Pension costs ‘crowding out’ spending on parks, schools and social services, report says

I'm stuck with a hill rolling 401k - not exactly a good option given the reality that the stock market is a fraud casino for rich people.

The greatest act of tyranny in this country will be the seizure of our retirement funds by the rich.

 

Since when have Repubs cared about parks and social services?

 

I said.........

I don't understand your reply???

 

Why should private sector taxpayers fund the public sectors lucrative pensions we don't get ourselves?

Can the US Government Seize Your 401k or IRA?

You have more to worry about with the Government doing that.

 

This will ultimately be resolved by inflation to devalue the pension and other debt values.

 

There is no shortage of people who want government jobs.

 

I have so many friends who retired at age 52 or older with huge public sector pensions that it is hard to avoid them. In essence, the only people I know who retire with those kind of sweet heart packages are trust fund babies. I support unions and I do like pensions but no one deserves a pension of 60-300k a year for doing public service with the possible exception of the POTUS who is incredibly under paid anyway. I blame the unions, the public workers, the elected officials and ourselves for this mess. We need to get them all on SS, Medicare and standard 401ks like the rest of us. I can see a small pension, maybe topped out at contributions plus accumulated interest earned at market rates (1% over inflation rate compounded for instance) but to give a firefighter 100k for life at age 52 is absurd. Our local town had an accountant who retired with a yearly pension of 300k, that is absurd.

 

How so?

After the Gingrich/Kasich tax rate cuts and the Bush/Republican tax rate cuts tax revenues soared hitting record increases. The Clinton tax rate increases slowed tax revenue growth.

If it brings in more tax revenue why not?

 

10 years of Bush tax cuts for the rich brought about no such result

 

It's either that or stand back and let the pension fund collapse. Then they get nothing.

 

When the money runs out the pension funds will just file for bankruptcy, then they'll get pennies on the dollar.

They could cut the number of Government employees (except for fire and police) and I doubt anyone would notice.

The private sector taxpayers already do and then they have to fund lucrative pensions for Government workers......now that's just wrong. The only pot of gold for anyone with a government pension when the money runs out will be a box of lucky charms.

 

Of course, but I also have the 2008 crash. Both the government and private sector are to blame for this.

The problem, honestly, is that there is no good savings accounts anymore. Most of this issue could be abated if savings actually had a semi decent return.

 

I agree with that. Even the Government T-Bills interest rate is 1.071%.

 

It's a total joke. Savings accounts offer no return. All so the banks can pocket tons of profits.

 

Myself, I barter labor with others. I do computer and network work for them and they do provide their skills to me..... California's sales tax is ridiculous.

 

I'm for a unified sales tax, no more income/property taxes, personally.

 

I would agree as every single person in the United States pays the tax......even people on welfare.

 

Yes they did bring in those results. The peak deficit was $400B in 2004 the tax rate cuts were accelerated the economy took office and by 2007 the deficit was a paltry $161 with a modern day record tax revenue increase of 15%.

Those are the facts, refute them instead of your specious simple dismissals. And BTW millions at the bottom had their tax bills not only wiped out but their negative tax rate, meaning the make money off the tax system, go further down while those at top paid hugely more tax revenue and a bigger share of taxes. So what's your beef about them? You think you are just sticking it to them because the rate is higher?

 

Apples and oranges and yes pensions can change benefits and payouts. That's why it's better not to be in a defined pension plan but instead a 401k, then the money is all yours and under your control.

 

Yes because of the FED which is slowly very slowly starting to increase rates. I'm about to retire and should be moving my retirement accounts into interest bearing accounts but there are none out there.

 

I'm for the FAIR tax with it's prebate as long as the prebate is somehow protected from political abuse.

 

yeah, ask the people at Enron how that worked out for them, there 401k went bye bye

 

Why should we pay taxes to support their pensions when we don't get one ourselves?

 

because it was part of the deal they worked for.... why should they not be paid what they were promised

 

It's really disgusting, isn't it? Part of the problem absolutely is the Fed keeping interest rates super low. Part of the other problem is the profit incentive banks have - even though they are already money making machines off solely the overdraw fees they charge.

There's really no incentive to save in a savings account; americans are much better off paying off debt, and not saving, as there is no financial incentive at this point.