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Started By
Message
re: Turtle shitting on using money to bail out state pensions
Posted on 4/22/20 at 11:58 am to Redleg Guy
Posted on 4/22/20 at 11:58 am to Redleg Guy
When they emerge from bankruptcy they’ll find borrowing much more difficult. They’ll have to be more frugal.
1
Posted on 4/22/20 at 11:58 am to Taxing Authority
These state plans need to either be renegotiated by the state or local government or pay little to nothing.
Posted on 4/22/20 at 12:00 pm to hogcard1964
quote:
Yea, screw retirees!
The state made a promise it couldn’t keep.
Posted on 4/22/20 at 12:00 pm to mightyMick
quote:
these state plans need to either be renegotiated by the state or local government or pay little to nothing.
Just settle it fairly, give the pensioners their contributions, those that were required to be put aside over the years as a match, plus the interest that would’ve accrued (use 30 year DJIA average returns).
Posted on 4/22/20 at 12:02 pm to Lima Whiskey
quote:As it should be.
When they emerge from bankruptcy they’ll find borrowing much more difficult. They’ll have to be more frugal.
Posted on 4/22/20 at 12:03 pm to Lima Whiskey
quote:The parasites have killed their host. Always a bad move.
The state made a promise it couldn’t keep.
Posted on 4/22/20 at 12:03 pm to Lima Whiskey
quote:
The state made a promise it couldn’t keep
In most casss y’all are advocating for the outright confiscation of money contributed by the retiree or their employer. Just know once you cross that threshold it’ll be your 401k up next. There are more people who don’t have shite that’ll demand a slice of yours than you can imagine.
Posted on 4/22/20 at 12:13 pm to Taxing Authority
Not any longer.
I have a first hand look at Chicago's 4 major Funds.
I have a first hand look at Chicago's 4 major Funds.
Posted on 4/22/20 at 12:14 pm to udtiger
I'm a state employee and I agree with Turtle.
Posted on 4/22/20 at 12:18 pm to Dawgfanman
quote:Nope. Most of these retirees are receiving several multiples over what they put in + some reasonable ROI. That's why their funds are going bankrupt.
In most casss y’all are advocating for the outright confiscation of money contributed by the retiree or their employer
quote:If you think your 401k is safe right now, you're naive.
Just know once you cross that threshold it’ll be your 401k up next.
Posted on 4/22/20 at 12:26 pm to Tiguar
quote:
They won't; nor can they afford it. The states have negotiated so many horrible deals with different unions it's unreal. Rumors are that our true debt including these pensions is close to $120T.
And its why unions should NEVER be allowed in the public sector. Union boss sits across from the mayor and says I can get you the police/fire/clerical union I need 5% pay increase. Mayor says people wont sit for it. Union boss, okay let my people retire 3 years early 80% pay, you will be long gone before it comes due. Next election, next and pretty soon they are retiring at 52 with full pension for highest annual pay year and the last year of work the union lets him work 20 hours of overtime every week with part of it on Saturday at triple time. Plus full medical benes for he and family at little cost.
Then every city, every county, every dept uses as a benchmark and pretty soon you have californias retirement.
Course they tell you they have a surplus cause they took the first three years of stock market trump was in office, say they will have all the money in stocks and extrapolate it over 40 years and voila we are solvent, heck we have a surplus, spend it.
Posted on 4/22/20 at 12:28 pm to Taxing Authority
quote:
Nope. Most of these retirees are receiving several multiples over what they put in + some reasonable ROI. That's why their funds are going bankrupt
This is true of most SS retirees. This is also true of most 401k. It’s the very nature of investing. The funds are going bankrupt for much the same reason as SSI, the money was often used for other things in years gone by.
Posted on 4/22/20 at 12:29 pm to Manzielathon
quote:
Lmao, okay. I’m glad he’s not supporting this but let’s not pretend like Republicans don’t do this shite all the time alongside the Democrats.
I have started a search.
Tell us who they would be and how enough people could get elected and then get reelected after doing anything about it.
The problem is the voters or enough of them who don't understand how borrowing works.
Our 5 lone wolves who actually say something about deficits are never going to accomplish anything other than CSPAN speeches.
Posted on 4/22/20 at 12:30 pm to Tiguar
quote:
Tiguar
Are you a dumb and lazy millennial ?
Posted on 4/22/20 at 12:31 pm to 93and99
No. Are you a selfish entitled boomer?
Posted on 4/22/20 at 12:33 pm to Tiguar
quote:
No. Are you a selfish entitled boomer?
I am not a boomer.
I am stuck between boomers and dumb and lazy millennials.
Posted on 4/22/20 at 12:35 pm to Dawgfanman
quote:Absolutely! And it's going to meet the same fate.
This is true of most SS retirees.
quote:Huh? You'll have to let me know how I put put $10k in to a 401k and receive greater than the asset growth back on it as a return.
This is also true of most 401k.
Posted on 4/22/20 at 12:36 pm to MrLarson
quote:
I thought all the gov's were for States Rights?
They’re like rebellious 17 year olds that want their independence and freedom, but have no intention of moving out from under Mommy and Daddy’s roof.
Posted on 4/22/20 at 12:37 pm to 93and99
ok then 
Posted on 4/22/20 at 12:40 pm to Dawgfanman
quote:
he money was often used for other things in years gone by.
Ok, so where is it the Federal government's responsibility to bail out States for being stupid?
Also, many states negotiated such plans with unions that were stupid to start with. Full medical post retirement, 70% of base salary, etc. The retirees did not put the money in for that...
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