[quote=temeculaguy]phaster the OP was about SD county from 2014, your rant is about SD city, two separate systems. FWIW SD county spent the last few years renegotiating employee contracts shifting the pension burden to the employees,changing formulas for new employees and eliminating health benefits to pensioners. I know first hand some county employees retiring and taking state jobs for the retiree health benefits for life after 5 years (and age 50) for no reason other than health benefits drying up at the county level. SD county is fiscally conservative and has an excellent bond rating because they like to pay cash and avoid debt. My friends with the county planned on lifetime medical and had to change plans once that went away. As far as the OP on county pensions, now fully funded and derivative playing advisers all fired. Its back to boring and reduced benefits, meaning no local impact from the county at least as far as the county goes, the city is another story and i do not have any inside information as far as the city goes. I’d imagine they will follow suit at some point. The trend is towards the elimination of the traditional pension, hopefully that makes you sleep better.[/quote]
so have any links to news reports/hard data about updated SD county pension management?
since this is an economics forum thought I’d try and understand what is going on locally (as well as what is happening nationally/internationally) using the intellectual tools I’ve picked up over the years
basically to try and make sense of the world around me I try relating stuff to concepts found w/in “Newtonian” physics which describes “cause and effect”
grouping all public pensions together is a way to incorporate the concept of a fractal (which is a math set concept that ties to model a natural phenomenon or something that exhibits a repeating pattern at every scale)
this technique of simplifying is standard practice in the study of physics where the goal is to try and understand what is happening to the system (in this case the “economy”) as a whole…
some might not understand or relate to the math/science framework I’ve presented, if so let’s examine the modern day economy using basic concepts found in scripture because that ancient document has a lot to say about effects of ethical decisions made by individuals/society using simple metaphor(s) like “sowing and reaping”
Galatians 6:7
Be not deceived; God is not mocked: a man reaps what he sows
Galatians 6:8
Those who live only to satisfy their own sinful nature will harvest decay and death from that sinful nature
suppose a rabbi, priest and imam go to a bar to discuss the topic, I’d bet they might agree that the implication from this passage is that when God says you will reap what you sow (s)he means you will live with the results of your actions (NOTE by including the “(s)” I’m trying to cover my ass and not offend the almighty, because I know the scientific method cannot determine the existence let alone the gender of God).
all theological joking aside, in an economy how well one does NOW depends upon the PAST decisions and acquired skill-set(s) of an individual or group
said another way, how an economy functions as a system, in the present/future reflects the care or lack thereof from inputs long ago!
so given various reports stating an ever growing problem w/ the viability of various public pensions (along w/ other alarming trends in the global environment) therefore I can only conclude there is eventually going to be some kind of armageddon that will manafest itself in the economic realm, so best to heed warnings
Revelations 16:15
Look, I come like a thief! Blessed is the one who stays awake and remains clothed, so as not to go naked and be shamefully exposed
Warren Buffett
Only when the tide goes out do you discover who’s been swimming naked
as to what keeps me awake at night, its a fear which is shared by many other americans AND that is that a righteous man cannot escape the collective ill effects of corrupt government which will have consequences as to the future “state” of USA (FYI by “state” I mean the economy as well as other condition(s): stable/unstable, prosperous/un-prosperous, admired/loathed, etc.)
