Posted on 06/25/2017 2:19:19 PM PDT by HarleyLady27
Disgusted with the subway? Well, chew on this: Since 2014, the city has forked over more to its pension funds than it has for building and repairing schools, parks, bridges and, yes, subways — combined.
In fact, the city’s current predicament is the result of benefit increases that state lawmakers have showered on retired city workers. The pension sweeteners added just in 2000 alone cost the city $13 billion over the next 10 years.
These two factors (over-optimistic assumptions and ever-greater benefits) are why the city’s yearly contribution to the funds has had to mushroom nearly sevenfold, from $1.4 billion in the 2002 fiscal year to that $9.6 billion for fiscal 2018.
(Excerpt) Read more at nypost.com ...
Ping...
Not sustainable.
The reason I posted this article is with what is happening in Ill. and the City of New York, California, and some other cities, could the cause of all this be because the people running the cities and States are ‘over paid’ not just in retirement but right now being elected???
We know a lot of this has happened to our Government in D.C. other than the last 8 years, Zero just simply spent the money on his people (Muslims) and Iranians...he didn’t care about the Black Community nor did he care about The American People...
The Left is all about sustainable everything. Farming, resource extraction, use of land, etc.
But financial stuff?
Why don’t we throw money at everyone all the time? Or ... would that be a problem?
Every city’s pension seems to be going bust.
Generous payouts from Democrat regimes, just keep the Party in power.
Now every community pays several people to do the work done by one current employee.
Houston too.
public employee unions pay big money into campaign coffers to elect democrat politicians, who, after they are elected, cut sweetheart deals with the public employee unions, who pay big money into campaign coffers of democrat politicians, who, after they are elected, cut sweetheart deals with the public employee unions, who . . .
well, you get the idea. it’s Chicago, the sequel.
Small raises and benefits given to every government employee every year turn into HUGE expenditures.
The cops here run up the overtime in their final 2 years because that is what their pension amount is based on.
They all cooperate and wait for their turn. It is a scam and outright theft of the taxpayers money.
EVERY government worker gets a pension: the firemen, policemen, school teachers, professors, street cleaners, postal workers, toll booth operators....
...what are the chances the Illinois General Assembly and the governor are going to make us taxpayers foot the multi-billion bill?
Yep. Common with all gubmint employees, fed, state, local.
The money collected and contributed needs to be invested properly, in most cases if not all, it is not.
I ain’t no CPA but I think these pensions are unsustainable. Seriously, what happens when the system fails?
The rates of return that would be needed to cover all the promises are unachievable. This was easy to see coming. If folks were honest with themselves.
The responsible thing is immediate adjustment of all government pensions and the justification is simply.”we can’t honor agreements that ignored reality.
Let’s take Ill. for example, they say they are out of money, can’t pay anything anymore...so they have to go bankrupt...how can that be???
Do they expect us American Taxpayers to bail them out because they have ‘squandered’ their money they took in on taxes, property, sales, etc.???
I hope not, I can’t read the Constitution on this yet, but I don’t think WE the TAXPAYERS need to bail anyone out...if you can’t manage your own checkbook, you shouldn’t be managing ours...
These are things to look at when electing people to represent you!!!
Need a conservative Supreme Court to rule that all unfunded government pensions are null and void. It’s the only way to stop this madness.
Chapter 9: Reorganization for municipalities[edit]
Main article: Chapter 9, Title 11, United States Code
A Chapter 9 bankruptcy is available only to municipalities. Chapter 9 is a form of reorganization, not liquidation. Notable examples of municipal bankruptcies include that of Orange County, California (1994 to 1996) and the bankruptcy of the city of Detroit, Michigan in 2013.
NYC wastes unbelievable amounts of money on illegals, who have NO right to ANY of our money, various unbelievably stupid programs like hiring multiple layers of lawyers to harass teachers about frivolous stuff (I am not talking about sexual misconduct or anything remotely justifiable) and drive out the veteran teachers, buying lots of expensive “educational” software that doesn’t work or other software that is obsoleted in a few months or doesn’t work with existing systems, wanting to provide the inmates at Rikers Island with luxury new accommodations, etc. So they have the money they need for necessary stuff, but it’s being squandered left and right. Why blame the pensions? At least the people getting the pensions WORKED all their lives to earn them. They undertook employment that wasn’t the greatest paying in the world for the sake of knowing that when they retired, they’d get that pension. Not like the filthy stinking illegals that DeBlasio and his ilk can’t wait to give away our money to, or the payoffs to developers, etc.
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