Tag: pensions

ECONOMICS: All pensions, IRAs, and 401Ks — as well as Social Security — many not be there to “retire” on

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https://www.realclearinvestigations.com/articles/2022/11/15/lost_retirement_horizon_why_401ks_are_not_ok_and_not_just_because_of_to_the_lousy_economy_864500.html#

Lost Retirement Horizon: Why 401(k)s Are Not OK (and Not Just Because of the Lousy Economy)
By John F. Wasik, RealClearInvestigations
November 15, 2022

*** begin quote ***

Fretting over your 401(k) lately? For all the current turbulence in these retirement plans – from their rocky recent market performance to asset managers’ politicization of their investments through the “environment, social and governance” agenda – the main problem lies in their flawed design decades ago, a range of retirement experts say.

They say many retirees – particularly the less well-off – are losing out because the tax-advantaged accounts favor the well-compensated who are better able to save; also, because of the plans’ temptingly relaxed borrowing rules, typically high fees, complexity, and a presumption of investing competence on the part of ordinary workers.

*** end quote ***

Let’s not overlook the fact that “social security”, in addition to being a racist wealth transfer program from poor minority men to rich white women, is un- or at least very under-funded. It seems unlikely that, at even the best rate of inflation of 2%, the “benefits” payment will be in “shrunken purchasing power’. In the case of “social security”, it’s likely to be reformulated as a “welfare” program with all sorts of income limits and regulations. The “golden rule” (i.e., he who has the gold makes the rules” means that the Gooferment will be making the rules. When the “can” (i.e., deficit, debt, interest expense) can no longer “be kicked down the road”, then Joe-SixPack will suffer. If I was young, I’d store my “wealth” in things the Gooferment can’t tax (i.e., precious metals in my backyard) or touch (i.e., all pensions, IRAs, and 401Ks are seized in exchange for “enhanced” social security “benefits”). It can happen here (i.e., FDR’s gold recall). Argh!

—30—

Friendly Neighborhood Liberty Dollars – LD Network

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In 1991, a man named Paul Glover introduced what would become the most successful Community Currency to date: Ithaca Hours, which are based on one hour of human labor. A single Hour is valued at $1…

Source: Friendly Neighborhood Liberty Dollars – LD Network

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Well the "Don Quixotes of Money" are back with a new run at the fiat currency call the "dollar" aka "Federal Reserve Banknote". Derogatorily called a "FRBie" in the hard money & survivalist communities.

 If you remember the original episode, then you'll remember that when their idea of an alternative currency began to get traction, the politicians and bureaucrats came down on them with a "heavy hammer". (To bad, I was not on that jury. How anyone could confuse a big silver coin or a strange sized colorful bill as a "greenback" was beyond me.)
Having dodged a long prison sentence for “counterfeiting”, I thought that this would fold like most “community currencies”.  But I was wrong.  
Now they have still repeated the original mistake of using the word "dollar".  Of course, the current FRBies bear as much resemblance to the original "dollar" aka Thaller as I do an Olympic Athlete in any sport. Well maybe sumo.


I’ll probably buy a few as a conversation starter.  Maybe even for a 1K oz of silver, (15.07 * 1,000 = 15,070), I’ll have some “Kendall Park”, “South Brunswick”, or maybe even “Tyne Court” dollars printed.  Laugh!




I really admire the tenacity of these “hard money champions”.  Like the “Charge of the Light Brigade”, “Custer’s Last Stand”, Stalingrad, Agincourt, history is littered with historical examples of the hopeless and hapless casualties of stupidity.




All that being said, I hope that they can impact the discussion of "hard money" versus "fiat money" that we have now. To see the human cost of the unConstitutional "money", we just have to look at the welfare / warfare state, the national debt that will never be repaid, the unfunded liabilities of Gooferment promises & "pensions", as well as the destruction of savers and investors.  Hard to itemize all the bad things that happened when Jackson, Lincoln, Wilson, FDR, and Nixon got involved in "money".  Argh!  

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MONEY: “Public” pensions should be under scrutiny by both taxpayers and potential recipients

				

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http://www.jasonstapleton.com/651-this-time-its-different-really/


*** begin quote ***


Great article out of Zero Hedge today covering the current pension crisis in America. If you’ve listened to this show for any length of time, you know the public pension system is wrecked. But this article really went into detail about how it all might shape out in the end. Let’s just say it’s not a rosy picture. Like Mauldin says, “There are no good choices anymore.”


*** end quote ***


An excellent point that BOTH taxpayers and those future “public” pension recipients should be very skeptical and demanding that the politicians and bureaucrats be accountable.


Political promises are worth the paper that they are printed on. (Hint: It’s all oral.)


Forewarned is fore armed.


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VOCABULARY:  “Tender Vittles Retirement Plan”

				

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http://www.economicpolicyjournal.com/2017/06/investigator-who-exposed-madoff-fraud.html


MONDAY, JUNE 12, 2017
Investigator Who Exposed Madoff Fraud Reports New Boston Transit Authority Fraud


*** begin quote ***


“Tender Vittles retirement plan,” meaning (sarcastically) that its participants would be eating cat food.


*** end quote ***


So sad.


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GOVEROTRAGEOUS: Elected Gooferment politicians = no pensions

				

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http://www.cato.org/blog/government-gold-plating


OCTOBER 24, 2014 5:21PM
Government Gold-Plating
By STEVE H. HANKE


*** begin quote ***


Sen. Tom Coburn (R-OK) released his annual Wastebook this past week. It contains a laundry list of doozies. The U.S. government’s gold-plating operations included $190,000 to study compost digested by worms, $297 million for the purchase of an unused mega blimp, and $1 million on a Virginia bus stop where only 15 people can huddle under a half-baked roof. These questionable (read: absurd) expenditures only represent the tip of the iceberg.


Just consider the following: the Speaker of the House currently receives an annual salary of $223,500, and will receive a payment of roughly that amount, depending on the years of service, for life. An annual payment of this magnitude amounts to about five times the average annual wage in the United States. But that’s not all. For those who have had different positions in Congress, their retirements can be augmented. For example, Nancy Pelosi will not receive $223,500 for life, but roughly double that. Why? Because she is a member of Congress, currently the House of Representatives’ Minority Leader, and a retired Speaker of the House. For purposes of computing retirement pay, Congress adds and accumulates. They do not net.


*** end quote ***


Here’s an idea — and I’m just spitballing here — no pensions for elected Gooferment politicians. 


Ever.


And, hey, Gooferment bureaucrats, there’s this thing called an IRA!


Argh!


“We, The Sheeple” will never wake up.


“Move along, people. Nothing to see here. Go home, you looky-loos.” Officer Barbrady’s Catch Phrase South Park


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RANT: Detroit will hurt EVERYONE

				

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http://www.againstcronycapitalism.org/2013/07/guest-post-detroits-bankruptcy-will-bite-you-in-the-wallet/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+againstcronycapitalism+%28AgainstCronyCapitalism.org%29


Guest Post: Detroit’s Bankruptcy WILL Bite You In the Wallet
By Editor on July 20, 2013


*** begin quote ***


All this isn’t even taking into account the rampant corruption, bribes, and ulterior motives that every municipal government is crawling with – those are self-explanatory. Fast-forward a few decades and the politicians who planted the seeds of decay are long gone in one way or another – but now the municipality cannot afford its obligations. Losses on poorly planned projects, debt, and exorbitant employee compensation eat up most of its revenue, and it can no longer afford to provide the essential public services every resident counts on.


*** end quote ***


See that is the essence of the problem.


Folks want “free lunch”, but there ain’t none.


Detroit is what happens when the bill comes due.


And they Sheeple and Clover there have voted Democratic for 50 years. (Not that the R’s would be MUCH better.)


Like the Delta pilots, everyone’s getting a haircut.


Unfortunately, a promise is worth what backs it up.


On Wall Street, they have a name for it — “Counterparty risk”.


Sorry to say, but you depend on Gooferment, politicians, and bureaucrats at your own peril.


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MONEY: Pensions in the bulls eye

				

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http://www.wnd.com/2013/03/poverty-hits-the-suburbs/


WND EXCLUSIVE
Poverty hits the suburbs
Disturbing stats show dangers overlooked as Wall Street bulls run wild


*** begin quote ***


He calls “the great 401k experiment of the past 30 years” a “disaster,” and says the actual average 401(k) balance for 65 year olds is closer to $25,000 than the $100,000 claimed by the retirement industry. Siedle predicts, “a catastrophic outcome for at least a significant percentage of our elderly population is inevitable.”


He is just as pessimistic about pensions, warning, “Americans today are aware that corporate pensions have been virtually eliminated and that the few remaining private, as well as the nation’s public pensions, are in jeopardy. Even if you are among the lucky few that have a pension, you cannot rest assured that it will be there for all the years you’ll need it. Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.”


*** end quote ***


Obviously, the individual will have to save for themselves.


And, it’s in things that will retain value.


Not numbers on a bank statement.


Productive assets.


Bullion.


Bullets, bandaids, beans!


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POLITICAL: Irish pensioners targets of revenue enhancement

				

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http://www.irishcentral.com/news/Irish-pensioners-fury-over-new-taxes-137097448.html


Irish pensioners fury over new taxes
Previously “untouchable” state services get cuts
ByPADDY CLANCY,Irish Voice Reporter
Published Thursday, January 12, 2012, 7:57 AMUpdated Thursday, January 12, 2012, 7:57 AM


*** begin quote ***


Savage cuts to a host of previously “untouchable” state services are now being actively considered by the government as a result of Ireland’s dire financial position.


*** end quote ***


In the search for money to feed the Gooferment spending habit, the “pensioners” are a good target. They don’t “move” so quick. But they do vote.


Look for this idea to travel over the pond and get adopted here.


The USA Gooferment is in perpetual deficit, with an incalculable debt, the IRA / 401K total is about 14T$. Look for the politicians and bureaucrats to steal that.


You heard it. Steal it in exchange for an “enhanced social security benefit”.


Argh!


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MONEY: Pensions are an attractive pot of money

				

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http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds#ixzz1A4bDsXPq


*** begin quote ***


The article goes on to detail other pension grabs in Bulgaria, Poland, France and Ireland. Obviously, this is a cautionary tale for America. If fiscal austerity becomes a real issue in the U.S. the way that it’s been reaching critical mass in Europe — don’t think that U.S. lawmakers regard your either your personal wealth or money they might owe you as sacrosanct. Government has a habit of looking out for itself.


*** end quote ***


Too arms! To arms! Bad ideas have a way of flowing over “the pond”. Where will politicians find a lot of quick easy money? Sure, your retirement! And, the politicians and bureaucrats only have to strong arm about 2200 “custodians”. Who happen to be the very people that were “bailed out” with taxpayer money last year. So how much of a bonus did you get, Taxpayer? Mine must have gotten lost in the mail. I’d suggest that everyone take keyboard to hand and share this story. Then, get to your congress critter with a stern warning — keep your mitts off my retirement! Argh!!!


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NEWJERSEY: “Double dipping” is a universal problem

				

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http://www.mercurynews.com/ci_16977109?source=most_viewed&nclick_check=1


Double-dipping is common for public-sector ‘retirees’ who take on additional work

By Karen de Sá

Posted: 12/30/2010 05:13:15 PM PST

Updated: 12/31/2010 07:15:00 AM PST


*** begin quote ***


Retirement is a loosely defined term for many Silicon Valley civil servants, who as young as age 50 can begin drawing their pensions even while performing other lucrative jobs on the taxpayer dime.


Newly retired Santa Clara County Fire Chief Kenneth Waldvogel becomes the latest example next week, when he returns to work as a contractor, earning up to $108,480 for the next six months — on top of his $200,000 annual state pension — while the county searches for his replacement.


He joins five other retired Santa Clara County officials who have recently been hired back and are benefiting from a practice critics call “double-dipping.” Meanwhile, the fire chief in the city of Santa Clara has been working under such an arrangement since 2004, when he retired at 53, then immediately returned to his old job, where he continues as a part-timer earning $100 an hour.


*** end quote ***


Story’s from CA, but, rest assured, NJ has the same problem.


Clearly, pensions have to be eliminated. Every private employer has converted to 401Ks.


NJ must do the same thing.


Besides, trusting politicians with one’s retirement money is foolish.


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NEWJERSEY: The pension mess

				

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http://channel-surfing.blogspot.com/2010/12/tell-me-again-whos-at-fault-for-pension.html


Thursday, December 23, 2010

Tell me again who’s at fault for the pension mess


*** begin quote ***


The state treasurer announced today that the state pension shortfall is at an all-time high.


*** end quote ***


>It’s the shock doctrine or disaster capitalism at its best.


Be nice if these two terms were defined? Or, perhaps, these are terms d’art of the Liberal media. You can’t seriously define what has been going on in the USA since say about WW2, (although some little L libertarians woud argue the “turning point” was 1913 with the income tax, the FED, and the Seventeenth!), as “capitalism”! Maybe “mercantilism”, “federal socialism”, or “empirical nationalism”?


> We have a huge Great Recession, the worst in more than 70 years


I’d call it a depression. But then I’m out of work. So I guess since you’re drawing a check, it’s only a recessions.


>what a great opportunity to kill off public sector unions and all

>their pensions and benefits. Private sector wages have been falling or

>stagnant for years, private sector benefits and pensions have been hallowed >out or become extinct.


But weren’t public sector pensions raised when private pensions were supposedly higher? So it’s logical, that, when private pensions become “cash basis defined contribution plans”, public pensions change as well.


(Note for those that don’t read my blog, I thought that CTW’s failure to make pension contributions or address the problem was terrible. “Pensions and benefits” are a FRAUD perpetrated on the working class. Without getting into yucky details, a business can pay $X for a certain unit of work. Now out of that $X, if the business “pays” $Y for “benefits”, then the worker gets X-Y. But, their “benefits” are tied to their job. So, let’s use life insurance as a concrete example. And, let’s keep it simple, life insurance costs either the company or the employee X$. Why don’t we just let the employee buy hi s or her own Damn insurance? Cause the Gooferment, the Company, the Politicians and Bureaucrats all have a vested interest in screwing the worker. And, everyone plays along with the fiction that some how this is “better”. Not better for the worker when he or she gets laid off, downsized, or whatever euphemism for fired you want to use.)


> race to the bottom in which American workers must compete with Chinese

> or Indian workers who earn a few dollars a day and have absolutely no

> protections or benefits.


So, instead of moaning and groaning, we have to learn to compete by moving up the value chain. We have to clear the road blocks to successful competition: taxes, regulation, education, paradigms / memes, and energy.


>Teachers and other public sector workers did not cause the Great Recession


Well, maybe they did. They have permitted the dumbing down of society. And, their union is absolutely out of control in the incestuous relationship with the professional politicians. Finally, as voters, they participated in a process that was designed and accomplished the destruction of the USA.


>they will be made to pay the price for the crimes of the

> Wall Street criminals.


As we all are!


> Katrina was the disaster


of Gooferment!


>


We have to separate the Gooferment from “Education”. If we are to have any hope of saving “the American Experiment”.


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JOBSEARCH: Demographic shift and the implications of it

				

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*** begin quote ***


The federal government says that 40 percent of all U.S. workers will be 55 or older by the end of the year 2010. Your workforce is part of this demographic shift. What issues with the aging workforce do you and others face, and how will you deal with them?


*** end quote ***


Just as the ERISA diktat changed the pension ripoff scam of the aircraft companies, there has to be a significant change in age discrimination law. We can have workers idle from 50 to 65. As the politicians and bureaucrats raise the Social Security retirement age, it’ll worsen the problem. The problem originates in the whole concept of benefits. Like most diktats, it distorts the marketplace. What has to happen is that people buy their own benefits. Employers have benefited form this scam for too long. And, workers over value their benefit packages. It creates a society of serfs who are afraid to change jobs. The new plantation. We need to become a nation of consultants. And the tax diktats have to change to match the new realities. Pensions, social security, and such have to be “personal”.


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NEWJERSEY: Public Pension have bigger problems

				

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http://apnews.myway.com/article/20091228/D9CSJBM80.html


NJ lawmaker proposes public pension reform

Dec 28, 5:49 PM (ET)

By ANGELA DELLI SANTI


*** begin quote ***


TRENTON, N.J. (AP) – A New Jersey lawmaker is planning to introduce legislation that would bar nongovernment workers from enrolling in the state’s taxpayer-funded pension system.


Assemblyman Paul Moriarty’s bill would restrict eligibility to the Public Employees Retirement System by keeping lobbyists and others out.


Currently, employees of some 17 private groups are eligible for state pensions.


“Why should the taxpayers pay even $1 to someone who is not a state employee, but a lobbyist who is trying to get special favors,” asked Moriarty, D-Turnersville.


*** end quote ***


Why do we have such “public pension funds”?


Private industry has gone to 401ks for “pensions”.


The “State” hasn’t made a contribution to the pension fund in a dog’s age. Surely that’s a bigger problem then a few bottom feeders pigging out at the trough.


Perhaps it’s time to “reform” the whole problem.


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