (funded) what they promised over the many years.

You fail to mention an important point in the article. Recent cuts to pension benefits for government workers have not been accompanied by offsets in higher wages. Benefits are compensation. If you make them pay more for their pensions, then it is effectively a cut in wages.The result is that government workers are now 20% undercompensated with respect to private employers of the persons with similar skills and positions. While that hasn't mattered much over the past few years. In a rising economy, it is going to be very difficult to attract talent.

Regardless of whether it is social security, medicare, private or public pensions, the boomers are not going to go away cheaply and they will be a continuing burden long after they do.

Last edited by Ponderosa; 08-05-2013 at 01:17 PM..
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Old 08-05-2013, 01:10 PM
 
3,537 posts, read 2,532,581 times
Reputation: 1034
Quote:
Originally Posted by JimRom View Post
I agree with getting rid of the regressive tax rate. It makes zero sense to tax one income bracket at a higher rate than you tax others. Having everyone pay a flat percentage of their income as a tax would be a much more balanced way of approaching the issue.

Taxing the upper class more order to pay for the pensions of the middle class? Why? How about having the middle class contribute to their own pensions, as anyone with a bit of common sense would call for?

the poster wants their life subsidized by someone else's wealth. Its pathetic.
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Old 08-05-2013, 01:12 PM
 
21,913 posts, read 11,588,163 times
Reputation: 10749
Quote:
Originally Posted by carterstamp View Post
A lot of public service employees are going to get a rude awakening when they go to retire. These states need to do what Florida did, require employee contributions to the state pension plan.

Pandemic of pension woes is plaguing the nation

Detroit, you're not alone.

Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.

A CNBC.com analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement.
The Public Unions have to be willing to lower the expected rate of return to rational levels and work to have lower management fees not to Union buddies. Otherwise, more money will have to go in or less in benefits will have to come out.

Besides pensions, other government benefits to these people are at risk...often they get health insurance for life - this is underfunded. Don't forget social security.
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Old 08-05-2013, 01:14 PM
 
Location: North America
19,784 posts, read 13,867,954 times
Reputation: 8489
Quote:
Originally Posted by Ponderosa View Post
Maybe they should have paid for what they promised or does that only apply to people who buy homes, cars, and have credit cards?

The problem is that the pensions are underfunded. A promise isn't worth a hill of beans if there is nothing left in the pension fund. Florida started deducting 3% before taxes (as per the law) to suppliment the pension fund. they are also requiring new employees to enroll in the defined contribution pension fund, instead of the defined benefit. It was a blow to state employees, who hadn't gotten a raise in over 6 years.

Florida doesn't pay pensioner's HC insurance, you either pay for it in full or you go on Medicare.
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Old 08-05-2013, 03:03 PM
 
Location: Sonoran Desert
34,922 posts, read 45,037,863 times
Reputation: 23920
Quote:
Originally Posted by carterstamp View Post
The problem is that the pensions are underfunded. A promise isn't worth a hill of beans if there is nothing left in the pension fund. Florida started deducting 3% before taxes (as per the law) to suppliment the pension fund. they are also requiring new employees to enroll in the defined contribution pension fund, instead of the defined benefit. It was a blow to state employees, who hadn't gotten a raise in over 6 years.

Florida doesn't pay pensioner's HC insurance, you either pay for it in full or you go on Medicare.
The reason they are underfunded is that the people who promised them did not make contributions required over the years that were required to keep those promises. They reneged. They failed in their responsibility as public officials. That is what I meant.
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Old 08-05-2013, 03:09 PM
Status: "sinister is latin for left" (set 7 days ago)
 
37,045 posts, read 24,000,360 times
Reputation: 20098
Quote:
Originally Posted by JimRom View Post
I agree with getting rid of the regressive tax rate. It makes zero sense to tax one income bracket at a higher rate than you tax others. Having everyone pay a flat percentage of their income as a tax would be a much more balanced way of approaching the issue.

Taxing the upper class more order to pay for the pensions of the middle class? Why? How about having the middle class contribute to their own pensions, as anyone with a bit of common sense would call for?
you appear to be conversing with a liberal, so that one's out.
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