Golden Parachutes for Public Retirees Will Sink Us All, Experts Say
by Teri Sforza
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Recently, the chief egghead for the gargantuan California Public Employees Retirement System said the same.
“I don’t want to sugarcoat anything,” said Ron Seeling, the CalPERS chief actuary, according to a story in the Capitol Weekly. “We are facing decades without significant turnarounds in assets, decades of – what I, my personal words, nobody else’s – unsustainable pension costs of between 25 percent of pay for a miscellaneous plan and 40 to 50 percent of pay for a safety plan (police and firefighters) … unsustainable pension costs. We’ve got to find some other solutions.”
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No doubt, while the article studies California, every one shares this problem.
Private industry has long ago switched to the 401K.
Why not the public sector?
Then we wouldn’t care how much they got at retirement. And we wouldn’t be a risk for it.
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>I was struck this past week by the positive images and stories being told by the family and friends of the late US Senator Edward M. Kennedy. >His life knew more than its share of tragedy, ambiguity, and even disgrace. >But his life also had lots of good stuff to counterbalance all the drama
I was struck how the rich and powerful are able to skate away from the tragedy they cause. Mark Steyn called it “Airbrushing out Mary Jo Kopechne”. I thought perfectly described it.
I grew up during the Camelot era. A product of Catholic schooling, everyone was enamored of the first Catholic President. Then over time, the inside joke got out. The sordid family history leaked out around the edges. Never an expose. Just an inside joke.
I was shocked — “I’m shocked, shocked to find that gambling is going on in here!” Captain Renault in Casablanca — to see Boston’s Cardinal Archbishop in the proceedings. Money talks; principles walk!
I followed the MJK story and an older wiser relative summed it up: “If you did it, you’d be in prison for a long time. But a kennedy, nothing will happen!” He was absolutely right.
Teddy was not a paragon. He was a typical “Liberal”. “Good for thee, but not for me.” He was born with all the advantages wealth could bestow. The womanizing, drugs, drinking, and such wouldn’t be so bad. Bad enough! But mainly self-destructive. He went to new depths when he killed a young girl in a particularly horrifying fashion (i.e., it took her an estimated FIVE hours to drown while Teddy sobered up and covered up)!
Where he really negatively excelled was in his role as “Senator”. He was the classic “Liberal”. He “knew” what was good for us! That ego would drive policy that would impact millions but not him. That’s the egotism of “liberals” that are “superior” to all the little people. He was a person who had it all given to him, and yet pretended to know what we all needed. In a different time, he’d not have survived. Somehow, in ours, he prospered. Guess it’s pretty easy when nothing, even murder, sticks.
My problem with him was that: (1) He masqueraded as a Catholic while active in the pro-abortion movement. That’s called giving scandal. We were always taught that was the worst sin. (2) He proscribed solutions while carefully exempting himself. Do you think he had Massachusetts care like an ordinary taxpayer of his state get mandated? (3) He had a particularly obnoxious habit — lately reported in the “liberal” media as if it were “cute” — of asking “if anyone had heard any good Chappaquiddick jokes”.
No, I wouldn’t call it drama. I would call it the tragedy of a wasted life. And, I fail to see the “good stuff”. He was a poltroon — where he was because of his family money, power, and influence. Like the modern day “super star” athletes, who should thank their lucky stars every morning, he should have been … … better.
Maybe great wealth is a great curse, but he certainly let it carry him down.
I think this is a motivator. No matter how much you are born with, you have to earn it. No matter how little your born with, you can do better.
It makes me sad. But not for the reasons on TV! Sad for what could have been.
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August 26, 2009 8:26 PM
Democratic Health Care Bill Divulges IRS Tax Data
Posted by Declan McCullagh
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One of the problems with any proposed law that’s over 1,000 pages long and constantly changing is that much deviltry can lie in the details. Take the Democrats’ proposal to rewrite health care policy, better known as H.R. 3200 or by opponents as “Obamacare.” (Here’s our CBS News television coverage.)
Section 431(a) of the bill says that the IRS must divulge taxpayer identity information, including the filing status, the modified adjusted gross income, the number of dependents, and “other information as is prescribed by” regulation. That information will be provided to the new Health Choices Commissioner and state health programs and used to determine who qualifies for “affordability credits.”
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Over at the Institute for Policy Innovation (a free-market think tank and presumably no fan of Obamacare), Tom Giovanetti argues that: “How many thousands of federal employees will have access to your records? The privacy of your health records will be only as good as the most nosy, most dishonest and most malcontented federal employee…. So say good-bye to privacy from the federal government. It was fun while it lasted for 233 years.”
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And, CBS couldn’t possibly have a prejudice!
Please, the article is disingenuous. With a slap at a “free market think tank” as if that disqualifies them from having brought forward an “interesting fact”. THey point out to anyone who can read that the bill ENSURES that your privacy is gone!
How’s “change” working out for you? Me, not so good!
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