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Mark it down - When the bond and derivatives markets crash, every one of those pensions will undergo severe haircuts. Every one of them.
There is simply not enough production to sustain them. And the printing scheme eventually collapses on-top of itself once the dollar is pushed out of the reserve currency status - and either a morphed gold standard or an equal-weighted basket of currencies replaces it.
Oh. Except you responded to a comment about all public employees, not just the ones in the referenced article.
You are the one shuffling, not too much difference in state employees or government......but hey! whatever, you're the one moving the goalpost, while accusing others of not understanding!
You are the one shuffling, not too much difference in state employees or government......but hey! whatever, you're the one moving the goalpost, while accusing others of not understanding!
I understand perfectly. Blame the employees. That's the soup du jour for most of you guys.
I realize that I'm on the other coast but I paid into my pension every single paycheck for 32 years. The last few years at a higher rate than other retirement system employees. That higher differential went to balance the General Fund and not to the pension system. It was called the Teacher Tax.
Now we have guys like you saying that we don't deserve it. I could have taken that 5%, and later 7%, and invested it for a better return than 32% of final year gross than I'm getting.
I understand perfectly. Blame the employees. That's the soup du jour for most of you guys.
I realize that I'm on the other coast but I paid into my pension every single paycheck for 32 years. The last few years at a higher rate than other retirement system employees. That higher differential went to balance the General Fund and not to the pension system. It was called the Teacher Tax.
Now we have guys like you saying that we don't deserve it. I could have taken that 5%, and later 7%, and invested it for a better return than 32% of final year gross than I'm getting.
Look this article isn't about you or your state. Your state may be able to handle the cost, California is not going to be able to handle this. If you pay for your pension than more power to you. The article is stating the taxpayers of California are going to have to pay into this retirement plan, whether they like it or not. How is this fair to those that get no pension at the end of 32 years, why should you and others be special in life, off the backs of taxpayers?
Did you even read the article?
The average retirement age for CHP officers is 54. Someone that age without a pension who wanted to buy an annuity to generate the same income for life would have to pay more than $2.6 million, according to Fidelity Investments. Few Americans have that kind of nest egg.
About a third of those between 55 and 64 have no retirement savings, according to Alicia Munnell, who was an economic advisor to President Bill Clinton and is now director of the Center for Retirement Research at Boston College. For those with savings, the median was $111,000 in 2013, she said.
“If I was in the private sector just struggling to get by, had no dream of retiring, would I be upset?†Hamm asked during a recent interview. “Yeah. And we have to understand that’s a reality.â€
Joe Nation, a former Democratic assemblyman who teaches public policy at Stanford’s Institute for Economic Policy Research, sees the same reality bearing down on public employees. He believes their sweetened pensions are not sustainable.
“There’s no way to close this gap without some sort of hit, or financial pain, for those employees,†he said.
If a Democrat can see this, not sure why you can't.
Public employees also have the right to expect what was promised as part of their employment compensation! Don't provide pensions and see the labor pool dry up.
Just because they have the power of the government behind them, doesn't mean they should take advantage. Lots of folks lost their pensions when the economy tanked, and round themselves with less than they expected. The difference is that they weren't able to make the difference up through mandatory taxes.
Just move out of CA. Let the remaining Leftists pay for all of this BS.
That's what my husband and I plan to do.
I'm just fed up with my husband and I paying exorbitant taxes so that illegals and entitled government employees can be pampered for life in this overcrowded desert state.
Though I am sure Davis got along with the Democrat legislature to pass that, that was not the main problem.
There are two we inherited.
#1 Jerry (Moonbeam) Brown signed into law in his first term decades ago the UNIONIZING OF STATE GOVERNMENT EMPLOYEES TO MOSTLY IMO TRANSFER DONATIONS FROM UNIONS TO THE STATE DEMOCRAT PARTY. PAY TO PLAY!
#2 Jerry Brown decades ago in an earlier term also gave our water away back to the north causing us a permanent state of drought. Anyone with historic knowledge of California knows the south was not allowed to expand by millions until we had water rights. We had them and after a few good years of rain Moonbeam gave them away.
I don't know how that wasn't illegal to do or why the voters forgot and haven't already chased Brown out of state with tar and feathers.
Brown's father lost the governorship for giving the north's water to the south. You don't think he would have remembered that?
I'm just fed up with my husband and I paying exorbitant taxes so that illegals and entitled government employees can be pampered for life in this overcrowded desert state.
I like colder weather anyway.
It is really too bad, because CA is the best state in my opinion. We left almost 30 yrs ago because self-employment was getting harder and harder to have any success.
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