Skip to comments.Obamaland Pension Meltdown Update (liberal tax and borrow, 101)
Posted on 07/17/2010 7:04:17 AM PDT by no-llmd
The double whammy here is that Illinoiss pensions are in trouble because it already spent the money it needed for its pension contributions in past years on other spending: Which is to say, Illinois is borrowing money it will have to repay eventually to repay the pension money it already spent to pay for other spending it couldnt afford then and cant afford now. If youre wondering where Barack Obama developed his fiscal finesse, you dont have far to look.
(Excerpt) Read more at nationalreview.com ...
How can we survive 0bama’s presidency? If he is this bad now can you imagine what he will try to do in his second term?
I think “we” need to plan to be on our own, to become self sufficient with far less of our own money to use for the present and and save for the future, to survive this government.
Go to the mattresses!
We have to stop that second term.
We have to place a Conservative in the White House.
Not a faux Conservative, but a real one.
First thing is win back congress. We are not doing nearly enough. Join a Tea Party, get active. Writing on boards is nice and sending a few bucks is good, but it isn’t enough.
Your name implies that you are near the ocean. Perhaps the best option against barry is to set sail and dont look back.
If you believe barry can win a second term then that may be the best option.
In fact, the unions themselves are in trouble when it comes to fully funding their pension plans, particularly the health care portions. Why do you think they were such ardent supporters of the faux health care plan - it took billions of unfunded liabilities off their books.
Why is everyone in trouble?
In an earlier post I walked my fellow freepers through the numbers. Just like Social Security you need multiple people paying in to support a single retiree. And just like Social Security the impact of that requirement is decades (50 plus years) downstream.
The absolute minimum, ie no cost of living or inflation adjustments EVER, is four workers, or the funding for four workers, for every retiree. If you pursue the manpower option, four workers, you outgrown your population base - like Social Security has. If your pursue the funding option you break the bank as Illinois has.
In NW Florida we had a tax collector who was keeping the size of his work force down (future retirement debts) but offering bonus and incentives for greater work. Needless to say as soon as this was discovered he was chased out of office. How dare he do something responsible over the long term!
This system is going to collapse! :(:(:(:(
Yes I am on the ocean. If barry gives amnesty to the illegals he will get his second term.
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