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I have no plan or desire to work until I'm 65. I'm also not going to expect taxpayers to pay my way when I retire before then though.
Congrats to you. You are doing it correctly then. No one can expect the taxpayers to support your early retirement! That goes for all posters reading!
People in Detroit were working for only 20-30 years and then expecting taxpayers to fund a lavish extended retirement for them. Absolutely no sympathy from me.
People in Detroit were working for only 20-30 years and then expecting taxpayers to fund a lavish extended retirement for them. Absolutely no sympathy from me.
The problem is twofold, they were granted these pensions. That should of never happened in the first place.
This issue is not just about Detroit either, it's pretty big problem across the country. There is going to be a lot more Detroits where these pensions are concerned.
People in Detroit were working for only 20-30 years and then expecting taxpayers to fund a lavish extended retirement for them. Absolutely no sympathy from me.
Of course it's wrong. The stewards of the public trust were criminally irresponsible. But "the deal" is "the deal". Those hired expect what "the deal" was and should rightly expect the deal to be honored.
The problem is that they were promised what could not be promised.
It's an "unsolveable" problem. There are no wins, for anyone.
Congrats to you. You are doing it correctly then. No one can expect the taxpayers to support your early retirement! That goes for all posters reading!
People in Detroit were working for only 20-30 years and then expecting taxpayers to fund a lavish extended retirement for them. Absolutely no sympathy from me.
Working 20 years and then drawing a pension for 40 years is indeed not sustainable.
I feel sorry for the retirees and those close to retirement.
They worked for the city for 30+ years with the promise of a pension.
It will surely be gutted like what happened to GM retirees.
Private or public sector..stuff like this shouldn't be allowed against normal Joe who puts in 30 years only to end up with peanuts because his boss didn't keep the pension plan funded.
Judge: Detroit can use bankruptcy to confront debt
The decision set the stage for officials to confront $18 billion in debt with a plan that might pay creditors just pennies on the dollar and is sure to include touchy negotiations over the pensions of about 23,000 retirees and 9,000 workers. Orr says pension funds are short by $3.5 billion.
He also acknowledged that pensions would be a sensitive issue because they represent a "human dimension" to the crisis, with some retirees getting by on less than $20,000 a year.
Cool-
I think that the people who worked in Detroit and actually believed this load of nonsense (like the same people who believed in the "math" of Obamacare") deserve what they get.
If they were that dumb to presume that such a Ponzi Scheme could actually be perpetuated long term, then they were certainly gullible. This, of course, holds true for most of the state, city, and federal workers in the US currently.
What is Obama promoting nationally? The same thing- However, liberal idiots will embrace these policies as well, right until they collapse in insolvency, like Detroit, leaving the very same people they purported to support to poverty and destitution.
Liberals will never wake up until they have been driven to hunger, poverty, and homelessness by the very same policies they, themselves, supported and helped to foster.
Sometimes an idiot gets what they deserve. This is how the world stops the perpetuation of idiots.
People in Detroit were working for only 20-30 years and then expecting taxpayers to fund a lavish extended retirement for them. Absolutely no sympathy from me.
A lot of government type pensions are like that. Very well compensated for a few years worth of work compared to the private sector. Looks like the gravy train is about to end.
Quote:
Back in 2005, some 1,841 retirees pulled down more than $100,000 a year in pension checks from the California Public Employees Retirement System.
By 2009, this so-called "$100K club" had more than tripled, to 6,133 members.
And by the end of 2012, membership more than doubled yet again, to 14,763, according to data from CalPERS.
Detroit had multifarious problems. This is a good article about the rise & fall of Detroit, with many superb graphs & charts. I think I would want to double source the claims that Coleman Young was a stalwart fiscal conservative.
Interesting story--the father of a guy I know was an army buddy of Coleman Young and stayed in touch for life. When Coleman Young was like 70 years old, he knocked up one of the secretaries in the mayor's office. Young was able to keep it completely hushed up, & it never got into the press.
Social Security, pensions -- these are very condescending and demeaning concepts. They mean "you are stupid to save for yourself, you are irresponsible to be entrusted with your own money, you barefoot dumb moron. So you give me the vote, I give you money I will take from others."
What's even worse -- money is forcibly taken from people, and given to the least trustworthy vegetable ever known to man -- politicians. Which can be counted on to screw us, without fail.
At the same time they are going into bankruptcy...a 235 million dollar subsidy for a new stadium is going forward.
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