I Do Not Believe This Is Sensationalism - States Are Broke

[cornerstone33]

Re: I Do Not Believe This Is Sensationalism - States Are Broke

It's too late now, but there never should have been state pension funds .. or any level pension funds. What should have happened (there's that 20/20 hindsight thing kickin' in) is people work .. and get all of their pay. Each saves for that car repair, roof replacement ... and retirement. That way, the government .. city, state or federal .. couldn't have had at it.

It all seemed like a good thing at the time. I guess. Most promoting it, weren't lying, I suspect. They were just unable to look ahead and do the math. They did some .. but it was based on certain presuppositions .. e.g. what gains per year there would be. But there are those at the top of things that knew full well. They are the nwo order crowd. They are first and foremost, in the education system .. second, but close tie .. in the economic system. There is a lot of info here, especially concerning the infiltration of the education system. I don't think anyone can research the history of education and not know why things are going the way they are going.

Issachar

I agree with you, but unfortunately like you said it's too late. The unions have negotiated so much for their members, and now it's just a big heavy burden on the states. Like I said, the shoe is going to drop soon and it's a very heavy shoe.

[Issachar]

Re: I Do Not Believe This Is Sensationalism - States Are Broke

Digging up this thread again just because the problem of broke and underfunded pensions have not only NOT been fixed, but have gotten worse.

This new item is related to John H.'s post #2 that I'll quote from, here:

Bordering Illinois (St. Louis) we keep up on Illinois news, plus, we have a brother-in-law who just retired from State government there. He used to tell his wife not to worry about his pension because it is covered by law but he has started to worry.

New to this thread:

SPRINGFIELD, Illinois (Reuters) - The Illinois legislature ended its spring session without final action on two major proposals to reform its deeply underfunded pension system - leaving the state's weak credit rating at risk of sinking lower.

The state capitol's two most powerful politicians - House Speaker Michael Madigan and Senate President John Cullerton, both Democrats - were unable to find a compromise to address the state's $100 billion unfunded pension liability.

With Illinois' credit rating the lowest among U.S. states, lawmakers vowed to continue working toward some resolution. But no path toward compromise and no timetable emerged as first the House and then the Senate gaveled their spring sessions to close.

Moody's Investors Service midday Friday reiterated a warning that Illinois' A2 credit rating could be cut if pension reform stays elusive.

more

Issachar

[Issachar]

Re: I Do Not Believe This Is Sensationalism - States Are Broke

Note video/edit in post #43 ..

Issachar