It's not the pensions

  • Posted by a hidden member.
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    Mar 07, 2011 12:23 PM GMT
    "...Pension contributions from state and local employers aren't blowing up budgets. They amount to just 2.9 percent of state spending, on average, according to the National Association of State Retirement Administrators. The Center for Retirement Research at Boston College puts the figure a bit higher at 3.8 percent. ...

    Nor are state and local government pension funds broke. They're underfunded, in large measure because — like the investments held in 401(k) plans by American private-sector employees — they sunk along with the entire stock market during the Great Recession of 2007-2009. And like 401(k) plans, the investments made by public-sector pension plans are increasingly on firmer footing as the rising tide on Wall Street lifts all boats. ...

    States having the biggest problems with pension obligations tend to be struggling with overall fiscal woes — New Jersey and Illinois in particular. Many states are now wrestling with underfunding because they didn't contribute enough during boom years. ...

    Ironically, in Wisconsin, where Republican Gov. Scott Walker is trying to weaken public-sector unions and reduce pension benefits, he's exempted police and firefighters, who are among the most unionized public employees. And Wisconsin's public-sector pension plan still has enough assets today to cover more than 18 years of benefits. ..."

    http://www.mcclatchydc.com/2011/03/06/109649/why-employee-pensions-arent-bankrupting.html


    And this, children, is why the Dems took it on the lam. So there would be time for the facts to come out and an informed public debate occur.
  • Posted by a hidden member.
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    Mar 07, 2011 5:05 PM GMT
    "And Wisconsin's public-sector pension plan still has enough assets today to cover more than 18 years of benefits. ..."


    Just proves Wanker is a huckster.
  • coolarmydude

    Posts: 9190

    Mar 07, 2011 8:17 PM GMT
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    Mar 09, 2011 8:42 AM GMT
    States, counties, and cities are broke because of the real-estate meltdown, a house that cost $500,000 three years ago is now worth $100,000. the taxes are based on a percentage and thus less money for local and state municipalities. All caused by horrible interest only loans, 2nd mortgages and banks lending to everyone that signed and the "bubble" of real-estate.

    I know of so many stupid people that signed up for these loans and lost their houses. The worst part is that the banks and lending institutions "gave" this money away.

    It's like lending money to an unemployed crack addict and expecting it back.