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Old 08-20-2013, 02:14 AM
 
2,151 posts, read 1,349,565 times
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http://www.statebudgetsolutions.org/...cingUpdate.pdf

Considering the current crisis in Detroit, I think people should know in what kind of mess we will be in the future with unfunded pension plans. Unfounded liabilities with state pension funds amount to $ 4.6 Trillion in the future. This is simply unsustainable.
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Old 08-20-2013, 02:34 AM
 
18,032 posts, read 10,582,438 times
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Then there's people among that 41% without any pension themselves funding those pensions.
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Old 08-20-2013, 02:52 AM
 
Location: Fredericktown,Ohio
7,160 posts, read 4,845,060 times
Reputation: 2912
Yep, the fat lady is stepping up to the mike we will long for the good old days.
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Old 08-20-2013, 03:29 AM
bUU
 
Location: Florida
12,077 posts, read 9,522,850 times
Reputation: 8765
One could wonder why there is even a question whether we should live up to the obligations we've made. However, unfortunately, there are a lot of selfish people out there who extol the virtues of their brutalistic, egoistic avarice, and rationalize their opposition to social conscience, at least in their own mind, on the basis of their own personal advantage, with callous disregard for others and for society overall. Exploitative opportunism is the way some people choose to live their lives. What is a society built on such institutionalized, myopic, self-serving betrayal?
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Old 08-20-2013, 04:14 AM
 
79,600 posts, read 38,222,992 times
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Quote:
Originally Posted by bUU View Post
One could wonder why there is even a question whether we should live up to the obligations we've made. However, unfortunately, there are a lot of selfish people out there who extol the virtues of their brutalistic, egoistic avarice, and rationalize their opposition to social conscience, at least in their own mind, on the basis of their own personal advantage, with callous disregard for others and for society overall. Exploitative opportunism is the way some people choose to live their lives. What is a society built on such institutionalized, myopic, self-serving betrayal?
Someone makes unsustainable promises to a group of people to obtain some well paid position for themselves and when the bill comes due those without a pension are selfish for not wanting to live up to something they had no part in creating?
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Old 08-20-2013, 05:13 AM
 
11,087 posts, read 7,624,150 times
Reputation: 6387
Tax those like bUU at 90 percent of their 'income', whatever it is.
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Old 08-20-2013, 05:24 AM
 
Location: Prepperland
15,460 posts, read 11,187,784 times
Reputation: 12213
The bottom line : you cannot penalize the productive for the benefit of the nonproductive. It is unsustainable.
You can denigrate the donor class all you wish, but the recipient class cannot vote itself ever greater benefits without collapsing the system.
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Old 08-20-2013, 05:57 AM
 
Location: Long Island, NY
19,777 posts, read 12,573,780 times
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The Great Pension Scare

This study says says that it’s $3.8 trillion in total liabilities, not unfunded; unfunded liabilities are only $1 trillion.

Quote:
According to the survey, the ARC is currently about 15 percent of payroll; in reality, state and local governments are making only about 80 percent of the required contributions, so there’s a shortfall of 3 percent of payroll. Total state and local payroll, in turn, is about $70 billion per month, or $850 billion per year. So, nationwide, governments are underfunding their pensions by around 3 percent of $850 billion, or around $25 billion a year.

A $25 billion shortfall in a $16 trillion economy. We’re doomed!
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Old 08-20-2013, 06:01 AM
 
4,130 posts, read 4,111,957 times
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Quote:
Originally Posted by MTAtech View Post
The Great Pension Scare

This study says says that it’s $3.8 trillion in total liabilities, not unfunded; unfunded liabilities are only $1 trillion.
Reality has a liberal bias, and right wingers won't let it get in the way of a ragefest
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Old 08-20-2013, 06:07 AM
 
Location: Great State of Texas
86,068 posts, read 77,406,875 times
Reputation: 27656
Cities and states can just raise taxes to cover any shortfalls.
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