“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#554 Dec 6, 2010
silverlining wrote:
<quoted text>
from your old friend wiki..
A millionaire is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account.
One of the two most commonly used measurements is net worth, which counts the total value of all property owned by a household minus the household's debts.
"a person whose material wealth is valued at more than a million dollars"
None of these defintions apply to a retiree getting money over 30 years IF they live for the full term of the annuity
Retirees making 50K in a pension over 30 years are NOT millionaires.
Pure obfuscation. There is no difference mathematically between getting a cash payment of $1 million, or getting an annuity that pays $50K per year for 30 years.

By your definition, if I buy a bond for $1 million, I am NOT a millionaire, because I no longer have the $1 million in cash, just an investment worth one million.

The math is the math.

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#555 Dec 7, 2010
The math is the math, UM's. Here's what's been coming, for years. Enjoy your massive tax increases to create millionaire public union retirees! Got another $8 billion to give to the unions, NYers?? I hope so. They are coming for it, for another $8 billion.

http://www.nypost.com/p/news/local/ny_pension...

The fiscally conservative Empire Center for New York State Policy on Tuesday released a report saying taxpayer contributions to the New York State Teachers’ Retirement System could increase from about $900 million this year to about $4.5 billion in five years.

The report says state and local employer contributions to the New York State and Local Retirement System could more than double to add almost $4 billion to taxpayer costs.

Read more: http://www.nypost.com/p/news/local/ny_pension...

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#556 Dec 8, 2010
Bad news, UMs and taxpayers!(And, I told ya so!!!!)

More layoffs and furloughs will be coming, as well as HUGE tax increases, and within a year or two, the puppet politicians will have NO ALTERNATIVE but to restructure the pensions. No alternative. But, there will be huge pain first for everyone except the UMs who quickly retire as multi-millionaires and move to Florida.

"ALBANY -- New York state's public pension funds are underfunded by a staggering $120 billion -- and taxpayers will have to shell out an additional $8.5 billion a year by 2015 to keep them in the black, according to a report released yesterday.

The analysis by the business-backed Manhattan Institute estimated that taxpayers' contributions to the state Teachers Retirement System could more than quadruple to $4.5 billion in 2015 from $900 million this year. "

Read more: http://www.nypost.com/p/news/local/bombshell_...

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#557 Dec 8, 2010
$1000 plus property tax increases coming - just to fund the pensions!!!

That doesn't include the HUGE increases that are necessary to cover 2011 budget gaps at the city, the state, and almost all of the school districts.

Expect the average homeowner to have to shell out at least $2000 or so more. At least.

Flee NYers! These UMs have you by the ballz!

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#558 Dec 13, 2010
"The rise of government unions has been like a silent coup, an inside job engineered by self-interested politicians and fueled by campaign contributions.

Public employee unions contribute mightily to the campaigns of liberal politicians ($91 million in the midterm elections alone) who vote to increase government pay and workers. As more government employees join the unions and pay dues, the union bosses pour ever more money and energy into liberal campaigns. The result is that certain states are now approaching default. Decades of overpromising and fiscal malpractice by state and local officials have created unfunded public employee benefit liabilities of more than $3 trillion."

http://online.wsj.com/article/SB1000142405274...

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#559 Dec 14, 2010
The NYS Comptroller upped the estimate of next years' deficit by 22%, to $11 billion!

$11 billion!!!! Damn, NY has NOTHING on Greece, Ireland, and Spain.

There will be layoffs, and furloughs, and huge tax increases, and lots and lots of yelling and screaming. Union monkeys, welfare cheats, taxpayers, and Andy all screaming like banshees.

When I see pix of Mini Me (Andy Cuomo) in the papers, he looks like he's really pissed! Maybe he will get into some fist fights with union heads. I hope so.

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#560 Dec 20, 2010
Today's submission is a video:

http://www.cbsnews.com/video/watch/...

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#561 Dec 20, 2010
one more:

http://www.cbsnews.com/video/watch/...

Although Meredith Whitney knows very, very little about public finance. She should stick with the corporate stuff she knows....

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#562 Dec 22, 2010
Even today's New York Times, in the editorial, is calling for UM pensions to be replaced with 401K style plans. Unbelievable - I actually agree with the socialists at the NY Times, who always want to increase taxes.

That tells you how bad it really is, contrary to UM lies and obfuscation.

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#563 Dec 22, 2010
Here is what the NY Post editors (correctly) say:

Stopping the bleeding will require a major reversal of a decades-old political mentality that seeks to soak the rich and handcuff business to please special-interest groups -- unions, lawyers, radical environmentalists ...

Albany, which is set for new leadership in 10 days, will need to deal with its budget gaps quickly -- but not through traditional quick-fix tax hikes or corrosive borrowing.

Read more: http://www.nypost.com/p/news/opinion/editoria...

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#564 Jan 31, 2011
Hey UMs: Its BOHICA time. At least 15 years too late, but still better late than never.

Your lying, obfuscation, and hopping in bed with the politicians got you to this point. You UMs have no one except your greedy unions to blame.

Its about time someone focused on the taxpayer instead of the multimillionaire teacher and cop retirees in downstate NY.

“Forward - over the cliff!!”

Since: Jul 10

Soetoro, Kenya

#565 Feb 1, 2011
Here ya go, UMs.

You greedy, clueless SOBs have no idea what you are talking about when it comes to pension funding. All rhetoric, and no substance. You UMs with your puppets, the politicians, fooled the public for decades about your multimillion dollar retirement packages and your sweetheart work rules.

Now, there is no more money, and you UM's will have to pay the price. Too bad that the newer public employees will bear the brunt, to protect the older one's pensions.

Read it and weep, you greedy bastards. You have raped the taxpayers for far too long.

The same thing that is happening in Michigan is happening in NY State:

http://www.businessinsider.com/rick-snyder-mi...

Since: Jan 07

Location hidden

#566 Apr 8, 2011
Those darn greedy state workers with those pensions that they don't deserve because they are now valued higher than those private 401k's that were
heavily invested in the junk bonds and Wall Street. WHO COULD POSSIBLY have foreseen that getting 15-25% return on investment wasn't realistic or sustainable. I still have the TIME magazine from 2004 with 35 year old web millionaires and doctors talking about their 401K's being valued in the millions and being able to retire by age 50. They laughed at public sector workers with their defined benefit pensions with needing to work 30 years to see anything. Now that the worm has turned, everybody talks about shared sacrifice and over compensated public sector workers.

A NYS worker that has less than 20 years in gets 1/60th of their 3 year average salary for every year they worked. Those with more than 20 years get 1/50 of their average salary for every year that they worked. They lose 3% for every year they under the retirement age of 62 up to a max of 27%(includes a `6% penalty at age 60 and 61). It doesn't sound as impressive as saying that workers retire with 1,000's in benefits, but that is the point isn't it?

Instead of supporting unions that bring decent wages to working people, we are advised to buy shares in the corporations that profit when they cut wages after being bailed out by our tax dollars. The legislature is powerless to go after companies that maintain those executive salaries so they go after something that they can control. It's the same logic used for invading Iraq when you know the guy responsible for 9/11 is in another country. You go after those who you can reach and affect whether they are the right target or not.

“Small gov't.Low taxes, Freedom”

Since: Mar 07

Ronkonkoma

#567 Apr 13, 2011
Drew Brown Bundini wrote:
Those darn greedy state workers with those pensions that they don't deserve because they are now valued higher than those private 401k's that were
heavily invested in the junk bonds and Wall Street. WHO COULD POSSIBLY have foreseen that getting 15-25% return on investment wasn't realistic or sustainable. I still have the TIME magazine from 2004 with 35 year old web millionaires and doctors talking about their 401K's being valued in the millions and being able to retire by age 50. They laughed at public sector workers with their defined benefit pensions with needing to work 30 years to see anything. Now that the worm has turned, everybody talks about shared sacrifice and over compensated public sector workers.
A NYS worker that has less than 20 years in gets 1/60th of their 3 year average salary for every year they worked. Those with more than 20 years get 1/50 of their average salary for every year that they worked. They lose 3% for every year they under the retirement age of 62 up to a max of 27%(includes a `6% penalty at age 60 and 61). It doesn't sound as impressive as saying that workers retire with 1,000's in benefits, but that is the point isn't it?
Instead of supporting unions that bring decent wages to working people, we are advised to buy shares in the corporations that profit when they cut wages after being bailed out by our tax dollars. The legislature is powerless to go after companies that maintain those executive salaries so they go after something that they can control. It's the same logic used for invading Iraq when you know the guy responsible for 9/11 is in another country. You go after those who you can reach and affect whether they are the right target or not.
Silly Man, Drew, you're not supposed to argue the hate rhetoric with facts and logic.......

Since: Jan 07

Location hidden

#568 May 10, 2011
Lost Rights James Bovard wrote:
<quoted text>
Silly Man, Drew, you're not supposed to argue the hate rhetoric with facts and logic.......
soorry... I forget where I am sometimes.. here's another silly fact

Overpaid feds found!
Flash! Most of the highest-paid federal employees are doctors and lawyers!

(If you are thinking "duh," you are probably not alone.)

But that's the news from USA Today, which has generated a lot of the stories that have provided fodder for purveyors of “overpaid public worker” hysteria.

According to the publication, docs at the Veterans Health Administration and the National Institutes of Health, together with Securities and Exchange Commission attorneys,“represent the most numerous groups among at least 17,828 federal employees whose annualized salaries totaled $180,000 or more in September 2010.”

We’re talking about not quite 18,000 employees — a large number of them doctors or lawyers — out of 2 million or so federal workers?

Isn’t that almost statistically insignificant or something?

The publication looked at Office of Personnel Management stats and found that, as of September 2010, about two-thirds of that group — 12,708 of them — were VHA doctors. And there were lots of other docs at agencies such as the Food and Drug Administration and the Indian Health Service. Another 598 of the highest-paid group were SEC attorneys.

If you are saying that these are, after all, doctors, lawyers and top scientists and that’s how much they make and more, you would be right. More in private practice, from a quick look at docs’ wages and earnings, according to the Bureau of Labor Statistics.

Of course, that won’t stop critics from saying that the federal workforce (and public sector workers) are overpaid as a whole.

But you already knew that.

cudos to Phil Piemonte who posted this May 04, 2011

Since: Jan 07

Location hidden

#569 May 20, 2011
IN NYS has never been much of a fair fight. The NYS Forum is the “place for collaboration in a fully neutral environment, where state and local IT organizations and corporations come together to share knowledge and ideas that foster mutual understandings, facilitate public sector progress, and provide insight into what government can be for all of those it serves”. The Forum sets IT policy and directions for the state. Each Work Group Board is chaired by the head of an IT consulting firm that has contracts valued in the millions to provide IT services (training and products) to the state.

Companies like Tailwind, Keane, CGI and CMA are firmly entrenched in NYS Agencies and statewide IT policy making decisions via the Forum and the Office for Technology (OFT). Millions in contracts are affected and they basically regulate themselves. But the last two Governors continue to target and reduce the permanent worker force when looking for ways to save. The response to ..“How long will this take to complete?…..is more often than not .. How long is my contract for?!”….

Wonder why contracting firms can’t wait to do business with NYS? They laugh all the way to the bank when dealing with the public sector. What is there to worry about when you have a contract with an Agency that has no value or respect for it’s permanent work force?

Since: Jan 07

Location hidden

#570 Jul 22, 2011
Not freezing raises in all state contracts was a mistake. The Patterson GOER/Budget endorsed plan was hailed as ” creating significant budgetary savings. By providing the necessary training and in-sourcing the state’s IT workforce, New York State ensures employees greater job security while increasing their skill set”.

The reality is that they are not getting many takers and consultants are under NO pressure to change. If they make it clear that they will not accept the salary of item or a qualified state staff is identified (like at OMH and DOL) the item is pulled since the rule says that the consultant must leave if an offer is made and then not accepted. Rather than posting the In-sourcing jobs with the skills required, Agencies are writing job specifications tailored to the consultant that is targeted.
http://www.nysenate.gov/press-release/senate-...

The bill states that “Every six months, an estimated cost savings achieved by the state will be calculated and reported to the legislature by the Director of the Budget as well as how many outside contractors have been replaced by in-sourcing.”

Where are the numbers? or is this just more smoke blowing up our collectve butts

Since: Jan 07

Location hidden

#572 Aug 9, 2011
I can't relate to the attitude of my public sector co-workers of 'we might lose our jobs.. but lets wait for a better offer'. This ONLY happens in the public sector where jobs are protected by seniority and preferred lists. I suspect that if a person under threat of layoff knew that the (not their) job would be open to competition from any source, this smug attitude would be different. The older workers know that they will be the last laid off and the first re-hired..no worries .. and it's just too bad for everyone else that doesn't have that privilege. And they wonder why people in the private sector and the general public think public sector workers have little touch with the reality of what is going on with the economy... My title is not included in layoff lists right but I choose not to be selfish... I'll tighten my belt and pay the extra for Health Insurance, stay within budget. It's worth it not to put 1,000's of people (I don't know personally) out of work...

“Small gov't.Low taxes, Freedom”

Since: Mar 07

Ronkonkoma

#573 Aug 13, 2011
Drew Brown Bundini wrote:
I can't relate to the attitude of my public sector co-workers of 'we might lose our jobs.. but lets wait for a better offer'. This ONLY happens in the public sector where jobs are protected by seniority and preferred lists. I suspect that if a person under threat of layoff knew that the (not their) job would be open to competition from any source, this smug attitude would be different. The older workers know that they will be the last laid off and the first re-hired..no worries .. and it's just too bad for everyone else that doesn't have that privilege. And they wonder why people in the private sector and the general public think public sector workers have little touch with the reality of what is going on with the economy... My title is not included in layoff lists right but I choose not to be selfish... I'll tighten my belt and pay the extra for Health Insurance, stay within budget. It's worth it not to put 1,000's of people (I don't know personally) out of work...
Exactly my sentiment. I'm a Steward and I've had people tell me I'm a sellout to suggest they accept NY's latest offer to PEF.

Since: Jan 07

Location hidden

#574 Aug 18, 2011
Lost Rights James Bovard wrote:
<quoted text>
Exactly my sentiment. I'm a Steward and I've had people tell me I'm a sellout to suggest they accept NY's latest offer to PEF.
Agreed. Less benefits, more expensive Healthcare, 4 Furlough and 5 Deferred pay days beats no job.

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