Aaron Woolf Finds His Heritage in Visit to Arcade Antique Shop

Aaron Woolf Finds His Heritage in Visit to Arcade Antique Shop
Democrat Continues Race to the End Despite Polls and Pundits

Thursday, February 14, 2013

The Big Lie Pension Myth....Wall Street Did It

     The media keeps discovering this pension cost story and is perpetuating a myth in all of it......
     The rapidly rising contribution rates for local governments is not because of the stock market, or a surge in baby boomer era retirements. Those were givens in life.
     It's because for decades the state presided over an underfunded and overly generous system routinely gamed (legally) and now coming home to roost.
      Contribution rates were low in many years as the Legislature added "sweeteners" such as the elimination of employee contributions in Tier 4 after ten years, leaving the system with little joice but the rapidly rising rates now as this years payouts are not coming from any "lock box", but instead are mostly funded by this years revenues.
      I won't burden some of you with the case for further pension reform.
      I am merely saying the media narrative (perpetuated by government seeking to place blame) that this is a stock market issue is a hoax.
Rate rise new worry - Times Union

9 comments:

Anonymous said...

Huh? What are you talking about? Did you see Rubio drink from his water bottle? What a buffoon he is. We're getting a new pope too.

Anonymous said...

That is part of it, Jeff, but you are missing the single largest issue. Low interest rates. Low interest rates mean that future liabilities are not discounted much and since funding models are based on present value (today's dollar value), the liabilities are grossly inflated. A 2 percentage point swing in rates will result in a dramatically different funding situation with s much smaller gap between what needs to be paid and what is in the account to pay out.

Anonymous said...

Yeah Jeff, that's it...interest rates are too low. Its not all the gaming and and early retirements and no employee contributions...its the interest rates!

Anonymous said...

I agree. The politicians are the problem. Mostly those elected in areas with different priorities and little in common with those of us living in rural upstate NY. Mario Cuomo wanted to raid the pension fund to balance the state budget. It is time we made two states out of one. We have had no say in government above the local level for far to long.

Anonymous said...

That's true, 11:57. With our little dictator NYS has become a NYC joke. I have to say that I do enjoy the downstate mentality regarding pensions. That was something given out by collective bahhhhhhgaaining. Wouldn't want to mess with that, would we? Hahahahahahahahha

? said...

Today's big quote.....

"We don't reach voters by calling them stupid.".

Words to live by.

Anonymous said...

?, no one, at least me anyway, is trying to reach anyone. I hope the stupidity of NYS and increasingly, the nation continues. I'm ready to sit back and watch it all go funny. I want FreeStuff to grow, I want money printed, I want taxes raised on people who work, and I want every effort made to avoid cuts any and everywhere. I can't, in good concience, refrain from calling some voters stupid. Sorry. Their ability to reason is what has morphed this nation into the joke it is. When the controlling party can thrive after releasing statements like "we have to pass it to find out what's in it", you can't imply that I'm the fool. You can't blame me when the Liar In Chief gives millions upon millions free health insurance and claims it will save money. And people believe it. And closer to home, we now have a dictator who SUSPENDS laws and rams though stupidity at night to make a name for himself in hopes of running for president. And you say I'm out of line for calling people stupid for supporting these fine folks? Nahhh. I'm fine. And on second thought. Those voters I was calling stupid, well, they can't help themselves. They are public school educated, where the teachers are more interested in coffee and getting out early. Media tells them what they wanna hear. And our primary concern is what we can get for ourselves. So maybe they ain't so stupid. Maybe they're just progressives. Like Mikey says, winning is everything. Get what you can get. Well Sir, I got mine.

On another front, I have to compliment you ?. I've appreciated some of your balanced posts of late. I think I had you wrong.

In closing. I certify that all this baloney is my own, not stolen from any other writer and posted as if I wrote it.

Anonymous said...

10:18 speaks the truth.

Funny thing about calling people stupid and Mikey. Mikey calls people stupid as one of his main tactics. Only thing is that he calls the smart people stupid and passes no judgment on his own party, which is without a doubt made up of the dumbest of all.

Anonymous said...

ANON 5:16

you have to argue over Democrats being right or wrong because you can't get Republicans elected. DAH!