Pensions cut in heartland

[JustRalph]

http://www.cbsnews.com/news/slashed-...tland-workers/

I bet 80% voted Dem for forty years

[Jess Hawsen Arown]

This is a disaster. Those "lucky" enough to be alive in 2035 will feel the same pain when social security takes an axe to benefits.

https://www.gobankingrates.com/retir...ook-like-2035/

Note that we might all take a huge hit in just six years!!

Say, thank you to Congress for stealing our money for all these years.

[RunForTheRoses]

That really is a shame for the retirees, 3700 to 1600 is a big big hit for the person mentioned. This is most likely a harbinger of things to come, New Jersey was listed as 50 th worst state in large part because of pension obligations.

[Tom]

Originally Posted by RunForTheRoses

That really is a shame for the retirees, 3700 to 1600 is a big big hit for the person mentioned. This is most likely a harbinger of things to come, New Jersey was listed as 50 th worst state in large part because of pension obligations.

So there are 6 states worse than Joisy, eh?

[mostpost]

Originally Posted by JustRalph

http://www.cbsnews.com/news/slashed-...tland-workers/

I bet 80% voted Dem for forty years

You are probably correct and it is a good thing they did. Had they voted Republican for forty years, they wouldn't have had a pension to be cut in half.

And while it is somewhat true that there are fewer workers to pay into pensions now, it is definitely true that all those mention funds were severely damaged by the Bush Great recession.

[RunForTheRoses]

Originally Posted by Tom

So there are 6 states worse than Joisy, eh?

To some:

[incoming]

Originally Posted by mostpost

And while it is somewhat true that there are fewer workers to pay into pensions now, it is definitely true that all those mention funds were severely damaged by the Bush Great recession.

Do you think that over 50,000,000 abortions, everybody deserves a home regardless of income, bank bailouts, GM bailouts, medical insurance for everyone, open borders, food stamps for freeloaders has anything to do with their pensions. Probably beyond your scope.

[JustRalph]

Originally Posted by mostpost

You are probably correct and it is a good thing they did. Had they voted Republican for forty years, they wouldn't have had a pension to be cut in half.

And while it is somewhat true that there are fewer workers to pay into pensions now, it is definitely true that all those mention funds were severely damaged by the Bush Great recession.

You mean the recession that resulted from the Dems not allowing Bush to head off the housing crisis?

[davew]

Originally Posted by mostpost

You are probably correct and it is a good thing they did. Had they voted Republican for forty years, they wouldn't have had a pension to be cut in half.

And while it is somewhat true that there are fewer workers to pay into pensions now, it is definitely true that all those mention funds were severely damaged by the Bush Great recession.

Why are there pensions when there is social security and Medicaid?

[Clocker]

Originally Posted by JustRalph

You mean the recession that resulted from the Dems not allowing Bush to head off the housing crisis?

Bush played a minor role in complicity in the problem on the housing side with his Ownership Society policy, encouraging home ownership for as many Americans as possible.

On the financial side, the Bush administration, and later, Alan Greenspan, warned of serious problems with Fannie and Freddie mortgage lending.

Bush's first budget, written in 2001...called runaway subprime lending by the government-sponsored enterprises Fannie Mae and Freddie Mac "a potential problem" and warned of "strong repercussions in financial markets."
...

"I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del.
...

In November 2003, just two months after Frank's remarks, Bush's top economist, Gregory Mankiw, warned: "The enormous size of the mortgage-backed securities market means that any problems at the GSEs matter for the financial system as a whole." He too proposed reforms, and they too went nowhere.

A proposed bill before the Senate Banking Committee aimed at fixing the problem was killed in committee by the Dems.

http://www.realclearmarkets.com/articles/2008/12/dont_blame_bush_for_subprime_m.html

[boxcar]

The moral to this sad story is that workers need to get out of private plans and learn to manage their own investments via passive investment strategies in index funds in the stock market.

[delayjf]

And while it is somewhat true that there are fewer workers to pay into pensions now, it is definitely true that all those mention funds were severely damaged by the Bush Great recession.

In CA, the state pension payments were based on unrealistic returns on investments that never materialized.

[ReplayRandall]

Originally Posted by mostpost

You are probably correct and it is a good thing they did. Had they voted Republican for forty years, they wouldn't have had a pension to be cut in half.

And while it is somewhat true that there are fewer workers to pay into pensions now, it is definitely true that all those mention funds were severely damaged by the Bush Great recession.

Of course you mean "were severely damaged by the Great 9/11 recession", right?....BTW, nice dump of a state you live in, how's that working out for you, even though you're paid a retirement by an entity that loses BILLIONS each and every year?......You should just zip it, Sport...

[mostpost]

Originally Posted by Clocker

Bush played a minor role in complicity in the problem on the housing side with his Ownership Society policy, encouraging home ownership for as many Americans as possible.

On the financial side, the Bush administration, and later, Alan Greenspan, warned of serious problems with Fannie and Freddie mortgage lending.

A proposed bill before the Senate Banking Committee aimed at fixing the problem was killed in committee by the Dems.

http://www.realclearmarkets.com/articles/2008/12/dont_blame_bush_for_subprime_m.html

The Federal Housing Enterprise Regulatory Reform Act of 2005, which you and realclearmarkets.com refer to without ever naming, was not killed in committee by the Democrats. It was voted out of committee by the majority Republicans. It was never brought to the floor for debate by Republican leadership, despite the Republicans having a 55-44 majority.

[Tom]

Re-writing history again eh mostie?

Frank and Dodd - the roots of all evil.
Give it up - intelligent people don't believe a word you post.
We were there.