Unfunded Public Employee Pension Liabilities Are Larger Then We Have Been Told.

by Rodney Posted 2012/06/14 00:43:28

Related Topics: Debt, Pension, JP Morgan, Funds, Trillion, Dollar, Regulation, Huge

35 votes
Read all 172 opinions
View Results and Demographics + View Demographics

Loading Demographics... Click an icon to see demographic results Display unknown and private
	Time to get tough	31 votes	89%
	No big deal	0 votes	0%
	Undecided	4 votes	11%

Charles Gasparino managed to get a report put out by JP Morgan (J.P. Morgan, the largest underwriter of municipal debt) on the size of the Public Employee Unfunded Pension Liabilities, that puts the current amount at 3.9 Trillion to 5 Trillion dollars. That includes Local, State and Federal employee pension liabilities. The question is, How does one solve such a huge problem and why are our elected officials not doing anything about it? We see our government attacking businesses who lost roughly 1% of their total wealth and none of it taxpayer dollars or customer funds. They attack every area of business. Further complicating the normal business functions and adding huge costs to every business, large AND small. With great zeal and I think enthusiasm they write more regulations and rules, that many of them don't even understand. Do they not see the REAL problems or are they afraid to act on anything for fear of losing their jobs?

+17

Add a comment above

Leasheryn/Lady Willpower 2012/06/14 01:01:16

Time to get tough

+7
There have been so many lies and cover-ups perpetrated by this administration that it's downright scary. The fact that things are NOT getting better is becoming more and more obvious as each day passes. Yes, it's time to get tough!
>> See Replies

More polls by Rodney

Rodney to DoxieDad 2012/06/14 03:05:43

+2
This poll is about the unfunded PUBLIC employee pension liabilities, ie Public Employee Unions. The union I belonged to once upon a time, was paid by the employer one amount and the employee contributed a portion as well. It was then invested and grew as the investment grew. In the case of the Public Employee Unions, the union never collects anything from the employer and the employee contributes very little. Then the employer, US Government or local State governments spends the funds that should be banked for pensions on every other thing BUT the pensions.

reply
DoxieDad to Rodney 2012/06/14 03:09:57

That is the agreement the government made! Now they want to abrogate that responsibility. If a city wants to change the set up then do it with new hires. You don't screw long term employees because you did not plan right. As I said, Union or no Union this was the agreement the government made. File for bankruptcy and void the contract don't just bust the union and say well, we can't afford it so you're all just screwed.

reply
Rodney to DoxieDad 2012/06/14 04:33:21

+3
No one is advocating that. Wisconsin's deal was just that. Although there were some new rules in how the union can negotiate their contracts. Personally, FDR was exactly right. Government employee unions just aren't a good idea. After all, the union negotiates with the very people they funded into office. Conflict of interest?

reply
Old Salt 2012/06/14 01:53:51
Rodney to Old Salt 2012/06/14 02:01:21

+2
That is insanity. The very reason that Public Employee Unions should not be allowed to barter with the very politicians they got into office.

reply
santa6642 2012/06/14 01:32:43

Time to get tough

+4
And make the needed cuts.

reply
Rodney to santa6642 2012/06/14 01:39:01

+1
I don't know if we can cut that much, but any step in the right direction would be of help.

reply
Soup Man 2012/06/14 01:07:34

Time to get tough

+1
follow the tax payers way and be gone

reply
Rodney to Soup Man 2012/06/14 01:15:23

Uhhh, how do you mean?

reply
Soup Man to Rodney 2012/06/14 02:20:53

+1
Well I have a job Think goodness. No longer will I have healthcare benefits supported by my employer if I can retire and my pension was frozen at the ten year mark, seem like if that worked for my company to keep afloat it should be fine for reapers of the tax total. just saying

reply
Rodney to Soup Man 2012/06/14 02:41:28

+1
I see. Read the link here. It is this kind of insanity that will break us.
http://www.chron.com/news/hou...

reply
Catch224u 2012/06/14 01:04:42

Undecided

+1
I quit working for the State in 1975. If I would have stayed, I'd be a Gazillionaire.

reply
Rodney to Catch224u 2012/06/14 01:07:49

+1
I worked for a spell with the US Dept of Agriculture. Wonder where I'd be today had I managed to stay? Would I be as upset about this had I?

reply
Leasheryn/Lady Willpower 2012/06/14 01:01:16

Time to get tough

+7
There have been so many lies and cover-ups perpetrated by this administration that it's downright scary. The fact that things are NOT getting better is becoming more and more obvious as each day passes. Yes, it's time to get tough!

reply
Rodney to Leasher... 2012/06/14 01:04:47

+4
We may have to resign ourselves to the fact that we will be having another Greece type scene on our hands when we finally do.

reply
Leasher... to Rodney 2012/06/14 01:20:32

+2
I believe that's true. Greece and Spain are only the tip of the iceberg. Once they fall and the EU falls behind them, it's going to domino around the world.

reply
Rodney to Leasher... 2012/06/14 01:27:52 (edited)

+3
True. When we are finally forced to deal with this major burden, I bet the unions will be in the streets screaming and crying all over the place.

reply
Leasher... to Rodney 2012/06/14 01:39:38

+1
Let's hope we have a strong president who can lead us out of it. The idjit we have in there now couldn't lead a chorus of "Yellow Submarine".

reply
Rodney to Leasher... 2012/06/14 01:44:20

+1
Or a parade of one?

reply
Leasher... to Rodney 2012/06/14 01:46:27

+1
I doubt he can even go potty on his own.

reply
Kat 2012/06/14 00:56:52

Time to get tough

+3
It's devastating to the economies of all governments. We pay retired public utilities workers pensions here that are more than what a lot of working people make. Typical government but needs to be cut back. But then we need to cut what the congress and president are making too. They should get pay cuts and a few checks held back until they get a budget and quit wasting every cent they don't even have yet.

reply
Rodney to Kat 2012/06/14 01:01:10

+1
I am in full agreement there. I watched the grilling of Jamie Dimon today and several of those senators have trouble putting two words together and yet they are asking Jamie how things happened?

reply
Kat to Rodney 2012/06/14 01:18:25

+2
They are an arrogant lot, if we did half the crap at work they do or fail to do our job, then raised our pay and went home for a 2 week recess without finishing our work, we'd be fired. Some are so old or stupid there's little point to their being there.

reply
Rodney to Kat 2012/06/14 01:29:55

+3
Those jobs were never meant to be a lifetime job. They were supposed to serve a couple terms and go home to their businesses. Too many have no other skill set though.

reply
Kat to Rodney 2012/06/14 11:56:55

+1
Too true, people that have never had a legitimate job or worked with a budget are deciding how much money they can waste and how much to raise our taxes to keep up their BS.

reply
Rodney to Kat 2012/06/14 22:55:35

+2
Here's some more corruption that cost we taxpayers about 23 billion.
http://www.heritage.org/resea...

reply
NPC 2012/06/14 00:56:06

Time to get tough

+4
The public sector is funded by the private sector taxation. Public workers do not create wealth or hire employees like the small businesses do. Voters woke up in Wisconsin and they will see the light in many other states that have to balance their budgets to survive.
The free days of unfunded pensions and benefits will soon be over. Marxists and Alinsky lovers beware. The TEA Party, fiscal Independents and Conservatives are voitng in a block this year.

reply
Rodney to NPC 2012/06/14 01:02:34

+1
Like your attitude and passion, but will we have a Greece situation on our hands when we finally do?

reply
WhereIsAmerica? ~PWCM~JLA 2012/06/14 00:52:43

Time to get tough

+4
It is an old saying but as true now as it ever was, "you can't get blood from a stone".

reply
Rodney to WhereIs... 2012/06/14 00:55:53

+2
LOL, gotta laugh cause crying gets my face wet. I just don't see how they/we can fix this.

reply
NPC to WhereIs... 2012/06/14 00:57:06

+2
NO. You mean you cannot squeeze blood out of a turnip ?

reply
Rodney to NPC 2012/06/14 01:06:06

+1
LOL, I think even the government could get a Turnip to bleed.

reply
Temlakos~POTL~PWCM~JLA~☆ 2012/06/14 00:50:31

Time to get tough

+6
I don't remember voting for any of this stuff.

reply
Rodney to Temlako... 2012/06/14 00:53:31

+5
Me either. I'm very surprised no one has charged the politicians and unions with fraud or more. The unions buy politicians with campaign funds and then barter with those same politicians for their contracts. Isn't that a conflict of interest?

reply
UGH...L... to Rodney 2012/06/14 01:01:47

+5
It certainly is a conflict of interest.

The public disservice unions are as greedy as any 19th century robber barons.

reply
Rodney to UGH...L... 2012/06/14 01:30:24

+1
SO true!

reply
Striker 2012/06/14 00:49:23

Time to get tough

+5
It's really Too Late to get Tough. What can you do about it even if you wanted to?

reply
Rodney to Striker 2012/06/14 00:54:19

+2
We could never raise taxes enough and or cut government as much as it would take. I have no answers.

reply
Striker to Rodney 2012/06/14 01:21:40

+1
Very sad, but the only answer remaining is bankruptcy, That will be global. Nothing much we can do except when/if we ReStart.

reply
Rodney to Striker 2012/06/14 01:32:16

Sadly, you are right. I don't know what would happen IF we were forced to declare bankruptcy.

reply