Renegotiate Everything

[bigmack]

No small secret, I've been working with the Romney campaign.

Over a pile of fresh fruit, it hits me. Renegotiate Everything.

Start with public pensions. I know there are contracts but they have to be... That's right, renegotiated.

Did ya see, JP Morgan, Fenner & Ziggy has found a $4TRILLION deficit in public pensions. That's TRILLION.

http://i165.photobucket.com/albums/u70/macktime/duke.jpg

[sammy the sage]

No small secret, I've been working with the Romney campaign.

Over a pile of fresh fruit, it hits me. Renegotiate Everything.

Start with public pensions. I know there are contracts but they have to be... That's right, renegotiated.

Did ya see, JP Morgan, Fenner & Ziggy has found a $4TRILLION deficit in public pensions. That's TRILLION.

http://i165.photobucket.com/albums/u70/macktime/duke.jpg

It's already BEING done....don't YOU see....currency is BEING devalued....slowly, BUT surely....

Wonder who MAKES out...when all is said and done.... :rolleyes:

[TJDave]

Start with public pensions. I know there are contracts but they have to be... That's right, renegotiated.


1. I believe these contracts should never have been made...but were.

2. Governments promised to properly fund them... but didn't.

3. Governments should make every effort to make these agreements whole.

4. Failing that, governments should offer to renegotiate.

5. Failing that, pay or declare bankruptcy and default.

[bigmack]

Governments promised to properly fund them... but didn't.

3. Governments should make every effort to make these agreements whole.

4. Failing that, governments should offer to renegotiate.

5. Failing that, pay or declare bankruptcy and default.
In most cases, the agreements made are completely unsustainable.

...The Legislature included cost projections provided by the California Public Employees’ Retirement System -- or Calpers -- in the description of the bill and passed it with broad bipartisan support. Governor Gray Davis signed it.
Since then, the pension system has earned only 75 percent of what it had hoped. Because the state is unconditionally on the hook, the state budget has had to make up the difference. As a result, the state has spent $27 billion on pensions, $20 billion more than Calpers projected.

Because the boosted promises last for decades -- for employees’ lifetimes -- and because the pension fund amortizes the difference between what it expected to earn and what it really earned during such a long period, just a small portion of the increased costs has so far been recognized. Far larger increases are in store.

To finance the $20 billion of extra cost for pensions, the state has cut spending on services and raised taxes. As one example, spending on the University of California and California State University systems declined 18 percent from 2002 to 2012, while state spending on pensions rose 214 percent.

The pension deal was a stunning example of nondisclosure. The legislators didn’t inform the taxpayers that:
1. The state was on the hook for deficiencies if actual investment returns fall short of assumed investment returns.
2. The assumed investment returns implicitly forecast that the Dow Jones Industrial Average would reach about 25,000 by 2009 (it barely made it over 10,500 that year) and 28,000,000 by 2099.
3. Potential costs to the state were uncapped.
4. Members of the Calpers board had received campaign contributions from beneficiaries of the legislation.

Ten years later, a journalist uncovered that Calpers had produced internal projections showing the risks to the state if the bet didn’t work out. The internal projections forecast that if the system earned half of what it assumed, state costs for the pensions would rise to almost $4 billion a year by 2010, close to where those costs ended up.
http://www.pensiontsunami.com/

[TJDave]

In most cases, the agreements made are completely unsustainable.


Of course they are unsustainable. The question is what can legally be done about it, now. Aren't 30% + Californians either employed by the state or pensioners? This isn't something that will be fixed by the legislature nor do I see a referendum passing. When it gets bad enough California's creditors will force bankruptcy. I see no other option.

[TJDave]

No small secret, I've been working with the Romney campaign.


Going door to door?

White shirt and tie? ;)

[bigmack]

Going door to door?

White shirt and tie? ;)
Your disdain for everything Mormon is unbecoming.

[TJDave]

Your disdain for everything Mormon is unbecoming.

As a group, I respect Mormons as being typically hard working and industrious.

I disdain those who deny or disguise their (more wacko than most) religious folklore and racial and ethnic prejudice to win converts and elections. Especially those who are church high elders.

[Tom]

How do you feel about those who have outright bigoted racists for spiritual advisers for two decades and then, when it comes out, say the never listened to him and had no ideas he was a racist, even though he sat in the church supposedly, every week?

I'll take the Mormon.

btw, the big show is coming up quick.....a must see spectacular right in my own back yard. Truly breath-taking to watch.

http://www.hillcumorah.org/Pageant/

[TJDave]

How do you feel about those who have outright bigoted racists for spiritual advisers for two decades and then, when it comes out, say the never listened to him and had no ideas he was a racist, even though he sat in the church supposedly, every week?


I felt like not voting for him. How did you feel? ;)

The point is that Obama was asked, spoke to the issue and the voters made their decision.

I want the exact same treatment for Romney. Don't you? ;)

[TJDave]

btw, the big show is coming up quick.....a must see spectacular right in my own back yard. Truly breath-taking to watch.

http://www.hillcumorah.org/Pageant/

Did they ever find the golden tablets? ;)

[boxcar]

Of course they are unsustainable. The question is what can legally be done about it, now. Aren't 30% + Californians either employed by the state or pensioners? This isn't something that will be fixed by the legislature nor do I see a referendum passing. When it gets bad enough California's creditors will force bankruptcy. I see no other option.

What can "legally be done"? Maybe the answer is something as illegal as what the Dictator-in-Chief did recently when he waved his magic wand and decreed that an entire class of illegal aliens get shoved to the head of the line to legal status, working permits, etc.? Maybe that same wand can make that little deficit thingy disappear.

Boxcar

[boxcar]

As a group, I respect Mormons as being typically hard working and industrious.

I disdain those who deny or disguise their (more wacko than most) religious folklore and racial and ethnic prejudice to win converts and elections. Especially those who are church high elders.

Geesh...you didn't learn a thing about this topic when PA enlightened us on wacko religious practices and beliefs, did you? :D

Boxcar