We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
$3.2 trillion. (More here.)Plus near that over a full decade for ObamaCare.Plus, the so-called Social Security trust fund is taking in less that is going out.Plus, Medicare is already broke.Plus, hundreds of millions of dollars added to states’ deficits by ObamaCare enlarging Medicaid. All adds up to minuses, from your pockets, from your health, from education and police and other services, from your future.
As the races for governor heat up in thirty-six states, the question of how to fix troubled state-sponsored pension plans may be one of the most challenging that candidates will have to face. State pension plans are underfunded by $3.2 trillion when misguided accounting practices are corrected according to research by Joshua D. Rauh, an associate professor of finance at the Kellogg School of Management, and Robert Novy-Marx at the University of Chicago, published in the Journal of Economic Perspectives. Furthermore, because pension funds are highly exposed to market risks, there is only a 5 percent chance that they will perform well enough to meet the needs of retirees in fifteen years.
Have any of the Maggie's regulars posted on Rep Paul Ryan's American Road Map Version 2.0? This is the best analysis of the current crisis I have seen anywhere. Heavy on the numbers as Rep Ryan, R-WI, is on the House Budget Committee. Sobering, to say the least. You may recall seeing Rep Ryan cut short by The O at the big summit...you will know why after reading Ryan's masterpiece.
This report addresses all of the big issues confronting the country, offers a wealth of information on how we got here, and the Rx's necessary to reverse the "progressive" disease. Available in pdf at this link
http://www.house.gov/ryan/roadmap/, runs to about 85 pages. Well worth the read for anyone looking for solid facts and not spin.
I don't know how,or when it happened, but we're done. The day we allowed banks, investments houses, and hedge fund mangers to sell nothing for something, then short the transaction. Making money on both sides of the deal, sealed our fate. The cancer is spreading rapidly. Our demise will be , I'm afraid a violent one.
I was born in '51...got a bad feeling when I read we had evolved from a manufacturing economy to a "service" economy... uh huh. I figure the pendulum has crested and the mood is "conservative" now... bring it on.