Pension liability looms over U.S. sta...

Pension liability looms over U.S. states' economies: group

There are 15 comments on the Reuters story from Sep 3, 2013, titled Pension liability looms over U.S. states' economies: group. In it, Reuters reports that:

Public pension liabilities in five U.S. states could represent more than 40 percent of their local economies, according to an analysis released on Tuesday by a conservative group that lowered the assumed rate of return for pensions' investments.

Join the discussion below, or Read more at Reuters.

poeticjustice

Corinth, MS

#1 Sep 3, 2013
Let me guess the American worker is going to get screwed over once again & the crop fat cats at the top will walk off into the sun set w/no losses. You already know which side repubs will be on.
Eleanor

Vernon Hills, IL

#2 Sep 3, 2013
poeticjustice wrote:
Let me guess the American worker is going to get screwed over once again & the crop fat cats at the top will walk off into the sun set w/no losses. You already know which side repubs will be on.
Well, Illinois Democratic Governor Quinn already INCREASED the State Income Tax to FIVE (5) PERCENT and still hasn't fixed the Pension Problem.

Democrats and Republicans are two sides of the same coin.
serfs up

Ormond Beach, FL

#3 Sep 3, 2013
poeticjustice wrote:
Let me guess the American worker is going to get screwed over once again & the crop fat cats at the top will walk off into the sun set w/no losses. You already know which side repubs will be on.
As long as you keep thinking its us versus them with the political parties, then nothing will get done. The payouts on state and local pensions will be growing quickly the next several years in many areas. Anyone in these things made out like bandits compared to others. But continuing the payout is the issue. Also, collecting back taxes from property owners and business people should be put on the front burner to help out with no guilt.
red ink black death

Sayville, NY

#4 Sep 3, 2013
States will have to wait for the pensioners to die before there's a fiscal recovery. With so many healthy baby boomers collecting pensions that could take a long time. We're gonna need a dark ages, middle-age baby boomer type plague of some sort.

Since: Nov 08

Location hidden

#5 Sep 3, 2013
Pensions are under fire by Obama's growing deficits.
serfs up

Ormond Beach, FL

#6 Sep 3, 2013
red ink black death wrote:
States will have to wait for the pensioners to die before there's a fiscal recovery. With so many healthy baby boomers collecting pensions that could take a long time. We're gonna need a dark ages, middle-age baby boomer type plague of some sort.
I am a boomer. The boomers are twice the size in numbers then the elderly collecting social security now. Generation X is half the size of the boomers. They are in their peak producing years but there is a struggle. The generations behind Generation X are more in numbers for whatever that is worth. If the government pays out its obligations to the boomers, you are looking at near 30 years or so of massive payouts. Federal, state and local governments have their work cut out for them.
poeticjustice

Corinth, MS

#7 Sep 3, 2013
serfs up wrote:
<quoted text> As long as you keep thinking its us versus them with the political parties, then nothing will get done. The payouts on state and local pensions will be growing quickly the next several years in many areas. Anyone in these things made out like bandits compared to others. But continuing the payout is the issue. Also, collecting back taxes from property owners and business people should be put on the front burner to help out with no guilt.
I always look at where the problem was started & is everyone INVOLED taken a hit & getting pundished EQUALLY. Then I look at the bigger picture in America over 10-20 yr period & you have NO CLUE how the working middle class is always getting the shorter end of the stick.
Adale

Arlington, VA

#8 Sep 3, 2013
Watch and see, nothing will be done until it all comes crashing down, thats thier solution because
American government is almost useless when it comes to solving our problems.
serfs up

Ormond Beach, FL

#9 Sep 3, 2013
poeticjustice wrote:
<quoted text>I always look at where the problem was started & is everyone INVOLED taken a hit & getting pundished EQUALLY. Then I look at the bigger picture in America over 10-20 yr period & you have NO CLUE how the working middle class is always getting the shorter end of the stick.
Saul Alinsky lives!
conservative crapola

Matawan, NJ

#11 Sep 3, 2013
well, the chickens have come home to roost for the Democrat supporting public pension thieves. cut them all 50%. they screwed the younger generations so let's screw them.

Since: Nov 08

Location hidden

#12 Sep 4, 2013
Is your pension under tension?
Blame Obama's spending sprees.

Since: Oct 08

Alpharetta, GA

#15 Sep 4, 2013
stop the pensions immediately...notify all participants that they are now required to contribute to social security, like the rest of the civilized world, and if they don't like it, they can go on strike, or move, their choice

Since: Aug 11

Location hidden

#16 Sep 4, 2013
inbred Genius wrote:
stop the pensions immediately...notify all participants that they are now required to contribute to social security, like the rest of the civilized world, and if they don't like it, they can go on strike, or move, their choice
That is what Obama wants to do is take pensions and 401k's and dump them into Social Security then and then tell everyone that Social Security is being eliminated due to the SCOTUS ruling in Flemming Vs Nestor in 1960 that individuals have no rights to Social Security which the Federal Government has the right to reduce or eliminate Social Security at anytime under section 1104 called the Reservation of Power of the Social Security Act of 1935 which is the reason I am against Social Security to begin with which needs to be eliminated too but that won't happen until all pensions and 401k's have been tranferred into the Federal Government's US Treasury General Fund and Paul Ryan was the one that brought of the SCOTUS ruling that Congress can eliminate Social Security.

Supreme Court Case: Flemming vs. Nestor

http://www.ssa.gov/history/nestor.html

Flemming v. Nestor

Flemming v. Nestor, 363 U.S. 603 (1960), was a United States Supreme Court case in which the Court upheld the constitutionality of Section 1104 of the 1935 Social Security Act. In this Section, Congress reserved to itself the power to amend and revise the schedule of benefits.

http://en.wikipedia.org/wiki/Flemming_v._Nest...
Go Figure

Surprise, AZ

#17 Sep 5, 2013
Public unions have been demanding and getting huge increases over a number of decades. Public employees can retire on 6 figure salaries and have full paid benefits during their working and retired years. So this SUDDEN problem should have been obvious. Margaret Thatcher's quote would seem to apply well in this situation:
Socialism is great until you run out of other people's money. Well now, we have, and at every level of government. If you think you are going to retire with big government benefits, think again. The entire country is bankrupt and cities and states can't afford to pay, so they won't.

Since: Aug 11

Location hidden

#18 Sep 5, 2013
Go Figure wrote:
Public unions have been demanding and getting huge increases over a number of decades. Public employees can retire on 6 figure salaries and have full paid benefits during their working and retired years. So this SUDDEN problem should have been obvious. Margaret Thatcher's quote would seem to apply well in this situation:
Socialism is great until you run out of other people's money. Well now, we have, and at every level of government. If you think you are going to retire with big government benefits, think again. The entire country is bankrupt and cities and states can't afford to pay, so they won't.
Exactly.

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