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State Pension Plans 1 Trillion in debt!
Just another underfunded trust fund that Politicians cannot pay out to the sheple in the work force! Social security and Medicare are not far behind our Great country that has established with peace,prosperity and sound government! Next War to keep the peace,sound familiar?
While they preach patriotism and sacrifice and raise taxes and cut other social services to hold on to their power structure under their so called Democracy!
Wonder why they need total awareness and surveillance of all citizens? Well there's no need to wonder why! It's called a police state with corrupt stupid politicization with The NWO.
serf
http://www.cnbc.com/2016/08/25/state-pension-fund-gap-to-top-1-trillion.html
While many states have cut benefits for new workers and frozen plans for current staff, they cannot cut benefits that have already been earned by public employees. That means they have to find money to make up the shortfall by cutting other programs, raising taxes or both.
The report is based on the most recent data from all 50 states, which are typically reported as much as a year after each fiscal year ends.
States were to make up $35 billion of their unfunded liabilities in fiscal 2014, leaving a shortfall of $934 billion. That's because of unusually strong returns averaging 17 percent in 2014, according to the study. But average returns fell sharply in 2015, it said, to just 3 percent.
While they preach patriotism and sacrifice and raise taxes and cut other social services to hold on to their power structure under their so called Democracy!
Wonder why they need total awareness and surveillance of all citizens? Well there's no need to wonder why! It's called a police state with corrupt stupid politicization with The NWO.
serf
http://www.cnbc.com/2016/08/25/state-pension-fund-gap-to-top-1-trillion.html
While many states have cut benefits for new workers and frozen plans for current staff, they cannot cut benefits that have already been earned by public employees. That means they have to find money to make up the shortfall by cutting other programs, raising taxes or both.
The report is based on the most recent data from all 50 states, which are typically reported as much as a year after each fiscal year ends.
States were to make up $35 billion of their unfunded liabilities in fiscal 2014, leaving a shortfall of $934 billion. That's because of unusually strong returns averaging 17 percent in 2014, according to the study. But average returns fell sharply in 2015, it said, to just 3 percent.
Comments
In the 60s, Cops & Firemen Unionized, made demands, and Politicians said WTH, I'll be retired when the bill comes due and gave it to them. By 65 Teachers declared they too needed to retire at half pay and full benefits, and got it. Not far behind were the rest, file clerk to janitor. Hey, if you can demand and get, why the hell not.
Problem started showing up around 1980 when the bills for the first group were coming due and politicians realized the projections made in 1960 weren't coming true. The Dollars to pay out just weren't coming in. The Unions saw it too, and did a little math, the old hands looking at retirement in a few years were able to figure out if they screwed new hires coming in, the old farts were secure, and simple math told them they could still win a vote to get it. Pensions suddenly had Tier 1 employees (the old guard) and Tier 2 employees (new hires). By the time Tier 2 figured out they'd "work" for 15 years to get paid what Tier 1 retired at, the bus was 2 blocks down the road, and Tier 2 was soundly screwed. The problem hadn't been solved, but it had been pushed down the road far enough for another crop of Politicians to retire. As of 2015 we now have Tier 1 through Tier 5 employees. Tier 5 will never collect a pension.
Pension plans have been going belly up since the 1950s when clever businessmen got away with investing employees retirement funds into expanding the business. Hickock Leather was the famous flop that brought in books of regulations, and new ways to steal. When IRA came along, no less a Financial Planner than John Gotti said "There's just too much money waiting to be stolen, and we will steal as much as we can.".
Thanks to DearLeader we now know there are no safe investments for the future. Look at what he did for GM Bond Holders. How many Pension Plans took a bath on that deal? Municipal Bonds, long believed to be the gold standard of safe took a big dump in December 2013 loosing a quarter of their value overnight.
We are well and truly screwed.
It is only a Trillion bucks; they can print that much with ones and zeros during a two martini lunch.
Numbers have no meaning to public debt. Numbers only impact little people.
I am dead serious about this.
It is only a Trillion bucks; they can print that much with ones and zeros during a two martini lunch.
Numbers have no meaning to public debt. Numbers only impact little people.
Another ingenious comment for bpost. Perhaps bpost could explain the reason for $12.00 hamburgers to all of us then. Debt. monetization is only numbers until you go to the grocery store.
quote:Originally posted by bpost
I am dead serious about this.
It is only a Trillion bucks; they can print that much with ones and zeros during a two martini lunch.
Numbers have no meaning to public debt. Numbers only impact little people.
Another ingenious comment for bpost. Perhaps bpost could explain the reason for $12.00 hamburgers to all of us then. Debt. monetization is only numbers until you go to the grocery store.
I thank you for your compliment, I think. [;)]
What it boils down to is only little people are hit by a hamburger being 12 bucks. The mega-wealthy, folks that have a fleet of private G550's and homes across the globe are not impacted by the price of a burger or the tribulations of the monetary system. Those trifle things have no bearing on their lives, they live by a different set of rules.
They own and run the freaking money system. If it needs a trillion or two they can create it and profit from its creation.
Check me out but the last time I figured this out I came to this conclusion. If someone confiscated all then money from all the millionaires and billionaires in this country it wouldn't even pay the budget for 1 year. As a result all the major corporations would be gone and the jobs of them that work there. That doesn't count state debt or city and county. My state is at least 22 billion in the hole. How is yours??
quote:Originally posted by jerrywh818
quote:Originally posted by bpost
I am dead serious about this.
It is only a Trillion bucks; they can print that much with ones and zeros during a two martini lunch.
Numbers have no meaning to public debt. Numbers only impact little people.
Another ingenious comment for bpost. Perhaps bpost could explain the reason for $12.00 hamburgers to all of us then. Debt. monetization is only numbers until you go to the grocery store.
There are 12 dollar hamburgers because people buy them.
At any professional sport's arena in your town or community! You pay so they can fleece the fat woolly sheple!
Then I see enough scratch off gambling tickets at the government food card corner store too! Bread and Circuses just like ancient Rome!
http://www.sports-management-degrees.com/stadium/
Beer is about 10/15 dollars a cup too!
While they preach patriotism and sacrifice and raise taxes and cut other social services to hold on to their power structure under their so called Democracy!
That's right, "so called Democracy" the United States is a Republic, as one poster has in his "signature".
Goes to show, a good education and it's easy shine the light on Cockroaches.
Ha, could have been taught, top 20, rock and roll and how to have a Watermelon Roast, in hind sight that seems better than "Hip-Hop" and "Gangsta Rap which help the "students" get to prison faster with free food and TV?
Gangster Rap Stanford University: introduction, 10 credits for completion. [:D]
https://web.stanford.edu/class/e297c/poverty_prejudice/mediarace/negative.htm
September 01, 2016 02:04 PM
A Florida man has been arrested after authorities say he stole over $180,000 in New York state pension benefits.
Robert Schusteritsch, 71, was charged with grand larceny and criminal impersonation. Authorities say Schusteritsch stole over $180,000 in pension benefits issued to his deceased brother, Martin Petschauer, between July 2008 and September 2015.
According to court documents, Petschauer was a New York State pensioner who retired in 1986. When Petschauer died, authorities say Schusteritsch concealed his brother's death from the bank and the Retirement System and kept the trust account open to maintain the direct deposits. Officials say he then routinely accessed the pension deposits and spent the money for his own benefit. The Retirement System discovered Petschauer's death in October 2015.
The prosecution also says that when the Retirement System learned of Petschauer's death and stopped paying benefits into the trust account, Schusteritsch called the customer help line. They say he pretended to be Petschauer and asserted that he was not actually dead in an effort to maintain eligibility for the pension benefits.
Schusteritsch was arrested in Florida and brought to Albany County to face the charges. He was arraigned on the indictment on Thursday and entered a plea of not guilty. Bail was set at $10,000 cash or bond, and he was remanded in lieu of posting.
August 31, 2016 11:25 PM
For the first time ever, more than 3,000 retired public employees in New York State are collecting six-figure pensions.
So News10NBC decided to look through the list to see how many are from Rochester. We found eight former teachers, cops, prosecutors and public employees are getting at least a $100,000 pension.
Two others on that list aren't getting six-figure pensions, but they are getting a pension, while working for the State of New York. It's what the author of this report, the Empire Center, calls "double dipping."
All this nickel and dime corruption has to be stopped. It's beginning to interfere with the big graft and corruption. Hillary is the Queen of corruption. If she isn't prosecuted why bother with these little thieves?? What ever came of Jon Corzine? Burnie Madoff is a small thief who never contributed to the correct officials.
Corzine is a demonrat so nothing to see there at oblowme's DOJ
Same "PIRATES" have already taken the booty from the State or Federal coffers, then like locusts move on to the next host.
Then you have the lobbyists who are always giving or receiving the * to help divert large piles of cash.
The system will only help those who are willing to sell their integrity, if they have any to begin with.
Telephone poles and rope await those, who when all the people get tired of all the open stealing and debaucherous behavior, the cleansing will begin and the hand of God will guide those strong enough to right the coarse of destiny to restart the Republic as it SHOULD BE! So It Is Written.
quote:Originally posted by jerrywh818
quote:Originally posted by bpost
I am dead serious about this.
It is only a Trillion bucks; they can print that much with ones and zeros during a two martini lunch.
Numbers have no meaning to public debt. Numbers only impact little people.
Another ingenious comment for bpost. Perhaps bpost could explain the reason for $12.00 hamburgers to all of us then. Debt. monetization is only numbers until you go to the grocery store.
There are 12 dollar hamburgers because people buy them.
Spot on!