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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Steve Lokness who wrote (108970)2/25/2010 9:23:57 AM
From: ajtj994 Recommendations  Read Replies (4) of 116555
 
Getting tough on Goldman Sachs today does nothing to solve the deficit in my local municipalities as well as my state's fiscal difficulties.

You are attempting to link two unrelated issues.

The pension issues with the public sector are not unlike unexploded ordinance from the Vietnam War. The bombs were dropped many years ago, but they're exploding now and killing us.

How do you suggest we fund the $1.6 Trillion in unfunded state pension obligations? States and municipalities cannot print money. They need to take that money from me and you to pay for this stuff.

As for promises made in collective bargaining, if you're happy with paying 20% of your income to fund these pensions for state and local people who retire after working all of 25 years, that's your business.

If something seems too good to be true, often times it is.
Working for 25-years, retiring, and collecting 50-90% of your highest salary for the rest of you and your spouse's life along with full medical benefits is too good to be true.

Working until you're 70, retiring with a 401k, some medicare, and some minor Social Security is the new normal. People need to get with the program, as that's all that can be afforded.
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