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The 1.4T dollars is paid over 30+ years. Many times it isn't even paid because people die early and don't have a spouse or don't elect to have them added as a beneficiary since it reduces benefits.
So while the big scary numbers get people's attention, reality is those yearly numbers are much more reasonable but you don't see them quoted right? Why? Because then the article wouldn't be scary.
Not to say there aren't issues with certain pension plans. There will be changes for retirees, especially in states that are becoming less and less relevant as their old financial base continues to bleed away. 100% true. However for the most part, the actual impact will be quite small. Hell, we just pissed away 1.4T on some mostly useless tax cuts. How much have we spent on our nearly 2 decades in Afghanistan? Iraq war?
The 1.4T dollars is paid over 30+ years. Many times it isn't even paid because people die early and don't have a spouse or don't elect to have them added as a beneficiary since it reduces benefits.
So while the big scary numbers get people's attention, reality is those yearly numbers are much more reasonable but you don't see them quoted right? Why? Because then the article wouldn't be scary.
Not to say there aren't issues with certain pension plans. There will be changes for retirees, especially in states that are becoming less and less relevant as their old financial base continues to bleed away. 100% true. However for the most part, the actual impact will be quite small. Hell, we just pissed away 1.4T on some mostly useless tax cuts. How much have we spent on our nearly 2 decades in Afghanistan? Iraq war?
Yeah.
That so called spending which is mainly less revenue is federal, and feds can print money.
States cannot, and by law, most must balance budgets via same fiscal year revenue.
I do not see states in future authorized to print money. Do you?
That so called spending which is mainly less revenue is federal, and feds can print money.
States cannot, and by law, most must balance budgets via same fiscal year revenue.
I do not see states in future authorized to print money. Do you?
The point is 1.4 trillion dollars is a pretty small paltry sum for our federal government these days and they are not going to let the entire pension system Crash and Burn if it comes to that. The other point was that the big scary number is mostly bull****. Reality is most pension plans will be perfectly fine over their lifetime. There will be a few notable exceptions. Most of which will still see a significant percentage of their benefits paid out.
........maybe those states should have paid into the pension when they were suppose to instead of Governors coming in and using the money on......state owned beach houses.
........maybe those states should have paid into the pension when they were suppose to instead of Governors coming in and using the money on......state owned beach houses.
Or pissing it away on illegal aliens like moonbeam.
It is time to stop government employees getting rich off the taxpayer. Many retire with full benefits after twenty years at 40, then get another government job, put in another twenty then get another retirement check after that. Double, and triple dipping. The person who suffers as always is the productive, private sector tax payer.
It is time to stop government employees getting rich off the taxpayer. Many retire with full benefits after twenty years at 40, then get another government job, put in another twenty then get another retirement check after that. Double, and triple dipping. The person who suffers as always is the productive, private sector tax payer.
Jealous much? Very, very few government employees can retire after 20. In most states 20 year retirements are limited to police and firefighters.
Jealous much? Very, very few government employees can retire after 20. In most states 20 year retirements are limited to police and firefighters.
Not jealous, I just think government employee compensation, especially pensions have become out of control. Also the number of government employees are way to many to be justified. In my state it is 20 years for full retirement, and not just police, and fire. I spent my first five years out of grad school employed by state government, and friends that stayed in retired in twenty years, and got other government jobs with municipalities, or the Feds.
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