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http://pensionpulse.blogspot.com/2010/03/nj-seeks-to-skip-3-billion-pension.html
Thank you,
Leo Kolivakis
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as a NJ resident/home owner/taxpayer i will leave if Trenton tries to shove this down my throat
let the leeches tax each other for all i care. i'm not paying for trenton's mismanagement. i feel bad for people who where sold the moon and the sun but i will not foot the bill, nor will i allow my kids to
And your sense of commitment to the rule of law is made plain.
miles - i pay my taxes. i overpay in fact. i own a home. i pay my prop taxes. my wife and i are employed. we've broken no laws. we've played by the rules
its not my fault that Trenton mismanaged the pension funds and i'll be damned if i'm paying for it.
not sure if you live in NJ but figure a good earning family pays 10% state income tax. 7% sales tax, and at least 10k in prop taxes (provided you dont like in a war zone like camden or newark). this is a post federal income tax raping
With a decade in Pennsylvania, another decade in California, and many more spread out all over the globe I more than understand. Federal, state, county, city, township, school, property, communications, television access, occupational privilege and so many more. I readily admit that it is our government that has decided that AIG's compensation needed to be funded in full while setting the stage to shaft those that actually bear the arms.
All I am saying is that we all need to be careful how and who gets the shaft here and do all we can to make sure that pain is felt everywhere with as much equality as we can muster. It appears that a ritualized fuck you buddy is still the preference of many of the citizens of this nation. For anyone that knows my writing knows that I and many like me are more than willing to make serious sacrifices. After all, sacrificing all of our future revenue earning capacity to support the constitution in return for 2,650.00 per month is what it is. Who in the private sector can say the same? Those sacrifices will need to be matched, completely matched by the private sector. The simple fact is that our government has made commitments that it has no capacity to meet. The flip flop in governing party in New Jersey provides a wonderful example that party matters not, lies and misallocation of revenue and outright corruption is all we can expect from either political party be they in the executive or legislative and the courts are in even worse shape.
The rule of law has been rendered moot with the exception of those who advocate plunder and false philanthropy. The question remains, do you advocate a complete abdication of contract law or not? If you advocate an abridgment for public pension obligations then you must also advocate them for loss of all property rights. Paying more than the value of a home over its life in taxes is an indirect form of confiscation, seizing your home than forcing you to repurchase it from the state because they made some bad investment choices will be what follows. Never forget that when a government is in dire straights if a segment of society advocates the seizure of property from one segment it advocates the seizure from all. There cannot be any real "getting even" without infringement. So, who do you wish to infringe upon, those that stole your money or those to whom you entrust the security of the nation, your family and yourself to?
Should the rule of law be rigidly followed when it becomes destructive and immoral?
Applying it here would result in taking property from many people who had nothing to do with, and got absolutely no benefit from, the people now "owed' those pension promises.
This simply gets back to my belief that any pension which is not continuously funded on a 100% or better basis is immoral and fraudulent. If the pensions had been properly funded there would be no issue now. Instead, there is "pay go" which is another way of saying accounting fraud and stealing from future generations.
Money is not allowed to go anywhere but the bankers.
Leo,
This is off topic, but something I want to pass along. I was at a workshop today in which one of the panelist is the CEO of the US operations of a China based company that supplies thier solar panel industry. In a discussion during the reception following the workshop, I asked him if there is any basis to the rumors that the bulk of the increased production of Chinese solar panels are actually sitting in Chinese warehouses unsold. He immediately started explaining the overcapacity problems in China and their expectation to have the unsold inventory cleared by the end of the year. I do not claim any direct knowledge of the situation nor do I offer any interpretation of the meaning of his comments. I pass them along in the spirit of appreciation for all the effort you put into contributing to the ZH community.
OT: one analyst sees solar boom coming but first widespread failures. I see a bright future, especially for Chinese solar companies. Stay long and/or accumulate shares in CSIQ, LDK, SOL, STP, TSL, and YGE. Solar sector has goten beaten down and I find entry levels are attractive here (but I warn you, if you can't stomach volatility, STAY AWAY from solars).
Leo, I have to add my "Thank You!" (again) for making your observations available on this board.
It wouldn't be investing without volatility.
I was a big buyer of solars in early 08. I got out once I saw all of them tripping over themselves to pay ransom-like prices for poly. I knew ASP's had to come down to push out the level of productions being ramped up for.
Now we have low poly prices again, awesome. We see ASP's under $2, awesome. However, they have to rely on European countries for their sales. Countries, like Spain, that just cannot hand out free money to these solar companies much longer.
Is there something specific that makes you think solars can really thrive through the rest of 2010?
I just don't see them looking attractive until late 2010/early 2011.
Forget Europe, the real drive for solar energy will come from China.
What a nice heart touching story on the bright future link Leo.
A dirt poor peasant goes to Australia meets up with a professor doing research on silcon based solar cells. Joins the professors company, shorty thereafter goes back to China. He then starts "his" own company with 6 mill from the government and some additional help from Goldman Sachs. Capitalism at its best!
If I were FT I would throw a state sponsored industrial espionage line in there somewhere but hey what do I know?
Ain't this a great country
IF YOU CROSS THE NORTH KOREAN BORDER ILLEGALLY, YOU GET 12 YEARS HARD LABOR.
IF YOU CROSS THE IRANIAN BORDER ILLEGALLY, YOU ARE DETAINED INDEFINITELY.
IF YOU CROSS THE AFGHAN BORDER ILLEGALLY, YOU GET SHOT.
IF YOU CROSS THE SAUDI ARABIAN BORDER ILLEGALLY, YOU WILL BE JAILED.
IF YOU CROSS THE CHINESE BORDER ILLEGALLY, YOU MAY NEVER BE HEARD FROM AGAIN.
IF YOU CROSS THE VENEZUELAN BORDER ILLEGALLY, YOU WILL BE BRANDED A SPY AND YOUR FATE WILL BE SEALED.
IF YOU CROSS THE CUBAN BORDER ILLEGALLY, YOU WILL BE THROWN INTO POLITICAL PRISON TO ROT.
IF YOU CROSS THE U.S. BORDER ILLEGALLY YOU GET :
• A JOB,
• A DRIVERS LICENSE,
• SOCIAL SECURITY CARD,
• WELFARE,
• FOOD STAMPS,
• CREDIT CARDS,
• SUBSIDIZED RENT,
• FREE EDUCATION,
• FREE HEALTH CARE,
• A LOBBYIST IN WASHINGTON ,
• BILLIONS OF DOLLARS WORTH OF PUBLIC DOCUMENTS PRINTED IN YOUR LANGUAGE,
• THE RIGHT TO CARRY YOUR COUNTRY’S FLAG WHILE YOU PROTEST THAT YOU DON’T GET ENOUGH RESPECT.
How could you possibly forget the low interest sub prime mortgage based upon stated income???
IF YOU CROSS THE CANADIAN BORDER ILLEGALLY...
• You get to pick up your subscription drugs much cheaper
than the US.
• Buy a couple of gold Mapleleafs
(Or is it Mapleleaves for plural Leo?).
• Flirt with a couple of hot really polite brunettes.
• Then get directed back across the border by some polite authorties...
I've had some less than totally polite experiences with their authorities - more like rigid politeness with an edge, I guess - but your list is close enough to make me wonder why I don't move there.
Mad Max, It is highly likely that you would be bored in Canada. I do know one person who got bored in Australia and came back.
Issues in the US are a little different. I know an engineer that had emigrated from New Zealand but went back because he didn't want to raise his children here. And the value system for middle America has gone downhill in the last 2 decades.
Hmmm, spoken like a Canadian who doesn't want Americans screwing up his country!
I've been to Canada several dozen times and know many people who grew up there. The taxes and somewhat more pervasive regulation (if such a thing is possible?!?) put me off a bit, but the people seem much nicer, better adjusted and just plain to have more common sense.
But I digress. No argument on America's "value system" though - if it doesn't have a dollar sign, it isn't valued.
"I've had some less than totally polite experiences with their authorities..."
If I was Canadian, I would be less than polite to the American rabble, too...
No place is perfect, Max. Allow me a little sarcastic humor license as is my forte...
But I think Canada is a more civil society than the US that is spiraling into complete corporate owned governance. That stiffness you encountered... just douche Harper conservatives... wannabee neo-cons...
I beg to differ (IF YOU CROSS THE U.S. BORDER ILLEGALLY YOU GET)you get a free bus or airline ticket back to where you came from. Those easy days are over.
Show me where those days are over because what I see, read and hear, the benefits for the illegals have not been cut one little bit. They're still flooding the courts with their public paid lawyers, investigators, and interpreters and social services with their needs. To add to the list, in California, they get cars too, gas money and maintenance under certain circumstances and of all the things cut in the California budget, not one thing affecting illegals has been cut yet.
Exactly right Swamp
Amazing to watch a bankrupt state still throw billions at illegals.
Absolutely mind boggeling.
Hey, someone's gotta do the landscaping!
Beats the hell out of new taxes and fines for the average Joe to make up for it
all.
New Jersey Governor Chris Christie proposed a $29.3 billion budget that would suspend property-tax rebates, skip the state’s $3 billion pension contribution and fire 1,300 workers next year.
They will ALL get unemployment too. Then, they get back pay when rehired. I say, screw their pensions and save the taxpayers a bundle. They are eligible for S.S. aren't they? Close enough for government work.
"They are eligible for S.S. aren't they"
Not in California
Public employees pay into CalPERS instead of SS. I think it is 8% instead of SS/Medicare 7.65% payroll tax.
Except for UC employees.
UCRS is a mixture of SS topped off by a UC pension. UC employees don't work for the state. When state workers get IOU's (see Bobble Head Pete Wilson), UC employees get paid in cash.
It is that direct pipeline to DOD research grants and Medicare/Medicaid payments to UC's 5 hospitals.
What a racket...
+10.
Needed a laugh.
Another broken promise, going to school with my GI Bill, haven't been paid yet for this semester. Luckily I have a job but that doesn't help vets dependent on the money for college-life, food, clothes, gas money.
Breach of contract for the vets... among other government workers.
And when it all boils down, we are the ones under arms, filling the ranks of the intelligence community and more. Never forget the sentiment expressed that you responded to. For many within society, once you have served your usefulness you become nothing more than another worthless mouth to feed, regardless of whatever commitments that were made in their name. A perfect expression of their sense of duty to those they ask to defend in their place. I am willing to wager you'll find a yellow ribbon magnet there somewhere.