Comments on: The Gordian nightmare of public pensions http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: traducere romana daneza http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-53813 Mon, 29 Sep 2014 14:07:44 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-53813 I do not even know how I ended up here, but I thought this post was great. I don’t know who you are but definitely you are going to a famous blogger if you are not already Cheers!

]]>
By: anonym0us http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22606 Sun, 02 Jan 2011 19:35:28 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22606 “It’s politically impossible to pay creditors on Wall Street while short-changing people who worked for the city for decades and who have no other income to fall back on.”
___________________

Many of those “creditors on Wall Street” are pension funds or other retirees on fixed income. Who makes the decision as to which retirees are more deserving to keep their retirement income? Robbing Peter to pay Paul?

]]>
By: GreatKills http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22592 Sat, 01 Jan 2011 19:00:31 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22592 I am an American, a lifelong NYC resident and a son of a NYC Police Officer. I work in the private sector and do not have a defined benefits plan.

In looking at the pension situation, there is one very simple cause – unmitigated greed by the Public Sector Unions.

My father worked 30 years and receives a $35k annual pension. Yet he was still able to retire at 55. A reasonable pension.

Today, we have public sector workers retiring at the age of 40 with $100,000+ annual pensions. A person is entitled to a reasonable pension – one that would be matched by private investment without any subsequent taxpayer funding. The Democrats and Unions have FOUGHT any true accounting for pensions and medical benefits in the Public Sector, while passing ever more constraining legislation for the Private Sector. A true accounting would reveal the Ponzi / Madoff scheme that we now have.

We are now at the precipice. Public Sector pensions as we have them today are unsustainable! In fact, looking at the U.S. census we see a decline in population in those states which were the most “generous” in Public Sector pay and benefits. Why? They taxpayer is being bled to death to support these $100,000 annual pensions for men and women who retire at the age of 40!

I as a taxpayer will NOT pay more taxes to pay for bloated pensions. I will move out of State or even the U.S. Or, I will simply stop working and subscrbe to the NEW American Dream – default on my debt and collect unemployment for 3 years.

The solution? Cap ALL taxpayer funded pensions at $50K, increase retirement age to 62 and eliminate defined d=benefits plans for the Public Sector. I would even eliminate the right for Public Sector workers to Unionize.

The alternative – many, many more Pritchard’s.

]]>
By: Sinbad1 http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22530 Fri, 31 Dec 2010 00:53:56 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22530 Felix I think it is because your European, Americans see nothing wrong in working their parents to death, it’s the American way.

]]>
By: y2kurtus http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22516 Thu, 30 Dec 2010 20:31:59 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22516 No appoligies neccessary EVER Danny Black… I always enjoy reading your comments along with almost all the other “regulars” on Felix’s blog.

I didn’t take your post as a slight to the volunteers in the first place. In Maine you could make a strong case for most citys and towns to have a volunteer force of fire and rescue. I’d like to see more towns drop their local police force and contract those services through the county sheriffs office as well.

My town has a miniscule crime rate… and the police are advocating to include a 1.5 million dollar firing range in the new police station. They currently rent out a local private gun club 4 times a year for $1000/day.

I’m all for improving public safety… accept when the payback on investment is 375 years.

]]>
By: RandomName2nd http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22514 Thu, 30 Dec 2010 19:51:18 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22514 The US has a total tax income to GDP of around 28%.
Australia has a total tax income to GDP of around 31%.
All Australians are covered by a comprehensive means tested social security system and universal health care.
http://en.wikipedia.org/wiki/Social_Secu rity_(Australia)
http://en.wikipedia.org/wiki/Medicare_(A ustralia)
Generally the only homeless people in Australia are people with mental health issues, drug addicts or teenagers escaping abuse.
Do some people cheat the system to get out of working? You better believe it. But a lot of these people would turn to crime to survive if the pensions didn’t exist. A pension costs the government a lot less than keeping someone in jail.
I was totally astounded at the number of homeless people when I visited L.A. fifteen years ago.
I’m not sure how the architects of the US system managed to turn the US working class against all socialist ideas in a Christian country but they sure did a thorough job.
I’m very thankful I live in a country whose citizens believe in helping your fellow man when they need help.

]]>
By: TFF http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22355 Tue, 28 Dec 2010 19:52:16 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22355 Good points, y2kurtus.

I suspect having volunteer fire fighters works better in smaller communities where there is less of a temptation to “let somebody else do it”. But yes, they train very hard for that role. Response times might be a little slower, since you have fewer people standing by at any time, but that isn’t a knock on their professionalism.

]]>
By: Danny_Black http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22354 Tue, 28 Dec 2010 19:43:47 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22354 y2kurtus, sorry wasn’t meant to disparage the volunteers, rather to pour some cold water on the idea that firefighters deserve a pay cut because some people are brave and kind enough to do it on a voluntary basis, a view that I suspect the original poster would be closer to if he was sitting in a burning house.

]]>
By: y2kurtus http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22345 Tue, 28 Dec 2010 18:48:34 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22345 Great thread with many good points already…

The one point I wanted to respond to was TFF who said “The counter-argument is that people are too stupid to run their own lives, and thus we need to do it for them. I find that a poor excuse for infringing on people’s freedoms.”

I too loath anything that chips away at my personal freedom… my issue with that thinking is that the “stupid” defined as those who have not and will not adaquatly plan for their retirement, currently outnumber the prudent by a margin of perhaps 4-1.

Remember that ALL are welcome in the voting booth… so don’t be supprised when IRAs, 401ks, & unearned income face a special tax to help offset the cost of supporting the vast majority of the population who don’t like the idea of starving to death alone in the dark.

P.S. to Danny black… the amateurs in the three small towns surrounding my town are often called in to help our pro’s during really large fires. They train as much as our national guard forces. I’m not sure they are representitive of vol departments everywhere but I’m impressed with our locals.

]]>
By: Danny_Black http://blogs.reuters.com/felix-salmon/2010/12/27/the-gordian-nightmare-of-public-pensions/comment-page-1/#comment-22309 Tue, 28 Dec 2010 04:13:09 +0000 http://blogs.reuters.com/felix-salmon/?p=6712#comment-22309 McMath, am sure if your house was burning down with you in it you’d be glad these overpaid professionals are there as opposed to amateurs doing it when they feel like it.

]]>