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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: SilentZ who wrote (552001)	2/25/2010 8:00:07 PM
From: tejek	Read Replies (1) \| Respond to of 1572108

Is Patterson on life support yet?

To: SilentZ who wrote (552001)	2/25/2010 9:18:26 PM
From: RetiredNow	Read Replies (2) \| Respond to of 1572108

Defined benefits bankrupt corporations and are on a path to bankrupting America. Do the participants like the benefits? Of course they do. BTW, did I mention that the combined total gap between what is owed to former state and local employees and what has been saved to pay them from their defined benefit plans, is now over $1 trillion? Without exception, that is what the end state of these defined benefit plans is. They always end up owing more than they can pay. It's inevitable and it is NOT sustainable. Social security, Medicare, public sector pensions...they are all time bombs and all three are exploding in our lifetimes. Goodbye American solvency. There are some serious rough times ahead and neither the Dems nor the GOP will be able to save us, primarily because they are unwilling to stand up the the tyranny and stupidity of the masses. If I was king, I'd cut those benefits to the bone, raise taxes to 90's levels, and going forward make everything defined contribution, tagging benefits to what's paid in for each tax payer. It's the only sane thing to do.