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Despite reducing pension benefits for their public-sector retirees and compelling workers to...
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Sunday, September 23, 2012, 4:43 AM ETDespite reducing pension benefits for their public-sector retirees and compelling workers to make bigger contributions, states have cut just $100B of the $900B funding crater in their pension plans, the WSJ reports. One problem is that assumed investment returns have been reduced because of market volatility, while another is that many states are introducing the changes for new hires only.
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Please drive whole nation bankrupt. Thats what you want to do. Your ant-constitutional EPA is costing economy more than half a TRILLION every year.
http://bit.ly/OMWeaC
Obama will use the bully pulpit to denigrate the small business taxpayer once again by giving credit for building businesses to public union workers.
“ If you've got a business—you didn't build that. Somebody else made that happen.” – Pres Obama Jul 15, 2012
Oct. 19, 2011 Harry Reid (D-NV) said, “…it’s clear that Private sector jobs are doing just fine, it’s Public sector jobs where we’ve lost numbers…” YouTube
June 8th, 2012, President Obama said, “…the Private sector is doing fine, where we’re seeing weaknesses in our economy has to do with state and local government…” YouTube
In GASBombed (Kevin D. Williamson):
"...the Governmental Accounting Standards Board (GASB) is poised to blow a $3 trillion hole in the budgets of state and local governments."
"State and local governments have, for the most part, woefully underfunded their employee-pension systems. As a result, they have massive unfunded liabilities for future pension payments — liabilities that total as high as $3 trillion, by some estimates. They can’t forgo writing those pension checks, they don’t have money set aside to cover those pension checks, and they are promising ever more generous pension checks in the future."
"CalPERS, the gargantuan California public-sector pension system, managed to avoid making adequate pension contributions for years by convincing the state legislature (which was only too willing to be convinced) that the Dow would hit 25,000 in 2009. (It didn’t. And it also may not hit 28,000,000 by 2099, as CalPERS predicted.) The legislature used those numbers to justify an enormous increase in pension benefits for California’s public-sector parasites, at a theoretical cost of $0.00: “No increase over current employer contributions is needed for these benefit improvements,” the fairy tale went. Those who want a stronger government whip hand over the investment industry should consider how governments act when they are investors."
http://bit.ly/LlE3a2
"Assumed" investment return managers should have taken a lesson from Felix Unger years ago when he said:
"When you assume, you make an ass out of u and me."
Thats the major problem i have with our system. READ BELOW!
In 1887 Alexander Tyler, a Scottish history professor at the
University of Edinburgh, had this to say about the fall of the
Athenian Republic some 2,000 years prior: "A democracy is always
temporary in nature; it simply cannot exist as a permanent
form of government. A democracy will continue to exist up until
the time that voters discover that they can vote themselves generous
gifts from the public treasury. From that moment on, the majority
always votes for the candidates who promise the most benefits from
the public treasury, with the result that every democracy will finally
collapse over loose fiscal policy, (which is) always followed by a
dictatorship."
"The average age of the world's greatest civilizations from the
beginning of history, has been about 200 years. During those 200
years, these nations always progressed through the following sequence:
From bondage to spiritual faith;
From spiritual faith to great courage;
From courage to liberty;
From liberty to abundance;
From abundance to complacency;
From complacency to apathy;
From apathy to dependence;
From dependence back into bondage."
The Obituary follows:
Born 1776, Died 2012
It doesn't hurt to read this several times.
Professor Joseph Olson of Hamline University School of Law in
St. Paul, Minnesota, points out some interesting facts concerning
the last Presidential election:
Number of States won by: Obama: 19 McCain: 29
Square miles of land won by: Obama: 580,000 McCain: 2,427,000
Population of counties won by: Obama: 127 million McCain: 143 million
Murder rate per 100,000 residents in counties won by: Obama: 13.2 McCain: 2.1
Professor Olson adds: "In aggregate, the map of the territory
McCain won was mostly the land owned by the taxpaying citizens
of the country.
Obama territory mostly encompassed those citizens living in low
income tenements and living off various forms of government
welfare..."
Olson believes the United States is now somewhere between the
"complacency and apathy" phase of Professor Tyler's definition of
democracy, with some forty percent of the nation's population
already having reached the "governmental dependency" phase.
If Congress grants amnesty and citizenship to twenty million
criminal invaders called illegal's - and they vote - then we can say
goodbye to the USA in fewer than five years
http://bit.ly/SOeThQ
Thanks for finding this out...
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California Debt Higher Than Earlier Estimates, a Task Force Reports - NYT
"The task force estimated that the burden of debt totaled at least $167 billion and as much as $335 billion."
"Its members warned that the off-the-books debts tended to grow over time, so that even if Mr. Brown should succeed in pushing through his tax increase, gaining an additional $50 billion over the next seven years, the "wall of debt" would still be there, casting its shadow over the state."
http://bit.ly/SOfRL0