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(Bloomberg)   Good news: Your government job in an urban shiathole comes with a pension that you'll someday use to retire somewhere far away. Bad news: Your pension is being raided to keep the urban shiathole afloat   (bloomberg.com) divider line 14
    More: Scary, stimulus plan, Detroit, unsecured debt, Stockton, emergency managers, public sector, Vallejo, pensions  
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6549 clicks; posted to Main » on 18 Jun 2013 at 11:27 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-18 11:56:17 AM  
2 votes:
Illinois is next, so strap in and bend over.

These problems have always been easily predicted, so we're surprised now?  The job benefits were always overly desired, the ability to retire fairly young built into the system, and lifespans are getting longer.  Fold in the surge of hiring that was needed to expand and maintain during the baby-boom cycle, and you have many more people entering pension roles than can be sustained.

The so-called smart guys running the system in the '60s, '70s, and '80s are the ones who set this debacle in motion--apparently not an economics genius in the whole lot of 'em.
2013-06-18 11:54:13 AM  
2 votes:

meanmutton: YixilTesiphon: You Are All Sheep: So I'm curious, how many large or fairly large cities have majority non-white citizenry and are doing well financially?

Every big city in Texas?

Houston is 51% white, Dallas is 50.7% white, San Antonio is 72.6% white.  All per the 2010 US Census.


I am pretty sure somebody asking if any minority-"white" cities are doing well doesn't count Mexicans and Arabs as white. San Antonio is 26.6% non-Hispanic white, Dallas 28.8%, Houston 26%, Austin 48.7%.
2013-06-18 11:40:07 AM  
2 votes:

You Are All Sheep: So I'm curious, how many large or fairly large cities have majority non-white citizenry and are doing well financially?


Every big city in Texas?
2013-06-18 01:52:00 PM  
1 votes:

mcreadyblue: meanmutton: YixilTesiphon: You Are All Sheep: So I'm curious, how many large or fairly large cities have majority non-white citizenry and are doing well financially?

Every big city in Texas?

Houston is 51% white, Dallas is 50.7% white, San Antonio is 72.6% white.  All per the 2010 US Census.

San Antonio 72% white?

LOL are those stats wrong.


Nope, they are right.  Hispanic is not a race for purposes of the census (it's listed as a seperate category altogether); most hispanics are classified as white.

That is, San Antonio is 72.6% white, but it's not 72.6% non-Hispanic white.
2013-06-18 12:42:24 PM  
1 votes:

doczoidberg: I'm baffled by the concept of a pension.

My mom gets 16 hundred bucks a month because my dad worked for a company for 30 years before he died.

It blows my mind. I mean, sure -- I'm glad Mom is getting the income...but why?


There's a pretty simple answer to your question: because the company your dad worked for saw value in encouraging employee retention. One way they could have done this was to pay him a higher salary, but they quickly realized that a pension system was much more effective at accomplishing this goal, not to mention cheaper.

It helps if you consider it for what it is: a benefit that your father earned in exchange for a lower salary, to ensure that he and your mother had an income stream after they retired. It's really not all that different than a 401(k) type retirement savings... the primary difference is that the company saved the money on behalf of your father instead of giving him the money and hoping he saved it himself.
2013-06-18 11:57:30 AM  
1 votes:

wumpus: I hate Rick Snyder.


Stupid idiot, fixing Michigan's fiscal problems while not shoving social conservatism down our throats.
2013-06-18 11:55:48 AM  
1 votes:
I'm in a defined benefit pension plan - they can work if the people involved all behave like rational adults instead of greedy morons bent on extracting the last nickel for themselves.  You know what happens when the project returns don't meet the expected outlays?  They change the contribution rates and retirement guidelines - but they do it on a timescale that allows people to make adjustments.  So you don't have the "Hey, retiree, guess what, your pension is going to be cut in half because our CEO needs a bigger yacht for raiding the company pension system to pay for an acquisition in a company that you will get NO part of.
2013-06-18 11:51:04 AM  
1 votes:
Hi Canada. You guys want Detroit? It's due for a rebound. Call it North Windsow. the bill collectors will never find you. Chicks dig massive debt and social obligations. Just sayin'.
2013-06-18 11:49:08 AM  
1 votes:
In a country where 50% of the population thinks a race to the bottom is the best thing ever pensions for any middle class person are going to be a problem. Businesses will move away from areas that protect the middleclass in favor of states that want to bring back company stores.
2013-06-18 11:47:16 AM  
1 votes:
After they steal all of this to support their failed liberal shiathole, only thing left will be kids piggy banks....and they'll get those too.
2013-06-18 11:45:25 AM  
1 votes:
boo hoo.

They officials and unions have gamed the system and squeezed it dry. fark 'em.
2013-06-18 11:33:57 AM  
1 votes:
So I'm curious, how many large or fairly large cities have majority non-white citizenry and are doing well financially?
2013-06-18 11:32:04 AM  
1 votes:

Testiclaw: We should pay public employees as little as possible, because it's our tax dollars and they should want to do the job because they feel strongly about public service -not because it pays well.

Pensions? Private workers don't have those, why should a "public servant" have one, let alone a decent one?


Meh, 2/10. You're trying to conflate two different trolls.

/I work in the private sector
//and have a pension
2013-06-18 11:31:22 AM  
1 votes:
Yup. Detroit. Didn't even have to look.
 
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