Public Pensions - Where is the Outcry?

DGS49

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In many if not most states, and in the Federal Government, we the taxpayers are very soon going to be victimized by a tsunami of new and raised taxes to pay for over-generous public employee pensions and associated benefits that our political "leaders" have foisted upon us over the past thirty years.

In my home state of Pennsylvania, the state employees and the state "education" employees pension funds are $55 billion underfunded, and that doesn't even include the exorbitant cost of healthcare for the little darlings during the 15 years or so between the time when they "retire" and the time when they can go on Medicare. The school districts in Pennsylvania will be raising taxes (mainly real estate taxes, under the current regime) by as much 50% over the next ten years, and we have a new governor who believes he was given the mandate to SPEND EVEN MORE on education! Un. Fucking. Believable.

Throwing salt in the wound is the egregious practice of allowing government employees to dramatically increase their earnings in their last few years with overtime, then have their pension calculated on the inflated earnings.

Most states, including Pennsylvania, have constitutional provisions that require them to maintain a balanced budget so that, unlike the Feds, these costs must be covered in real time, which means both tax increases and service cuts - although politicians will NEVER do anything that results in any government workers losing their jobs - they depend on those votes to get re-elected.

Unless you are on welfare, this will affect you dramatically. If you are a renter, read the fine print in your lease that allows the landlord to increase your rent when the property taxes increase. If you are a homeowner, you are fucked.

Where is the outrage? Where are the politicians who are even willing to admit that there is a problem? It is a national disgrace. In most states they are not even willing to seriously discuss changing new state hires to a defined contribution system.
 

gipper

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In many if not most states, and in the Federal Government, we the taxpayers are very soon going to be victimized by a tsunami of new and raised taxes to pay for over-generous public employee pensions and associated benefits that our political "leaders" have foisted upon us over the past thirty years.

In my home state of Pennsylvania, the state employees and the state "education" employees pension funds are $55 billion underfunded, and that doesn't even include the exorbitant cost of healthcare for the little darlings during the 15 years or so between the time when they "retire" and the time when they can go on Medicare. The school districts in Pennsylvania will be raising taxes (mainly real estate taxes, under the current regime) by as much 50% over the next ten years, and we have a new governor who believes he was given the mandate to SPEND EVEN MORE on education! Un. Fucking. Believable.

Throwing salt in the wound is the egregious practice of allowing government employees to dramatically increase their earnings in their last few years with overtime, then have their pension calculated on the inflated earnings.

Most states, including Pennsylvania, have constitutional provisions that require them to maintain a balanced budget so that, unlike the Feds, these costs must be covered in real time, which means both tax increases and service cuts - although politicians will NEVER do anything that results in any government workers losing their jobs - they depend on those votes to get re-elected.

Unless you are on welfare, this will affect you dramatically. If you are a renter, read the fine print in your lease that allows the landlord to increase your rent when the property taxes increase. If you are a homeowner, you are fucked.

Where is the outrage? Where are the politicians who are even willing to admit that there is a problem? It is a national disgrace. In most states they are not even willing to seriously discuss changing new state hires to a defined contribution system.
This is an outrage. But it will not result in any changes.

Hell we know the government is spying on all of us and essentially ignoring the Bill of Rights, yet no outrage. Americans have had numerous warnings about the illegal acts by our government, but nothing changes. From William Binney an NSA offical who warned us years ago to Snowden, Greenwald, Bradley Manning, Julian Assange, etc.

Sadly Americans have become sheep and our government the wolf. Americans have given up their freedom and now our government will give us slavery. The police state is alive and well....
 

Old Yeller

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When city retirement pays better than the job
The retired city manager of El Monte collects more than $216,000 a year, plus cost-of-living increases and fully paid health insurance.
El Monte has one of the heaviest public pension burdens of any California city. More than half its 116,000 residents were born outside the U.S., and one in four live in poverty. (Irfan Khan / Los Angeles Times)
la-me-el-monte-pension-20161227-photos-007.jpg

When city retirement pays better than the job

***216K is not even the highest. Annual Cost of living too.
3% * highest year paid * number of years served......
(90% is possible after 30 years work).

this is the sort of crap that makes me want to get out the AX handle and.......
The article is chock full of information but spread all throughout.
 

Jomama

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It is an outrage. Public service unions negotiate against NO ONE. It is a one-sided negotiation with these locusts and we are their crops.
 

gipper

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When city retirement pays better than the job
The retired city manager of El Monte collects more than $216,000 a year, plus cost-of-living increases and fully paid health insurance.
El Monte has one of the heaviest public pension burdens of any California city. More than half its 116,000 residents were born outside the U.S., and one in four live in poverty. (Irfan Khan / Los Angeles Times)
View attachment 104517
When city retirement pays better than the job

***216K is not even the highest. Annual Cost of living too.
3% * highest year paid * number of years served......
(90% is possible after 30 years work).

this is the sort of crap that makes me want to get out the AX handle and.......
The article is chock full of information but spread all throughout.
Sadly this kind of outright government corruption, is not limited to California. I suspect it is commonplace throughout the nation.

Working for Uncle is most lucrative.

No doubt many of us know people who work for government and will or have retired in style.
 

anotherlife

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In the Soviet Union, they say everyone got the same pension, and everyone had a little even when not working. In this new US pension system, only government insiders get a pension, and everyone else doesn't. Was the Soviet Union our enemy?
 

gipper

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In the Soviet Union, they say everyone got the same pension, and everyone had a little even when not working. In this new US pension system, only government insiders get a pension, and everyone else doesn't. Was the Soviet Union our enemy?
In some ways ways, it is worse then the USSR.
 

bear513

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In many if not most states, and in the Federal Government, we the taxpayers are very soon going to be victimized by a tsunami of new and raised taxes to pay for over-generous public employee pensions and associated benefits that our political "leaders" have foisted upon us over the past thirty years.

In my home state of Pennsylvania, the state employees and the state "education" employees pension funds are $55 billion underfunded, and that doesn't even include the exorbitant cost of healthcare for the little darlings during the 15 years or so between the time when they "retire" and the time when they can go on Medicare. The school districts in Pennsylvania will be raising taxes (mainly real estate taxes, under the current regime) by as much 50% over the next ten years, and we have a new governor who believes he was given the mandate to SPEND EVEN MORE on education! Un. Fucking. Believable.

Throwing salt in the wound is the egregious practice of allowing government employees to dramatically increase their earnings in their last few years with overtime, then have their pension calculated on the inflated earnings.

Most states, including Pennsylvania, have constitutional provisions that require them to maintain a balanced budget so that, unlike the Feds, these costs must be covered in real time, which means both tax increases and service cuts - although politicians will NEVER do anything that results in any government workers losing their jobs - they depend on those votes to get re-elected.

Unless you are on welfare, this will affect you dramatically. If you are a renter, read the fine print in your lease that allows the landlord to increase your rent when the property taxes increase. If you are a homeowner, you are fucked.

Where is the outrage? Where are the politicians who are even willing to admit that there is a problem? It is a national disgrace. In most states they are not even willing to seriously discuss changing new state hires to a defined contribution system.

Liberals like NY ignore it.

.
 

anotherlife

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In the Soviet Union, they say everyone got the same pension, and everyone had a little even when not working. In this new US pension system, only government insiders get a pension, and everyone else doesn't. Was the Soviet Union our enemy?
In some ways ways, it is worse then the USSR.
When Bissmarck established the world's 1st state pension system in the 19th century, he meant it only to keep old people from begging and freezing on streets.

When Ronald Reagan expanded it into private retirement accounts, he turned it into a feudal style privilege.

Now that this too gets bubbled and busted, the clever ones replace it with the taxpayer. Better than bissmarck's payroll scheme, better than reagan's investment scheme, better than anything before, a true feudal privilege system, where everyone else is the tax obligated peasant. Bravo. The American government has just outdone King George.

By the way, this is an unlimited resource, the Californian tax jurisdictions tax you "worldwide", for example if you retired in e.g. Ohio, then moved to California to your children, California will tax your Ohio pension income drawn in Ohio. This is how clever they are. The tax payer is the ultimate unlimited bio mass of cash source and energy source.
 

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