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Taxes in many states, such as California and New Jersey, will have to skyrocket to pay for the pensions and other government spending, but raising taxes much higher will drive productive people out of those states. I think some states will eventually need to declare bankruptcy and scale back the overly generous benefits that have been promised.
1 posted on 12/21/2008 4:30:56 AM PST by reaganaut1
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To: reaganaut1

As far as I am concerned, state workers can go hang. At this point, I’d almost rather go back to the days when every new administration from every last political venue FIRED the whole raft of state workers and patronaged their own in. This way we wouldn’t have the unions OR the bloated, undeserved pensions to try to fund with MY tax dollars!


2 posted on 12/21/2008 4:32:47 AM PST by Mobile Vulgus
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To: reaganaut1

Young people really need to work more and hand over more.
/sarc


3 posted on 12/21/2008 4:39:53 AM PST by Leisler
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To: reaganaut1
I think some states will eventually need to declare bankruptcy and scale back the overly generous benefits that have been promised.

There will be a war over that.

Government employees are going to take to the streets to protect their pensions.

Expect massive strikes and civil unrest.

4 posted on 12/21/2008 4:44:12 AM PST by NoControllingLegalAuthority
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To: reaganaut1
This includes my union, the teachers. The UAW is a sand castle, we are the beach. Few pols are not totally owned by us.
7 posted on 12/21/2008 4:50:01 AM PST by Aevery_Freeman (Demon-rats shove Minnesota's nose in the Franken!)
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To: reaganaut1

Ping


8 posted on 12/21/2008 4:51:37 AM PST by mek1959
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To: reaganaut1
I think some states will eventually need to declare bankruptcy and scale back the overly generous benefits that have been promised.

Nay, they will just tap into private assets to fund the public liabilities like 401 (K),annuities, property values, whatever isn't nailed down or squirreled away in a mason jar

9 posted on 12/21/2008 4:52:01 AM PST by Popman (Dont worry Barney Frank has your ass-ets covered!!!)
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To: reaganaut1

“Underfunded” is a spin term.

The correct description is “looted.” State governments looted the pension funds to pay for entitlement spending.


11 posted on 12/21/2008 4:57:57 AM PST by Terpfen (Ain't over yet, folks. Those 2004 Senate gains are up for grabs in 2 years.)
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To: reaganaut1

—some of those of us who have been awake to government spending for the last thirty years are already aware of this—


12 posted on 12/21/2008 4:58:14 AM PST by rellimpank (--don't believe anything the MSM tells you about firearms or explosives--NRA Benefactor)
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To: reaganaut1

So it sounds from this article that government pension funds do not have to follow the same funding requirements that private company pension funds must follow? Private company pensions are also feeling huge unexpected underfunding pain now, and I have been wondering how in the world companies are going to comply with the funding requirements, in down times.


15 posted on 12/21/2008 5:10:18 AM PST by Old_Grouch (61 and AARP-free)
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To: reaganaut1

I know a public school teacher who teaches in NYC (has 35 years in) who said he would actually have MORE money from his pension if he retired than he gets while still working. He loves what he does, so to him money is no object.


22 posted on 12/21/2008 5:32:38 AM PST by randita
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To: reaganaut1

The correct headline: Public pensions are too high and must be cut


34 posted on 12/21/2008 6:53:47 AM PST by tbw2 (Freeper sci-fi - "Humanity's Edge" - on amazon.com)
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To: reaganaut1
Public Pensions are Underfunded Overpromised
38 posted on 12/21/2008 8:00:47 AM PST by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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To: reaganaut1

Ive enjoyed a good career as a welding instructor in the public vocational school system.I taught many young people how to go out and earn a living . And hopefully passed on some life skill and values.
Been there 25 years.I need thirty. I did not start teaching immediately after college. I did not go to college. I went into the navy then learned welding and later finished my education while raising a family and working full time welding jobs usually combined with side work. Looking forward to retiring someday, and getting my pension. That was the agreenet that i signed onto in good faith.
I`ve always kept doing the side work as a welder however. Summer Vacations (unpaid) that teachers get allowed me to spend time welding, some would say working. But there must be something wrong with this public employee `cause i love working with metal.
When I was a kid my grandpa, drilled it in to me that what i needed to do was learn a trade, any trade. Then I would always have a roof over my head and food on the table.
So yes I would hate to loose my pension or have it cut in any way , i will not be surprised if that happens. I will fight to keep the pension that i paid for out of the wages Ive earned. But in the meantime I`ll just suck it up and keep on welding and do what i can to pass it on. ALTHOUGH i`M SURE GOING TO HAVE TO RAISE MY RATES. Especially if i recognize a customer as a liberal elitist.
Not all of us “public screwel teachers” arn`t worth it. There are many trade instructors that have followed the same path that i have and do not deserve to be screwed, by the politicians or the public. I`ve helped raise your children, in many cases more than you realize.
Just want to contribute to informing as many people as possible that many of us public employees are worth it.


42 posted on 12/21/2008 8:15:24 AM PST by weldAllday (John the Welder)
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To: reaganaut1

I thought those lavish “public pensions” were funded using the same kind of Ponzi scheme as social security - - taxes takn from today’s government “workers” pay the pensions of....

Oh. Nevermind.

Just bend over and grab your ankles again.


50 posted on 12/21/2008 9:22:14 AM PST by Lancey Howard
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To: reaganaut1; informavoracious; larose; RJR_fan; Prospero; Conservative Vermont Vet; ...
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Obama Says A Baby Is A Punishment

Obama: “If they make a mistake, I don’t want them punished with a baby.”

54 posted on 12/21/2008 9:45:22 AM PST by narses (http://www.theobamadisaster.com/)
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