VOCABULARY: “Tender Vittles Retirement Plan”

Thursday, June 22, 2017

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

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

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So sad.

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GOVEROTRAGEOUS: Elected Gooferment politicians = no pensions

Monday, November 3, 2014

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

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

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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.

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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

Tuesday, July 23, 2013

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

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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.

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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

Sunday, March 31, 2013

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

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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.”

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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

Thursday, January 19, 2012

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

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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.

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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

Monday, January 10, 2011

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

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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.

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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

Sunday, January 2, 2011

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

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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.

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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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