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US Retirement Benefits Underfunding Rises To Record $1.4 Trillion
The Pew Center has released its annual summary of US pension and retirement health care (under)funding. As of 2010, the total underfunding gap rose by $120 billion from the prior year's $1.26 trillion deficit to a record $1.38 trillion underfunding. This number consists of $757 billion in pension promises, not backed by any hard cash, representing pension liabilities of $3.07 trillion and assets of $2.31 trillion. In 2000, more than half of the states had their pensions 100 percent funded, but by 2010 only Wisconsin was fully funded, and 34 were below the 80 percent threshold—up from 31 in 2009 and just 22 in 2008. But that pales in comparison to the ridiculous spread between retiree health care liabilities of $660 billion and assets of, drum roll, $33 billion, or a funding shortage that is $627 billion, roughly 19 times the actual assets in the system! Just seven states funded 25 percent or more of their retiree health care obligations: Alaska, Arizona, North Dakota, Ohio, Oregon, Virginia, and Wisconsin. What this means is soon US pensioners will have no choice but to experience not only austerity unlike any seen in Europe, but broken promises of retirement benefits which will never materialize. The response will likewise be proportional.
Sadly, it is only going to get worse:
The plunge in tax proceeds during the recession made it even harder for states to make their annual retirement contributions. Tax revenues are up in most states but have not returned to previous levels. At the same time, competing, non-pension costs such as Medicaid are rising. Often, elected officials must choose among funding retirement benefits, raising taxes, or paying for schools, roads, and public safety.
Who will pay for the underfunding? In short: someone else:
Overall, states should have set aside nearly $51 billion to pay for these promises in fiscal year 2010, but they contributed just over $17 billion—about 34 percent of what was annually required. Only Arizona made the full contribution to pay for retiree health care and other non-pension benefits. Thirty six states set aside less than half.
Visual summary of Pension obligation funding...
And this is the good news. Behold US retiree health "benefits", or rather, the complete lack thereof. The really bad news? New Jersey has 0.0% of its retiree health benefits funded ($71 billion needed), while California has at 0.1% of its $77 billion in funding needs "covered."
Those who wish to find out more, which would mean everyone both politicians, those in charge, and everyone who believes they will actually get the benefits they have been promised, can read more here.
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I thought Fox said that Obamacare would have death panels, won't that fix the retirement benefits problem?
No, that would require death squads.
The Progressive solution to everything is Green Energy..
of the Soylent variety.
Off Topic: Tyler Durden of Zero Hedge has been deemed the 2nd most dangerous person (to TPTB) in financial media by HuffPost.
http://www.huffingtonpost.com/mobileweb/slideshow/1605584/232429/?icid=h...
"ZeroHedge.com. The original comic book supervillain of the financial web, complete with mysterious origin story and an evil intellect that literally defies you not to pay attention. Durden's work is cited everywhere from Tom Keene's radio show on Bloomberg to anarchist meetings taking place in parking garages and vacant lots across America. Whenever I meet people and tell them I'm a blogger, the very first question they ask (in whispered tones) is whether or not I know Tyler."
Max and Stacy were a close first.
I can't believe Tyler runs second behind Max. The Hedge stands head and shoulders above Max
Max's global warming support/trolling probably pushed him ahead in the eyes of the huffpost. ;)
Prepare to work, all your life...
so that those little old folks you help cross the road can have a comfortable end to a really, really good one...
They deserve it... according to them... like a Ponzi sucker deserves the next payout. Doesn't matter that the promise was too good to be true. Doesn't matter they never bothered to know how the promise would be fulfilled. They deserve it. Now suck it up and find a 3rd minimum wage job to pay for their posh retirements. And I don't want to hear any bitching that there's only 24 hours in a day. Make more hours.
The only retirement plan that we can look forward to is hanging the banksters.
Nowadays if U can retire at 70 people think you were a very successful supermarket bagger.
And welcome to the real world.
The shameless politicos are like a bunch of little children, a bunch of immature fuck-ups who say shit like this:
"I'm not responsible for my behaviour because you were bad first. So don't lecture me and try to make me feel bad"
Asked by a Canadian journalist: "Why should North Americans risk their assets to help Europe?" he replied: "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.
"This crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market."
G20 summit: Barroso blames eurozone crisis on US bankshttp://www.guardian.co.uk/world/2012/jun/18/g20-summit-barroso-eurozone-...
WB7 also ranked highly. Great job!!!
Mr. Banzai7 joins the ranks of Arlo and Woody Guthrie, Banksy and all the rest of our favorite protesting folk artists with his almost daily blizzard of photoshop masterpieces on Flickr and throughout the financial blogosphere. Whether he's welding the heads of our most reckless bank CEOs onto the bodies of mythological villains or fusing the most despicable politicians into a Sergeant Pepper's album cover tableau, the man instinctively gets the concept of being both evocative and impactful with each new jpeg creation."
i like Max K, but he is clearly serving an agenda.. the tip off for me was his support of julian assange and wikileaks as a legitimate enterprise, rather than what it is: a CIA/Mossad front.
RT/MaxK/Soros/WeAreChange/Anonymous/OWS are all working the dark side of the dialectic...
I agree with that completely. He has a few areas where he lines up lockstep with TPTB. I personally think he is a phoney.
controlled opposition..
All the best cults are made from shunning the non-believers and the more ridiculous your bar for entry, the more fanatical the cult.
You: a monkey ready to be shot into space.
Disagree. Been watching him for years. Watch his Iceland video (pre bust) where he explains what is going to happen chapter and verse (it did 2 years later) to the Icelanders themselves. Other vids too are great. We don't all agree on everything, nor is anyone always correct. But this is the only guy that I see that has the technical financial knowledge, combined with honesty, passion and ability to communicate to us unwashed and unsophisticated masses. He was out front calling criminals criminals, not just idiots. He was out front speaking of CDS insurance and suicide diabolical bankers that would destroy themselves for a profit. Which they DID.
Besides, who else has ever said "Goldman Sachs would take Aushwitz public" on a live television newscast??? Matt Taibi and nearly everyone else was very, very late to the party. But at least they are here now. I don't view anyone or any blog better or worse. ZH does what it does better than anyone. So does Max.
Yes, ex-JPM Max knows all about it from the inside; back when, kicked off the Street for insider trading. A lot of these critical outsiders are former insiders - ex-GS Nomi Prins, for instance. THey're not looking to get rid of the System...just "reform" it. Oh, and sell a lot of silver. Deep-tolling bell of self-interest.
So where does an elightened one take a leak? I don't think Wikileaks is a farce, but I certainly concede the posibility.
Which then leaves a dilema solvable by decentralized data dumps; P2PWifiMeshBitTorrentleaks anyone? The sender could stream video or interlace multiple nodes to speed up saved file delivery by the first layer audience size - could be handy in a crowded place without sovereign comfort. Old cracked iphones are starting to pile up...
@Dasa Slooofoot - you nailed it. Max is great in some ways, but he is still a Jew. He is a shill for certain interests e.g. pro-Russian, and the Global Warming scam.
Seems most on that list are "chosen" makes it all iffy
davalicious,
max is not a jew you idiot. sheesh!
Or....you lack the mental accuity to light up an easy-bake oven.
Alaric, thanks for that OT Link.
Congrats, Tylers & ZH. More and more people awaken to the fact that you're the real deal and that you rock!
Congrats to the Master of Modern Day Edgy Political/Financial Cartoons, a certain Mr. William Banzai, also, who came in at #10. wb7, keep on keepin' on!
10. Williambanzai7Haha! We are one sad excuse for an army. No offense guys, the comments are a great source of entertainment, but we all agree to disagree on pretty much everything.
But yes, congrats to ZH and WB7!
I really like Stacy Herbert.
Yes, she's the main reason I watch the vids at their site. That and Max's hysterical Yid act.
She looks good and sounds like a Marxist ... a dangerous combination....
The synergy of Obamacare and green energy is to burn piles of elderly pensioners in a blast furnace for a clean fuel.
"Oh, you have the flu and your 80, you need to walk through the door at the back of the clinic. Leave your watch, wallet, and co-pay on the table before you go."
"Oh, you've been eating like shit for decades, smoking cigarettes, never exercised and now your arteries are clogged? Here, let me check our surgical rotation and see when we can work you in for that third bypass operation. Same insurance as last time? Mmm hmmm."
Stop pretending like you're saving money. They still end up in the emergency room coughing up blood.
Wow, there's a boost to employment
Obama does wonders for the black market. And the prison industrial complex, they pay him too.
Tsa isn't very busy, use them, or the sec
When the panel says grandma doesnt get the operation she needs, the grim reaper will be the death sqaud.
The Ron Paul Supporter Put = Voting for Obama;
If I can coin the name for the new strategy.
Very clever Mick. Let Obamney hold the bag and RP slip into them in '16, like a Greek politician on a boy. Trouble is, the US will get what the Greek people had rammed up their ass:- Austerity. The Republicans and the Democrats would simply form a coalition to beat down those upstart libertarians, just as the two traditional Red/Blue parties did in Greece. The Greeks didn't vote for more austerity. They, on a first-past-the-post basis, voted to reject the socialist's never ending spending spree of other people's. Their countrymen, like ours, will sell our soverignty and strip our nations of their wealth until we are penniless in the streets. There are plenty of penniless sovereigns, banks, businesses, retirement funds and citizens that we have seen fall, all through the absolutely fantastic centrally planned and managed socialist schemes that both teams have delivered. We're all socialists now.
When the actual numbers are published one day, only because they will have to be, as pension funds are eviscerated, liquidated, bk'd or otherwise submerged, and the inevitable litigation, sparring and wars ensue, what now seems like an astounding amount of nearly 2 trillion USD will seem small by comparison.
I wouldn't be surprised if the actual number, in today's dollars, but only recognized...say....10 years from now...is 3x this amount.
The biggest schism that risks opening up is the pensions of members of the very last bastion and literal Alamo of unions everywhere: government workers at the local, state and federal level.
More Americans in the private sector, who do not have Mercedes Benz health care, pensions, health/dental/life insurance, and who make 1/2 on average of what equivalent federal workers make possessing the same (or far lesser) educations, and lower levels of training, work skills, and efficiency, are awakening to the fact that government workers are the gilded elite, who often have pensions that equal 120% of their highest salaries ever earned while working, and lifetime health/dental and life insurance for not only themselves, but their partners, too.
But I'm confident that congress, its OMB, the White House, and state legislators are going to 'get right on' this issue well before the reality that many of the future promised benefits will necessarily and inevitably be deemed null & void. Or maybe they'll just keep ignoring the issue, with the same ultimate outcome.
"only Wisconsin was fully funded,"
Scott Walker must feel like Spiderman.. villified by the people he is helping.
Hear that, union sheep?
The guy you have spent so much time, energy and money trying to destroy is the only governor assuring you are secure in your retirement.
get something straight- the only union sheeple that support AFSCME and teacher's union scum(Chicago teacher's union-led by the fattest, blackest POS ever-are headed for a showdown this fall) are other govt worker leeches- us private union employees (except for UAW) are going the way of the dodo bird.I actually sent Walker some $ hoping that his victory would sober up the pols here in IL
Scott Walker is a good guy. From what I can tell - he is a real conservative not like those RINO fakes like Rubio, Newt, Romney, Rove, Bush, et al. Scott Walker would make a great President but the whole thing is pretty much screwed now.
He'd take orders from the Koch Bros like the best of em.
Mmmmm....fascist boots!
Fun Fact:
Chicago Public School teachers have the highest average salary (http://chicago.cbslocal.com/2012/06/12/how-much-do-chicago-public-school...) of any public school system in the US and have an average salary of $70K+ (http://www.illinoispolicy.org/blog/blog.asp?ArticleSource=4685). They are currently striking to bump the average salary to $90K.
Pieces of shit.
In all candor, I think doing a little mid-day babysitting for a roomfull of stupid, violent Trayvons and Latwanas is worth every bit of $90 G/yr. And I still wouldn't do it w/o a whip in one hand and a gun in the other.
spend the money to export low IQ high violence kids back to Africa. The motivated ones will find a way back via Mexico.
Here she is in action, making fun of the U.S. Education Secretary, Arne Duncan's lisp.
http://www.chicagotribune.com/videogallery/66091926/News/CTU-president-j...
She also criticizes Arne Duncan for "probably" not taking math and science classes. Well, Karen did you take any?? Becasue the money for the pay increase is not there, nor is the money for those golden pensions. Chicago and Illinois are toast.
http://articles.chicagotribune.com/2010-11-16/news/ct-met-pensions-deals...
"the only governor assuring you are secure in your retirement"
I'm not sure how giving tax incentives to other companies and stripping collective bargaining rights is supposed to make anyone secure in anything (other than Wisconsin bondholders, of course). And it's difficult to have a secure retirement when you've been laid off or have to spend all your income offsetting your dwindling healthcare benefits.
But I'm sure those companies Mr. Walker is currently sucking off in the smoky backrooms of Milwaukee will all be amazing success stories and create thousands of jobs (just not for the people who were laid off, but you know...details are for people who can think).
You're an asspony for the Koch Bros and will get exactly what you deserve for being so incredibly ignorant of history.
Just place those assets in a 'High Yield Savings" account of 0.03% and you'r all set. No problem...just live off that fat interest income the Fed is giving you.
TIS, you speak with silver tongue. "When Money Dies" by Adam Fergusson writes about how Weimar's public unions faired much better then the private sector (self-employed) b/c they paralyzed the gubbermit with stikes, threats, etc. in order to demand (and received)higher wages because of Weimar's hyperinflation in the early 1920's.
I think we will see the same/similar with expansion of the Fed's balance sheet another 236% and many more $3,000 give-aways for 'thingamajigs' in the coming months (maybe even more free golf carts) since a politican's first loyalty is to----himself; i.e., to get re-eleced. After all, we still see zero down loans being handed out and EZ Credit all around us. People who declared bk last year are now getting credit card apllications again in the mail.....anything to buy votes. Let the printing presses roll...it's just a matter of timing and wording.
https://mises.org/store/Product2.aspx?ProductId=10438
http://www.zerohedge.com/news/when-money-dies-author-adam-fergusson-and-...
Allowing government unions to begin with was a fuckup of gargantuan proportions...and while it is obvious to most sentient beings that a century of unrelenting progressive idiocy needs to be unraveled...too many of its bastard children are still under its nefarious spell.
There are no more nations in the eyes of bankers and politicians. Just farms, quarries and workers which are to be used, stripped, sold and traded for another buck. We have known about unfunded pension and medical schemes for quite some time. Treatment will not be refused but you will have to get on a waiting list which might line up with your expected date of death. People are now beginning to reap what they voted for.....promises and empty ones at that.
bankers still need protection......military defense is what nations still provide.
US bankers can own many within the empire, but still the valuable assets in Russia, China, and even Europe are only for the native banks.
Anyone notice the little amnesty two step between Obama and Marco Rubio/Rove/Romney/RINO GOP/Bush/fake conservatives/fake Tea Party. Rubio is for amnesty like Obama. No difference. Newt and Romney were backed by Adelson to block Paul or Santorum.
There will be nothing left in 2016 is the Kenyan gets back in.
The only thing that will fundamentally change America for the better is Civil War. Therefore, Barack's got my HardRight vote.
Couldn't we just offer up free Cool-aid / or "Grape Drank" ala Jonestown in the appropriate neighbohoods? and save ourselves most of the physical destruction? Hmn that Newt-tron bomb is looking pretty useful these days.
It was Flavor-Aid brand sweetener. It was cheaper. Even offing people can get expensive and will require Chinese funding, especially if it becomes a fedgovuno racket.
Yes, start in The Hamptons.
As a native Long Islander that made me smile.
No better place to start culling the bankster herd while they while away their time spanking their monkeys at the beach.
+100 No really, they DO spank their monkeys on the LI beaches. Here I was going for a nice walk along the beach - Robert Moses along to Fire Island - with the wife and then OMG THAT GUY ISN'T FISHING.
True story. Buried memory.
I would prefer a negotiated separation into new indpendent entities of like-minded states...let the asshats wither and die as it were...natural selection at its finest. But the last thing any faction desires is a reasoned approach to our problems. Another civil war is inevitable.
If Obama gets re-elected the only people that can be blamed are the people that voted for Obama!
Obama said to send the elderly a bunch of Thingamijigs to keep them amused!
That was Bush. It's called Medicare Part D.
"The Pew Center has released its annual summary of US pension and retirement health care (under)funding"
The Pew Center...that's fitting...It's all Bullshit!
Obama advisor Robert Reich said that Obamacare would have death panels. And then the Berkeley crowd cheered.
http://www.youtube.com/watch?v=zKckKcgbno0
Everybody knows that money is "wasted." This profound breathless reverence for human life seems conveniently facile for the people who are fine (actually, "morally" self-righteous) about leaving 50% of the population to their own devices--i.e., no health coverage except ER drive-throughs.
Seems sometimes "life" is all about the money. And then that's a good thing.
Of course, that's for the people with the deep insurance coverage who plan to squeeze every last penny from the pool to extend their "golden vegetable years."
But the "health" industry machine must be fed. At least it meets the "Liberty" test, I guess.
God Bless America.
very sad. i guess bailing out banks is more important than taking care of many of the very people that bailed out said banks <-> governments. biz as usual.
more than just sad... it is evil. pure evil. it will all soon boil over, we are at the tipping point... those in power KNOW that we are heading for the tipping point (they have been driving us there), and they have already worked out what they want to accomplish (the new world order) from the coming chaos..
there is only one way to fight evil and win..
Oh yes banksters, Israel, and the war machine/war profiteer gang(but I repeat myself), are fully funded.
Fuck the pensioners, they should plan on working until at they're least eighty anyways...per AIG's Benmosche.
edit: speaking of which...just saw this from 2009:
It's all good - the market will return 7.5%, and they'll make up for it. You can still retire at 55 with 90% of your top salary.
Sincerely,
CALPERS
you could "go for it" in the CALPER's sense of term. With the value of Apple skying obviously the won't have any funding gaps for the forseeable future. having said that i imagine ending up with 90% weighting in your pension fund in equities...with half of that in Apple computer...could end up getting noticed by "one of those important people." having said that most pensions use treasuries as their primary if not sole asset class. since Treasuries have SOARED in value the value of some of these pensions is quite extraordinary. still..."the payouts are a problem" given the lack of an interest rate return as well. the health care side is a whole 'nother ball of wax...and i'll leave that to the experts. or is it ex-pats? anywho we're going to have one hell of a Supreme Court ruling coming up concerning the Federal "mandate" to create a fund for someone else's healthcare. With interest rates this low i'm surprised the Insurance Companies have been able to keep their premium increases this high for this long. Methinks it's all about to change however as these prices are set to come down dramatically. Another interesting area you might want to explore is the "murky world of a guaranteed investment return." I believe they're called "annuity's"...yet another area for the Tylers' Durden to apply their expertise should they wish. Good article.
Annuities were probably a good investment when interest rates were 10%. Most of them charge 3% a year in fees which is about all they can get for investing the money in something safe. I looked at some recently and I figured the internal rate of return was 0%. i.e. If I live the expected amount I get the money back. Not counting inflation. If you change your mind, heavy penalties to get any money out. Only good if you expect to live greatly longer than average and there to be little inflation over that time.
We are clearly entering an age of prosperity where markets can only go up. The naysayers are too dumb to realize that this time is different. Dow 50,000, you heard it here first.
8.5% for Illinois Teachers' fund - woo hoo
http://www.bloomberg.com/news/2012-04-09/illinois-is-pension-basket-case...
Well,i have got solution.Instead ze Germans to take pensions of age 67,we can push them to work untill 87.As i said we,tryed to save space,put there-banksters....international banksters.
As the boss said at my old NYC bike messenger co., "Ride Until U Die".
How can I get a job on one of those death panels? I have my own, ahem... equipment.
They will be staffing exclusively from the best and brightest at the TSA.
Oh, him?
By "brightest" I'm going to assume you mean some kind of Albedo effect from perspiration.
I read "Albino".
Why save for retirement? Either way, that money will be gone and we have work till 80 anyway. Better invest it it in healthy living and education of your children.
just rob a bank at retirement age and you get free housing + TV + gym + books + healthcare at your local penitentiary.
If they catch you. By the time I retire the sheeple will be so dumbed down they will wheel out the cash to my truck and thank me for relieveing them of the burdensome currency.
Or locked in some low rent death trap nursing home, stuffed to the gills with big pharma, sitting in two day crap watching Jerry Springer with the illegal staff.
Prison souds better.
What color would you prefer to be beaten by in your dotage?
Just watch when these funds start peeling off bonds and start chasing low priced equity screamers. There will be a desperate bid to "make their year" by piling back into stocks.
Could see some breathtaking moves, especially in the beaten down groups like coal, oil service, shipping stocks, personal computer stocks, etc.
I am actually very surprised we have not seen a flood, as in tsunami, of money coming out of Europe into our perceived safe haven. Fully expected by now to see the DOW types lift off due to that....has not happened yet.
Not that I am saying our market is a safe haven, but if you were Spanish, it might appear that way....at least for the time being.
Coal stocks? When Obummer is targeting them for bankruptcy ? Personal computers? Do people use them any longer in the age of the iPad ?Dell probably won't be around in a couple years.
I'll load up on coal stocks the day Obummer leaves office
Yes. I love throwing my money around like monkeys and their poop.
Don't throw the monkeys. That's not cool.
This is exactly what the Texas Teachers Pension is doing. Their "plan" is to overweight in OTC small cap. I am not kidding. It is a $100 billion fund and is underfunded.
So the USA really ís Uganda...
I thought we were trying for Zimbabwe?
I'd take Idi Amin over Obama.
..and in supreme irony the only way the responsible states can retain their relative responsibility to the profligate ones is to buy physical gold and gold miners. The money printing to come to cover the shortfall will destroy the good work they have done.
...I give that image a Purple Heart. Lol.
http://www.youtube.com/watch?v=thI9blMts0o
If all the old people, such as myself, voluntarily kicked the bucket in the name of patriotism, it would solve the problem and we would be heroes and maybe recieve a posthumus medal our descendants can take to a pawn shop for coin to buy food.
Well I hope that doesn't happen. As I approach 50 I can always look at an elderly person and think... "well at least I'm not as old as that guy".
Per The Onion,
Social Security Reform Bill Encourages Americans to Live Faster, Die Younger.
http://www.youtube.com/watch?v=9QuFnOYcy4E
The should remove the taxes from cigarettes. Make em cheaper so more people smoke and die sooner.
This is all FDR's fault.
Come on now. Lets not sell LBJ short here. That complete ass-wipe of a human being did more than his fair share to destory America
How did we ever elect someone with BJ in his initials?
I enjoy ripping on Woodrow Wilson, myself.
How? Well, first they assassinated his boss . . .
Well we didn't. LBJ wanted the job from JFK because Vietnam was too big of a money goldmine for LBJ and his cronies in Texas. LBJ loved money and power. He got even richer off Vietnam.
The almost as equally corrupt Kennedys tried to double cross LBJ like they double crossed the Mafia and the Cuban refugees. Joe Kennedy picked LBJ to win Texas against Nixon. Daddy Joe made a deal with the devil but it was not the first time.
LBJ had a lot of dirt and crime including murders in TX. Somebody was pushing to get LBJ indicted for one of his scams and murders and they were getting close. LBJ and his crew took matters into their own hands. Maybe Lyndon wanted to also give Jack a little Marilyn payback from the afterlife too.
...what, slaughtering Liberty is not a revelation of the usual suspects? LMAO. http://www.youtube.com/watch?v=vDN4L7cAQf0
...uh, that's USS Liberty for you mmm mmm Muppet Show Sheep Dippers in the House Gallery.
Dial WTC One; (911) 666-ADD=Debt. http://www.youtube.com/watch?v=J0RKpmjjpLQ Ask for Dimon Dog, then say ''Silver Surfer loves the Comedian'' . Then, listen for the response code (con)formation words; ''QE2 Floats Like the Titanic bound for Germany'' You should hear a click and then this background music>>> http://www.youtube.com/watch?v=8uHcwBI8K0Y
http://www.google.com/search?q=Rothschild+Israeli+Supreme+Court&hl=en&prmd=imvns&source=lnms&tbm=isch&sa=X&ei=YtDgT9PhAaL00gGnrMGxDg&ved=0CDoQ_AUoAQ&biw=1039&bih=615#q=Rothschild+Israeli+Supreme+Court&hl=en&sa=X&tbm=isch&prmd=imvns&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=61e359e52f42c881&biw=1280&bih=675
...if you get hungry trying to understand the parable, let me ''change'' your usual ''take out'' order, I will give you a new world order you cannot refuse, lol, like the First born Drag Queen's wife on the grill named'' Peace With God'', AKA Suicide Vampire Squid Makes Country Time Lemon Aid With High Fructose Corn Syrup And Breakss Hip.
http://www.youtube.com/watch?v=WPlt2DWN8O4
P.S. Order up some Wormwood and ...fries with that, but, don't eat the Fruit, it's too high a price. http://www.youtube.com/watch?v=j3q-XEl6Y34
Company Halt! Parade Rest! Retire!
au contraire - Congress passed the Revenue Act of 1978 during the phenomenal presidency of Jimmy Carter - That is when the mess started by the Federal Reserve Act of 1913 started gettinig fucked up-er.
We in America are going to do it right. We'll have 60 y.o. suicide bombers dying for the cause, not horny, doable youngsters.
Anyone else notice Californias pension liability is a minimum of 300% larger than anyone elses ?
i had some cherries while reading this
and some really stinky welsh cheese
and some fresh hot coffee
and some chronic
looks to me like if doctors just cut their fees by 95% that takes care of the worst of it...
Nice spread.
Food groups covered!
Healthcare is a disaster area. It's not just doctor fees. Think about this (I know, difficult with chronic :) Name me another business anywhere where the cash customer is heavily penalized. The network contracts are a travesty, the drug business is no differernt than the street drug business except they have licensed bartenders and the pricing structures are the inside joke of all time- with rebates that are nothing more than kick-backs negotiated for the chosen (read: not taxpayer). Until Wall St. is taken out of the healthcare equation, nothing good will happen and they know it- in a recent speech the CEO of Aetna said as much and he's still standing. Obamacare when broken down has some decent aspects to it but is ultimately a sell out and it's not going to get the job done.
*And it you want to junk me on the Obamacare statement, go read the bill first (I have). Don't rely on Fox News talking points or those of its creator- Mittens & Company.
Obama adviser Robert Reich said that young people should be forced to pay more and be left to die when they get old. Nice plan.
http://www.youtube.com/watch?v=zKckKcgbno0
Don't start knocking the Reich!
Gov run death camps would be cheepest. Maybe next to high-speed rrail lines.
you don't want to live past 80....
japenese elderly over age of 100 have highest rate of suicide.....bring on the death camps.
no need to drag out the ending for years
Reich's statement:
Everybody knows that money is "wasted." This profound breathless reverence for human life seems conveniently facile for the people who are fine (actually, "morally" self-righteous) about leaving 50% of the population to their own devices--i.e., no health coverage except ER drive-throughs.
Seems sometimes "life" is all about the money. And then that's a good thing.
Of course, that's for the people with the deep insurance coverage who plan to squeeze every last penny from the pool to extend their "golden vegetable years."
But the "health" industry machine must be fed. At least it meets the "Liberty" test, I guess.
God Bless America.
"Obamacare when broken down has some decent aspects to it but is ultimately a sell out and it's not going to get the job done."
Haha... Doesn't that describe 99% of the billshit that comes out of CONgress?
People working into their 70's? Allready happening. We will see more of it. Of course, for every senior still in the workforce, that is a job denied to a young person. I like the sign my mechanic has hanging up in his shop:"Don't ask for a senior discount, you have had plenty of time to raise the cash". Lots of seniors here in Florida who thought they were in solid retirement down here, are now back in the workforce. My local Home Depot is filled to the brim with them. The guy in the garden section was wearing a hat today {military type} that said "I am one of the Chosin Few", referring to him being a Korean war vet, must be in his early 80s. I thanked him for his service to the UN. He laughed and said:"Yeah, I threw that medal away a long time ago". Good for him.
Yes. Really doesn't seem like a good plan. The healthy, strong, energetic people play video games all day while those that can barely function totter off to do minimum wage work partly to buy food for the video game players.
This system is doomed to failure.
With advances in technology, robotics, third world labor and our massive population, the old are preventing the young from survivng.
I am prepared to make way for my children, are you?
Taking a banker with you?
Didn't we just practically hand out a few trillion over the last few years? I guess pensioners and retirees have to go suck an egg when it comes to bailouts.
But we "saved" the system.
It's even worse than is being reported: as noted on page 2 of the report, Pew is rating states based on their own expected rate of return, which for most is still set at 8%. Good luck reaching that number...
A mathematician, a statistician and and economist are interviewing for a job. The interviewer asks the mathematician, "what's 2+2?", to which the mathematician replies, "four".
The interviewer asks the statistician, "what's 2+2", to which the statistician responds, "4, plus or minus 10%".
Finally the interview asks the economists, "what's 2+2?". The economists walks across the room and shuts the door, walks over to the windows and draws the blinds, sits back down and responds, "what would you like it to be?"
Then the interviewer peels the latex off his face and says "I am the Brenanke! You are hired!"
Yeah, when I saw that ludicrous explanation of their methodology that they just kind of take the words of the state for it it was yet another "WTF"? moment. I would love to see what things really look like if there were actually a journalist or investigator intrepid enough to pull back that curtain.
Then again, anyone who did that would probably be found in a dark alley after having stabbbed themselves in the back until they died.
8% !!? I have some Arizona beach front property they should invest in to get to that number.
Notice that it makes no difference whatsoever which party is in control of a state's finances. Both Dem and Repub states have fully funded pensions and both Dem and Repub states have grossly underfunded pensions.
We should probably start a couple more wars right about now before anybody notices. Purge about 150 million people out of the system and things will be okay.
How many of these "wars" can we juggle before we start losing our balls in mid-air?
I am not sure what this actually means:
But that pales in comparison to the ridiculous spread between retiree health care liabilities of $660 billion and assets of, drum roll, $33 billion, or a funding shortage that is $627 billion, roughly 19 times the actual assets in the system!
Now, are these shortfall funds the amount needed from the retirement age (say 50ish) to medicare age (65), or, from retirement age (50ish) to death? If it's retirement age to death, then bankrupt funds will be forced to dump these people into medicare. If this is just care costs from 50ish to 65 that's a really huge problem. We need to see more information here.
You eated my cheezburger?
No one has mentioned retired US military and Government workers. Are they exempt?
No, but CONgress is!
This particular piece of bad news is strictly the 50 States and their state-funded plans.
The Feds have their own special SS/Medicare turdball all greased up and ready to fly.
And so do the private ones , the few that haven't dumped their plan on the feds already.
That money is printed out of thin air on demand. No need to "invest". Hence the vastly smaller amount of the checks in the military for example. A retired LA cop makes about 5 times what retired Army NCO takes.
Well, lets just debase the currency further until we can make ends meet....we'll fudge the COLA numbers, no problemo.
Awesome, I can't wait for the debasement to accelerate. It's worked so well in the past by creating a sustainable economy.
With the DROP law in Florida, I am surprised that 82% of pensions are funded.
Skyrocketing interest rates will fix this problem. Years ago the actuaries probably planned on six or so perecent for the "safe" investments, which are near zero now. If the Bernank keeps printing and interest rates go up well.........
let them eat cake.
Amish people were the only smart ones in America, and they opted out the Social Securtiy robbery scheme in the first place.