Opinion What's going to happen when the local and state pensions in America go bust?

[vengeful]

So the conservatives on this forum are calling Bernie "Doormat" now.....Holy shit you dorks are followers.

 

[boingyman]

I"m a government employee and I agree, especially at the state and local level. You have cities that offer 3%/year pensions. I have a friend that gets over $100k pension per year in his 50s.

 

[bobgeese]

Trump didnt deliver on his promises now you gotta lower the bar - 1/3 of the wall might be completed in his first term LOL
is mexico still paying for it? the fuck it is
are mexican drug cartels still smuggling drugs into USA? of course
are mexican drug cartels still smuggling mexicans into USA? of course

so what good is that 1/3 of the wall?

just another in long line of trump lies and failed promises

^^^ cope post

 

[bobgeese]

So the conservatives on this forum are calling Bernie "Doormat" now.....Holy shit you dorks are followers.

I don’t call him that, but it IS the perfect nickname. The guy stays getting stepped on by everyone.

 

[Fanu]

^^^ cope post

meh another trump supporter that has fuck all to say in light of Trump failed promises
laugh all you want, mexicans are still crossing the border

 

[bobgeese]

, mexicans are still crossing the border

Of course they are you doofus. Did you think trump could perform miracles?


This is why you retards fall for the Bern. You’re to gullible to recognize the pipe dream he’s selling you is a fantasy. Just be glad Americans rejected him before you realize the Bern was herpes.

 

[Fanu]

Of course they are you doofus. Did you think trump could perform miracles?
This is why you retards fall for the Bern. You’re to gullible to recognize the pipe dream he’s selling you is a fantasy. Just be glad Americans rejected him before you realize the Bern was herpes.

oh the irony
the only pipe dream sold was all the Trump flip flops to his supporters
no economy numbers to save him anymore, only thing left are his failures

keep deflecting by mentioning everyone else , its the only thing left to trumptards now that all of the economy gains during his presidency have been wiped out and there is nothing positive left of his presidency

 

[llperez22]

Damn what’s with the vitriol for people with pensions? You guys mad at people who’ve made good career choices? Keep in mind most pensions aren’t going to be 6 figures a year or anything. My pension is 2%/year worked. I plan on retiring after 31 years thus I’d get 62% of my final salary when I retire for life. I’m sorry but that doesn’t make me the bad guy and to hell with anyone suggesting legit just ripping away people’s retirement plans because they feel like it.

 

[Ice That Jaw]

I"m a government employee and I agree, especially at the state and local level. You have cities that offer 3%/year pensions. I have a friend that gets over $100k pension per year in his 50s.

People that get high pensions in states like in Illinois are actually worse off than folks with lower pensions in states like Maryland because Illinois doesn't provide social security at the state level. That is why the pension is high, the state opted out of SS. Social security actually adjusts for the cost of living while that 100k pension does not. So in the end, the guy in MD with a 40k pension and social security with adjusted cost of living is much better off. The longer he lives, the more money he gets yearly.

 

[Deleted member 159002]

Damn what’s with the vitriol for people with pensions? You guys mad at people who’ve made good career choices? Keep in mind most pensions aren’t going to be 6 figures a year or anything. My pension is 2%/year worked. I plan on retiring after 31 years thus I’d get 62% of my final salary when I retire for life. I’m sorry but that doesn’t make me the bad guy and to hell with anyone suggesting legit just ripping away people’s retirement plans because they feel like it.

I have nothing against workers with pensions; they've chosen certain jobs because they find them fulfilling and/or they find them the best means to the end of providing for themselves and their families. Who could fault someone for that? My "vitriol" is only for the politicians who support these pensions, which their constituents pay for, but only a fraction of them end up getting. It's catering to a special interest group at the cost of everyone else.

The public sector unions typically frame the debate as the little working man (government employee) wanting his 'fair share' from the big, corporate fat cats who just keep taking more of the pie for themselves. There are problems with this narrative.

First, if it's 'us against them' (where the workers are "us" and the rich are "them"), then every worker should be part of the same pension system. Giving pensions to government workers does nothing to bridge the gap in material comfort between private sector workers (who are the vast majority of the workforce) and the rich. All it does is widen the gap between most private sector workers and public sector workers.

Second, and this isn't a problem inherent in public sector pensions, but is in practice, is that a lot of government jobs have "diversity" initiatives. People apply for government jobs and then get rejected because there are already too many people who 'look like them' in the field, and then end up paying the pensions of the people who met the preferred demographic criteria while working a private sector job where all they get is a 401k. If I'm one of those people discriminated against for race or sex, of course I'm going to oppose paying for pensions for the people making hiring decisions and the people they hire.

 

[Sketch]

Man... Three right-wing trolls all posting within minutes of one another. You guys need to get lives. It's amazing how much time and energy you buffoons put into this shit.

You ok?

 

[HunterSdVa29]

3% is a bit much for a pension IMO, many Cali Police Officers get that as their pension

even the military only gets 2% now, down from the old 2.5%

 

[EndlessCritic]

Lots of state pensions guarantee absurd rates of return like 7.5% forever. Lots of these pensions are only 60% or 70% funded, leaving many unfunded with no real plan to make up the difference.

IMO as the boomers continue to retire, eventually these plans are going to go bust. What will happen? Will they shift their unfunded liabilities onto state taxpayers? Will the federal government bail them out? Will the retirees just not get their promised money?

If I were a State facing a shortage like that I'd probably try to release some contagious virus which disproportionately kills old people.

 

[panamaican]

Since this targets older people harder, we should expect the pension drawing population to see some corona related declines. This will relieve some of the pressure on those pension systems.

Think about it.

 

[AndroidRage]

Lots of state pensions guarantee absurd rates of return like 7.5% forever. Lots of these pensions are only 60% or 70% funded, leaving many unfunded with no real plan to make up the difference.

IMO as the boomers continue to retire, eventually these plans are going to go bust. What will happen? Will they shift their unfunded liabilities onto state taxpayers? Will the federal government bail them out? Will the retirees just not get their promised money?

We can come up with 1.5 trillion for Wallstreet to burn with nothing to show for it but we can't give Pensioners the money they worked for! I mean where would we get the money? Who is going to pay for all this? No one asked as over a Trillion dollars was approved and magically appeared in less than a week only to disappear in a day.

 

[Fanu]

Yes, those are assets, not cash or income.

https://www1.salary.com/Jeffrey-P-Bezos-Salary-Bonus-Stock-Options-for-Amazon-Com-Inc.html
https://www.cnn.com/2019/04/11/tech/jeff-bezos-pay/index.html
https://www.sapling.com/4516642/buy-house-through-business



Good luck on turbo tax this year.

yeah, I'd like to have those assets as well with 82k income..

 

[Amerikuracana]

Damn what’s with the vitriol for people with pensions? You guys mad at people who’ve made good career choices? Keep in mind most pensions aren’t going to be 6 figures a year or anything. My pension is 2%/year worked. I plan on retiring after 31 years thus I’d get 62% of my final salary when I retire for life. I’m sorry but that doesn’t make me the bad guy and to hell with anyone suggesting legit just ripping away people’s retirement plans because they feel like it.

Unsustainable is unsustainable. The government creating loyalty by scamming non-government employees is unsustainable. Almost no government jobs create wealth for America, but that's also true of most other jobs these days. People are getting tired of the "service" ruse we are supposed to "appreciate" from government (especially LEOs) when they are retiring well before 55 and getting 30 years of welfare bonanza.

 

[BIKES!]

Lots of state pensions guarantee absurd rates of return like 7.5% forever. Lots of these pensions are only 60% or 70% funded, leaving many unfunded with no real plan to make up the difference.

IMO as the boomers continue to retire, eventually these plans are going to go bust. What will happen? Will they shift their unfunded liabilities onto state taxpayers? Will the federal government bail them out? Will the retirees just not get their promised money?

Yes, that’s what’s happening in nearly every blue state. Unions are Covaid 20 and Bubonic Plague birth child.

I mean, why shouldn’t gumbint workers be fucking entitled to guarenteed pay for life while everyone else lives paycheck to paycheck with little to save for retirement.

private sector offers an average of 2% 401k match yet Teachers, firefighters, cops, admins get up to 100% of their highest pay. Seems about right

 

[nostradumbass]

yeah, I'd like to have those assets as well with 82k income..

I'm sure you would, but that doesn't make it taxable income.

 

[Fanu]

I'm sure you would, but that doesn't make it taxable income.

dude
whether or not his net worth is liquid obviously makes no difference as he can afford whatever the fuck he wants - and means of payment are irrelevant

are you honestly shilling for richest guy on the planet?