- This topic has 395 replies, 21 voices, and was last updated 13 years, 1 month ago by
CA renter.
-
AuthorPosts
-
May 6, 2011 at 12:04 AM #694008May 6, 2011 at 1:08 AM #692831
CA renter
Participant[quote=paramount]All I know is I’ll stay in the private sector: we all can’t be on welfare and somebody has to do the work that needs to get done.[/quote]
Right…because private sector workers are the only ones who work, according to you. So, according to you, all the no/low tax countries should be bastions of wealth, and we should all emulate them, right?
Hmmm…..
May 6, 2011 at 1:08 AM #692909CA renter
Participant[quote=paramount]All I know is I’ll stay in the private sector: we all can’t be on welfare and somebody has to do the work that needs to get done.[/quote]
Right…because private sector workers are the only ones who work, according to you. So, according to you, all the no/low tax countries should be bastions of wealth, and we should all emulate them, right?
Hmmm…..
May 6, 2011 at 1:08 AM #693514CA renter
Participant[quote=paramount]All I know is I’ll stay in the private sector: we all can’t be on welfare and somebody has to do the work that needs to get done.[/quote]
Right…because private sector workers are the only ones who work, according to you. So, according to you, all the no/low tax countries should be bastions of wealth, and we should all emulate them, right?
Hmmm…..
May 6, 2011 at 1:08 AM #693661CA renter
Participant[quote=paramount]All I know is I’ll stay in the private sector: we all can’t be on welfare and somebody has to do the work that needs to get done.[/quote]
Right…because private sector workers are the only ones who work, according to you. So, according to you, all the no/low tax countries should be bastions of wealth, and we should all emulate them, right?
Hmmm…..
May 6, 2011 at 1:08 AM #694013CA renter
Participant[quote=paramount]All I know is I’ll stay in the private sector: we all can’t be on welfare and somebody has to do the work that needs to get done.[/quote]
Right…because private sector workers are the only ones who work, according to you. So, according to you, all the no/low tax countries should be bastions of wealth, and we should all emulate them, right?
Hmmm…..
May 6, 2011 at 8:27 AM #692881Anonymous
Guest[quote=CA renter]Are we comparing cubicle workers to prison guards?[/quote]
There are lots of cubicle workers that work for the state. Caltrans engineers, franchise tax board accountants, university system administrators, …Ever been to downtown Sacramento? Lots of buildings, full of cubicles.
It would be very easy to make an apples-to-apples comparison between the majority of state worker’s jobs and those in the private sector.
[quote]The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.[/quote]
No, they cannot. That’s the fundamental problem. And you got it completely wrong.Your first sentence above contradicts the last one. The pension funds do not have to extract from the employees because the contract specifically states how much employees must pay in. If the state goes back to the employee to make up the shortfall, it is a breach of contract, and the employee unions will be quick to point that out.
The crux of the problem is that there is NO contract between the taxpayer, the state, and the pension fund. There is nothing preventing the state from going back to the taxpayer. In fact, because the state is obligated BY LAW to pay the pensions, there is no alternative but to use taxpayer funds to make up the difference.
Here’s an example: http://sacramento.cbslocal.com/2011/03/31/california-teacher-pension-fund-will-need-more-cash/
California Teacher Pension Shortfall Grows
The drop in value was enough to trigger an automatic increase in the amount the state must pay into the California State Teachers’ Retirement System […]
[quote]The notion that “taxpayers” are the ones paying for everything is pure B.S.[/quote]
You say that “Employees pay a portion, employers pay a portion.” Do you understand who the employer is? Do you understand where their funds come from? Do you understand the source of the employees payroll? It all comes from ONE source.If it’s not the taxpayer, then what is the ultimate source of these funds?
[quote]People need to understand how the system works before they spout off about it.[/quote]
Yes, they do.
May 6, 2011 at 8:27 AM #692959Anonymous
Guest[quote=CA renter]Are we comparing cubicle workers to prison guards?[/quote]
There are lots of cubicle workers that work for the state. Caltrans engineers, franchise tax board accountants, university system administrators, …Ever been to downtown Sacramento? Lots of buildings, full of cubicles.
It would be very easy to make an apples-to-apples comparison between the majority of state worker’s jobs and those in the private sector.
[quote]The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.[/quote]
No, they cannot. That’s the fundamental problem. And you got it completely wrong.Your first sentence above contradicts the last one. The pension funds do not have to extract from the employees because the contract specifically states how much employees must pay in. If the state goes back to the employee to make up the shortfall, it is a breach of contract, and the employee unions will be quick to point that out.
The crux of the problem is that there is NO contract between the taxpayer, the state, and the pension fund. There is nothing preventing the state from going back to the taxpayer. In fact, because the state is obligated BY LAW to pay the pensions, there is no alternative but to use taxpayer funds to make up the difference.
Here’s an example: http://sacramento.cbslocal.com/2011/03/31/california-teacher-pension-fund-will-need-more-cash/
California Teacher Pension Shortfall Grows
The drop in value was enough to trigger an automatic increase in the amount the state must pay into the California State Teachers’ Retirement System […]
[quote]The notion that “taxpayers” are the ones paying for everything is pure B.S.[/quote]
You say that “Employees pay a portion, employers pay a portion.” Do you understand who the employer is? Do you understand where their funds come from? Do you understand the source of the employees payroll? It all comes from ONE source.If it’s not the taxpayer, then what is the ultimate source of these funds?
[quote]People need to understand how the system works before they spout off about it.[/quote]
Yes, they do.
May 6, 2011 at 8:27 AM #693564Anonymous
Guest[quote=CA renter]Are we comparing cubicle workers to prison guards?[/quote]
There are lots of cubicle workers that work for the state. Caltrans engineers, franchise tax board accountants, university system administrators, …Ever been to downtown Sacramento? Lots of buildings, full of cubicles.
It would be very easy to make an apples-to-apples comparison between the majority of state worker’s jobs and those in the private sector.
[quote]The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.[/quote]
No, they cannot. That’s the fundamental problem. And you got it completely wrong.Your first sentence above contradicts the last one. The pension funds do not have to extract from the employees because the contract specifically states how much employees must pay in. If the state goes back to the employee to make up the shortfall, it is a breach of contract, and the employee unions will be quick to point that out.
The crux of the problem is that there is NO contract between the taxpayer, the state, and the pension fund. There is nothing preventing the state from going back to the taxpayer. In fact, because the state is obligated BY LAW to pay the pensions, there is no alternative but to use taxpayer funds to make up the difference.
Here’s an example: http://sacramento.cbslocal.com/2011/03/31/california-teacher-pension-fund-will-need-more-cash/
California Teacher Pension Shortfall Grows
The drop in value was enough to trigger an automatic increase in the amount the state must pay into the California State Teachers’ Retirement System […]
[quote]The notion that “taxpayers” are the ones paying for everything is pure B.S.[/quote]
You say that “Employees pay a portion, employers pay a portion.” Do you understand who the employer is? Do you understand where their funds come from? Do you understand the source of the employees payroll? It all comes from ONE source.If it’s not the taxpayer, then what is the ultimate source of these funds?
[quote]People need to understand how the system works before they spout off about it.[/quote]
Yes, they do.
May 6, 2011 at 8:27 AM #693711Anonymous
Guest[quote=CA renter]Are we comparing cubicle workers to prison guards?[/quote]
There are lots of cubicle workers that work for the state. Caltrans engineers, franchise tax board accountants, university system administrators, …Ever been to downtown Sacramento? Lots of buildings, full of cubicles.
It would be very easy to make an apples-to-apples comparison between the majority of state worker’s jobs and those in the private sector.
[quote]The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.[/quote]
No, they cannot. That’s the fundamental problem. And you got it completely wrong.Your first sentence above contradicts the last one. The pension funds do not have to extract from the employees because the contract specifically states how much employees must pay in. If the state goes back to the employee to make up the shortfall, it is a breach of contract, and the employee unions will be quick to point that out.
The crux of the problem is that there is NO contract between the taxpayer, the state, and the pension fund. There is nothing preventing the state from going back to the taxpayer. In fact, because the state is obligated BY LAW to pay the pensions, there is no alternative but to use taxpayer funds to make up the difference.
Here’s an example: http://sacramento.cbslocal.com/2011/03/31/california-teacher-pension-fund-will-need-more-cash/
California Teacher Pension Shortfall Grows
The drop in value was enough to trigger an automatic increase in the amount the state must pay into the California State Teachers’ Retirement System […]
[quote]The notion that “taxpayers” are the ones paying for everything is pure B.S.[/quote]
You say that “Employees pay a portion, employers pay a portion.” Do you understand who the employer is? Do you understand where their funds come from? Do you understand the source of the employees payroll? It all comes from ONE source.If it’s not the taxpayer, then what is the ultimate source of these funds?
[quote]People need to understand how the system works before they spout off about it.[/quote]
Yes, they do.
May 6, 2011 at 8:27 AM #694063Anonymous
Guest[quote=CA renter]Are we comparing cubicle workers to prison guards?[/quote]
There are lots of cubicle workers that work for the state. Caltrans engineers, franchise tax board accountants, university system administrators, …Ever been to downtown Sacramento? Lots of buildings, full of cubicles.
It would be very easy to make an apples-to-apples comparison between the majority of state worker’s jobs and those in the private sector.
[quote]The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.[/quote]
No, they cannot. That’s the fundamental problem. And you got it completely wrong.Your first sentence above contradicts the last one. The pension funds do not have to extract from the employees because the contract specifically states how much employees must pay in. If the state goes back to the employee to make up the shortfall, it is a breach of contract, and the employee unions will be quick to point that out.
The crux of the problem is that there is NO contract between the taxpayer, the state, and the pension fund. There is nothing preventing the state from going back to the taxpayer. In fact, because the state is obligated BY LAW to pay the pensions, there is no alternative but to use taxpayer funds to make up the difference.
Here’s an example: http://sacramento.cbslocal.com/2011/03/31/california-teacher-pension-fund-will-need-more-cash/
California Teacher Pension Shortfall Grows
The drop in value was enough to trigger an automatic increase in the amount the state must pay into the California State Teachers’ Retirement System […]
[quote]The notion that “taxpayers” are the ones paying for everything is pure B.S.[/quote]
You say that “Employees pay a portion, employers pay a portion.” Do you understand who the employer is? Do you understand where their funds come from? Do you understand the source of the employees payroll? It all comes from ONE source.If it’s not the taxpayer, then what is the ultimate source of these funds?
[quote]People need to understand how the system works before they spout off about it.[/quote]
Yes, they do.
May 6, 2011 at 11:05 AM #692931bearishgurl
Participant[quote=CA renter]…“Although pension funds have gained back some of the deep losses suffered during the recession, the plans remain underfunded by billions of dollars, and projections show costs to governments increasing in the future as more baby boomers retire.”
This claim also needs to be addressed. The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.
The notion that “taxpayers” are the ones paying for everything is pure B.S. It has not been that way, and I highly doubt it will ever be that way. People need to understand how the system works before they spout off about it.[/quote]
Amen, CAR. Some of this “underfunding” problem was caused from mismanagement of pension funds. In the County of SD, a former pension fund mgr who made investment decisions in favor of risky futures contracts and derivatives was summarily sh!tcanned and replaced.
May 6, 2011 at 11:05 AM #693009bearishgurl
Participant[quote=CA renter]…“Although pension funds have gained back some of the deep losses suffered during the recession, the plans remain underfunded by billions of dollars, and projections show costs to governments increasing in the future as more baby boomers retire.”
This claim also needs to be addressed. The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.
The notion that “taxpayers” are the ones paying for everything is pure B.S. It has not been that way, and I highly doubt it will ever be that way. People need to understand how the system works before they spout off about it.[/quote]
Amen, CAR. Some of this “underfunding” problem was caused from mismanagement of pension funds. In the County of SD, a former pension fund mgr who made investment decisions in favor of risky futures contracts and derivatives was summarily sh!tcanned and replaced.
May 6, 2011 at 11:05 AM #693614bearishgurl
Participant[quote=CA renter]…“Although pension funds have gained back some of the deep losses suffered during the recession, the plans remain underfunded by billions of dollars, and projections show costs to governments increasing in the future as more baby boomers retire.”
This claim also needs to be addressed. The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.
The notion that “taxpayers” are the ones paying for everything is pure B.S. It has not been that way, and I highly doubt it will ever be that way. People need to understand how the system works before they spout off about it.[/quote]
Amen, CAR. Some of this “underfunding” problem was caused from mismanagement of pension funds. In the County of SD, a former pension fund mgr who made investment decisions in favor of risky futures contracts and derivatives was summarily sh!tcanned and replaced.
May 6, 2011 at 11:05 AM #693761bearishgurl
Participant[quote=CA renter]…“Although pension funds have gained back some of the deep losses suffered during the recession, the plans remain underfunded by billions of dollars, and projections show costs to governments increasing in the future as more baby boomers retire.”
This claim also needs to be addressed. The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.
The notion that “taxpayers” are the ones paying for everything is pure B.S. It has not been that way, and I highly doubt it will ever be that way. People need to understand how the system works before they spout off about it.[/quote]
Amen, CAR. Some of this “underfunding” problem was caused from mismanagement of pension funds. In the County of SD, a former pension fund mgr who made investment decisions in favor of risky futures contracts and derivatives was summarily sh!tcanned and replaced.
-
AuthorPosts
- You must be logged in to reply to this topic.