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I bet Baracks economic team stunned their audience when they said the only way for America to survive would be to abolish and decrease the union wages across the board and put a 40,000 dollar cap on all Government and State pensions. Ye Gods! Learn to speak Arabic!!!

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I bet Baracks economic team stunned their audience when they said the only way for America to survive would be to abolish and decrease the union wages across the board and put a 40,000 dollar cap on all Government and State pensions. Ye Gods! Learn to speak Arabic!!!

If they said that then they speak the truth.

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I bet Baracks economic team stunned their audience when they said the only way for America to survive would be to abolish and decrease the union wages across the board and put a 40,000 dollar cap on all Government and State pensions. Ye Gods! Learn to speak Arabic!!!

What we have had to date......an ongoing hack of the taxpayer by so many calculating chiselers for generations......is simply unsustainable and it's bleeding profusely right under your nose.

It's not possible to sustain and the fact that we've had it for so long is not to license the majestic theft of the taxpayer that it grew to become.

If you or someone you love is or will be a beneficiary of this long term rip-off of the citizen taxpayer, that does nothing to change the fact that it is unsustainable. If you disagree with this assertion, I'll refer you to the story of the goose that laid the golden eggs.

Because collective bargaining got great results for select groups of people throughout the years of your life and your parents lives, does not sanction the failure we all face because of it......and a failure it indeed is..........it is unsustainable. It's advent is part of the disease America suffers now........and when the checks for your exclusive freight stop cashing, you can wail and wail to your union rep all you want........the golden egg goose will be cooked.

The "REST OF THE STORY" worsens......you see.....New Jersey leadership has been particularly gouging of its taxpayers. The pension/healthcare coverage liabilities for the government retirees in our state.....it would be an understatement to call it a nightmare.

http://www.apatheticvoter.com/PensionRip-Offs.htm

>>>New Jersey Pension Status

New Jersey is one of the relics of modern pension planning in that bureaucrats run the states’ investment program instead of professional fund managers. In slightly more than two years, the state’s Division of Investment has lost nearly $18 billion in public pension funds, enough to run the state for eight months. Giving the department a fair shake, most managed funds have lost considerable money since 2000, but the losses in New Jersey have forced taxpayers to cough up $200 million in 2005 and $1.6 billion in 2006. In New Jersey, state, county and municipal employees contribute about 5 percent of their salary into the pension fund system, which in turn invests the money. The state’s fund consists of stocks, bonds and fixed income, cash and mortgages. What is really startling about the fund is that the taxpayers have to support the fund if a five-year average on returns falls below 8.25 percent per year. As of June 2004, the returns for the prior five–year period averaged 1.5 percent. Guess who is reaching into their pocket to make up the difference. I’ll bet you will be hard pressed to find “such a deal” for workers in other states.

So how does the state pension system compare to private sector plans. According to Michael Diamond of the Gannett New Jersey newspapers, a 58-year old firefighter in Camden made $76,000 in his final year of work. He retired with $53,000 a year and health benefits for life. On the opposite end of the spectrum, a cardboard box manufacturer in Cherry Hills worked for 25 years until the company folded in 1999. His annual pension is $5,520 per year. He and his wife moved to Delaware where property taxes are 81 percent lower.

Pension problems are aggravated by retirement benefits fit for a king, tacking (holding multiple state jobs) and outright taxpayer abuse. The system is heavily weighted to the worker’s benefits are calculated based on the three highest salaries rather than an average of all years of employment. Who in their right mind have ever heard of such a grand giveaway? Here’s where the unfair benefit calculation and tacking come into play. The worker can be employed in one lower paying job for 20 years, raking in as much overtime over the last three years as humanly possible, and then after retiring take on a second job for 3 to 5 years at a higher salary to ramp up the pension. One individual somehow managed to hold eight part-time jobs that paid him total of $264,284 a year. He retired on slightly more than $150,000 per year. In comparison, the Chief Justice of the U. S. Supreme Court makes $203,000 and the governor takes home $175,000.<<<

You should find it illuminating to visit that website and get a sounding of these issues..............

Why is the taxpayer a politically safe, non-descript target for incessant fleecing? And when the taxpayer collapses from the Nth degree whip and harness, what will our leadership and their sycophants do?

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Guest 2smart4u
What we have had to date......an ongoing hack of the taxpayer by so many calculating chiselers for generations......is simply unsustainable and it's bleeding profusely right under your nose.

It's not possible to sustain and the fact that we've had it for so long is not to license the majestic theft of the taxpayer that it grew to become.

If you or someone you love is or will be a beneficiary of this long term rip-off of the citizen taxpayer, that does nothing to change the fact that it is unsustainable. If you disagree with this assertion, I'll refer you to the story of the goose that laid the golden eggs.

Because collective bargaining got great results for select groups of people throughout the years of your life and your parents lives, does not sanction the failure we all face because of it......and a failure it indeed is..........it is unsustainable. It's advent is part of the disease America suffers now........and when the checks for your exclusive freight stop cashing, you can wail and wail to your union rep all you want........the golden egg goose will be cooked.

The "REST OF THE STORY" worsens......you see.....New Jersey leadership has been particularly gouging of its taxpayers. The pension/healthcare coverage liabilities for the government retirees in our state.....it would be an understatement to call it a nightmare.

http://www.apatheticvoter.com/PensionRip-Offs.htm

>>>New Jersey Pension Status

New Jersey is one of the relics of modern pension planning in that bureaucrats run the states’ investment program instead of professional fund managers. In slightly more than two years, the state’s Division of Investment has lost nearly $18 billion in public pension funds, enough to run the state for eight months. Giving the department a fair shake, most managed funds have lost considerable money since 2000, but the losses in New Jersey have forced taxpayers to cough up $200 million in 2005 and $1.6 billion in 2006. In New Jersey, state, county and municipal employees contribute about 5 percent of their salary into the pension fund system, which in turn invests the money. The state’s fund consists of stocks, bonds and fixed income, cash and mortgages. What is really startling about the fund is that the taxpayers have to support the fund if a five-year average on returns falls below 8.25 percent per year. As of June 2004, the returns for the prior five–year period averaged 1.5 percent. Guess who is reaching into their pocket to make up the difference. I’ll bet you will be hard pressed to find “such a deal” for workers in other states.

So how does the state pension system compare to private sector plans. According to Michael Diamond of the Gannett New Jersey newspapers, a 58-year old firefighter in Camden made $76,000 in his final year of work. He retired with $53,000 a year and health benefits for life. On the opposite end of the spectrum, a cardboard box manufacturer in Cherry Hills worked for 25 years until the company folded in 1999. His annual pension is $5,520 per year. He and his wife moved to Delaware where property taxes are 81 percent lower.

Pension problems are aggravated by retirement benefits fit for a king, tacking (holding multiple state jobs) and outright taxpayer abuse. The system is heavily weighted to the worker’s benefits are calculated based on the three highest salaries rather than an average of all years of employment. Who in their right mind have ever heard of such a grand giveaway? Here’s where the unfair benefit calculation and tacking come into play. The worker can be employed in one lower paying job for 20 years, raking in as much overtime over the last three years as humanly possible, and then after retiring take on a second job for 3 to 5 years at a higher salary to ramp up the pension. One individual somehow managed to hold eight part-time jobs that paid him total of $264,284 a year. He retired on slightly more than $150,000 per year. In comparison, the Chief Justice of the U. S. Supreme Court makes $203,000 and the governor takes home $175,000.<<<

You should find it illuminating to visit that website and get a sounding of these issues..............

Why is the taxpayer a politically safe, non-descript target for incessant fleecing? And when the taxpayer collapses from the Nth degree whip and harness, what will our leadership and their sycophants do?

We're all sure glad you keep us up to date with the news because no one reading KOTW gets a newspaper.

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