Biden the Bailout King is at it again

Fine. Just pay taxes back to Illinois

 

Was this through the PBGC?

 

That’s like saying your insurance company shouldn’t have to pay because your house burned down.

 

And that is wrong too. But we all know two wrongs dont make a right.

 

Unless that was part of the original agreement, why would anyone do that? The pension was part of their employment package. They “paid it back” through their years of labor.

 

The fact that people on here are complaining that union members make more money than them and have better benefits answers your question. Further unions serve their members despite the fact that union negotiated contracts have served most working members in society.

Unionization is on the rise.
https://www.cnbc.com/2022/05/07/why-is-there-a-union-boom.html

 

Perfect solution. Cut the pensions to retirees, but let them make up for their losses by eating management

 

Our federalism arrangement allows Florida and other southern states to basically freeload off of northern states. They underfund education and allow exploitation of labor but don’t pay as much of a price because of retirees and the fact that Students can get educated elsewhere on the dime of other taxpayers can move in.

 

Not the same thing. You pay for a service then you’re entitled to that service. The money to cover this has already been allocated via the American rescue plan.

 

The workers would do just fine without vultures stealing their labor. Capitalists don’t actually produce anything.

 

That's a terrible analogy. The better analogy would be that I was forced to pay into insurance that paid you because you burned your own house down. All while I never owned a house.

 

How does an investment funded pension go broke when the market has returned an average of 6.2% per year since 2000, for a total of 302%?

Anyone involved should be sent straight to jail.

And another note, I'd bet I have better benefits than any of these union people because I have valuable skills. Unions have been worthless for 80 years. The railroad guys were just striking to get one sick day. As of right now I have 60.5 sick days and will accrue 1.25 more on December 31st. Hope you enjoy paying your union dues so your masters can make sure to drag everyone's pay down to mediocrity. Great for the time thief's though.

I've only got 328 accrued vacation hours and 15 holidays a year so maybe they best me there though?

 

Ask Ron DeSantis who refused to divest interest in Russian stocks from the Florida Retirement System. Mismanagement definitely is a problem, but what would you expect from anyone who thinks a guy who bankrupted a gambling casino would be a good President.

The only thing that will ever make unions worthless will be when management provides a livable wage, safe working conditions, and treats workers with respect. All anyone has to do is look at what’s going on at Google, Amazon, and Starbucks, and you’ll see why unions are making a comeback. During COVID “unionized workers have been able to secure enhanced safety measures, additional premium pay, paid sick time, and a say in the terms of furloughs or work-share arrangements to save jobs.” Meanwhile non-union workers were left to suffer in unsafe working conditions with lower wages and job insecurity.

Why unions are good for workers—especially in a crisis like COVID-19: 12 policies that would boost worker rights, safety, and wages

 

So now it’s Ron Desantis fault?
This thread has become ridiculously partisan for some posters. Again… all about making sure you score points for your side.. no matter how far fetched or ridiculous those “points” may be.

 

they project 8% + returns when they calculate the contributions required to stay solvent. the same thing gubmnt pensions are doing and why so many taxpayer dollars are now being diverted to the pensions instead of the schools, roads etc that the taxes should be allocated to.

for reference, the public pension estimated rate of return just recently fell below 7% for the first time in 40 years even though the market average has never been that high

Public Pensions’ Assumed Rate of Return Falls Below 7% | PLANSPONSOR
The average investment return rate assumption for U.S. public pensions has fallen below 7.0% to its lowest level in more than 40 years, according to the National Association of State Retirement Administrators.

Among the 131 plans that NASRA measured, more than half have reduced their investment return assumption since fiscal year 2020. The investment return assumption used by public pension plans typically contains two components: inflation and the incremental return above the assumed rate of inflation, also known as the real rate of return. The sum of these components is the nominal rate of return, which is the rate that is most often used.

A NASRA issue brief shows that although the average nominal public pension fund investment return has been declining, the average real rate of return rose to 4.60% in fiscal year 2020 because the average rate of assumed inflation dropped more quickly.