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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 3
    More: Scary, stimulus plan, Detroit, unsecured debt, Stockton, emergency managers, public sector, Vallejo, pensions  
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6530 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 11:51:04 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 11:40:07 AM
1 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 11:37:33 AM
1 votes:
In this day and age when we have proper 401Ks and 403Bs, there really isn't a need for pensions anymore. The retirement needs of employees are usually fulfilled through the judicious use of saving and investment and in catastrophic cases Social Security payments. Pensions are a holdover from the bad old days when one was expected to work until death or face the twilight years eating dry cat food and living in a hospice.

As a society we're beyond that now, and we really ought to make the tough decisions to eliminate such wasteful and redundant systems, especially when the money could be better used to pump life into a real economy.

I'm not saying we should eliminate the pensions retirees are enjoying today or eliminating the pension reserves employees today have saved up. But new employees should be outfitted with proper retirement accounts rather than ephemeral and easily raided pension accounts.
 
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