Discussion in 'Politics' started by Flaylo, Dec 17, 2010.
Richard Trumka: Republicans Have Forsaken Any Claim to "Fiscal Responsibility"
And I care what a marxist revolutionary claims, because?
Behind every insolvent city or state is a union.
1937 Social Security Democrats
1938 Fanny Mae Democrats
1965 Medicare Democrats
1970 Freddie Mac Democrats
1979 CRA Democrats
1992 Cuomo HUD/ Clinton Democrats
2010 Obamacare Democrats
. State, unlike federal, budgets, cannot run as deficits. Virtually all states have balanced budget requirements, so they must take actions to close these deficits. (State Budget Deficits for Fiscal Year 2004 are Huge and Growing, Revised 1/23/03) So, what to do? Simple: conjecture a better world!
a. In 2008, states reported that their public-employee pensions were underfunded by a total of $438 billion. But independent estimates say the underfunding is closer to $3 trillion. Why? The states make up estimates of return at unbelievable levels: the median investment return factored in by state pensions is 8% a year! AEI - The Market Value of Public-Sector Pension Deficits
b. The official state estimate in underfunded pension liabilities to New Jerseys public workers stands at $46 billion. It is one of the highest liabilities in the nation, averaging $5,200 per capita. The estimate is based on an assumed rate of return on pension assets of 8.25 percent
National Taxpayers Union - Overvalued and Underfunded: New Jersey?s Pension Time Bomb
c. Now, what happens if the state cannot pay the pensions? Taxpayers are legally obligated to make up any difference between whats been promised and what can actually be paid. Pension Pulse: Pension Woes May Deepen Financial Crisis
Those darn Democrats. Helping people to put away money for their old age. Helping people own "homes". "Helping people".
Republicans help 1.7% of the top income earners. I guess they feel "quality above quantity". For Republicans, only "rich people" matter. Everyone else? Not so much.
Fail&Won'tGo announced his departure from the board over a month ago... he has forsaken any claim to credibility.... Not that he had any credibility.... continual links to HuffyPuffy tend to kill a person's credibility anyway.
Double fail for Fail&Won'tGo.
2003 Medicare Part D
2003 Invasion of Iraq or Tax Cuts while involved in two wars (your choice)
All those programs were paid for until the Reagan revolution began the tax cut death spiral.
Of course she forgot. She's a partisan hack with a gargantuan contempt for facts.
She left out the disaster of Reaganomics that is what started us down this trail of doom.
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