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.
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Thursday, December 9. 2010
States and government employee unions are united to hide the true extent of the cost of pension promises, and the impacts on other basic government services. Leading Republican congressmen have introduced legislation to shine light on these costs.
The Pew Center On The States reported last February that:
Actually, the gap may be closer to $3-trillion, as this National Bureau of Economic Research study lays out. In April, the American Enterprise Institute (AEI) study reported a $3.04-trillion shortfall in funding. The AEI recommended that pensions must disclose greater detail regarding investment risk and pension plans should reform their accounting methods to include the market value of plan liabilities. Then, legislators could have a better idea of how to reform and plan.
Last week, Congressmen Devin Nunes (R-California), Paul Ryan (R-Wisconsin), and Darrell Issa (R-California) introduced The Public Employee Pension Transparency Act (H.R. 6484).
Cong. Ryan said:
Kicking back, who might have to start really doing their job:
The National Association of Counties, United States Conference of Mayors, National League of Cities, International City/County Management Association, National Association of State Auditors Comptrollers and Treasurers, Government Finance Officers Association, International Personnel Management Association for Human Resources, National Council on Teacher Retirement and the National Association of State Retirement Administrators have announced their opposition to HR 6484, the Public Employee Pension Transparency Act
Yeah, sure, their current oversight, management, transparency, and honesty about public sector pension obligations has worked sooo well.
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Yes, it is a reasonable piece of legislation but where in the Constitution does it say the Federal government can regulate the pension funds of state and local governments? This is certainly NOT commerce as conservatives want it understood.
One could argue that labor could cross state lines to work for governments with falsely inflated claims of future retirement benefits but that seems pretty thin.
Nope, this is not the Feds' responsibility and remains the domain of sovereign states.
Let the states remain accountable for their own behaviors.
I agree entirely.
Problem is the Feds are afraid of getting stuck with the bills...like the EU.
Good point, but the federal exemption on taxes for state and municipal bonds would be forfeit, as you can see above. The states and localities are free to do what they want if they don't want that.
Your missing the whole point.
The Feds aren't forcing the states to do anything. They are threatening to turn off the massive flow of federal tax and borrowed money to the states.
That flow of money from the fed to the states shouldn't exist in the first place. It undermines the independence of the states and destroys our Federal system. It is a club that has been used over and over again - drinking age, speed limits, DWI laws, construction projects, etc...
Cut off the money and let the states sink or swim.
Not to be johnny-one-note on the "what in the devil happened to governance" question, but so many of these insoluble (insoluble without major systemic change) problems began in the last half of ClintonII. California can thank Grey Davis 1999 for today's sorry public worker union harvest. Were the actuaries on his staff that stupid? I really really doubt it.
Remember the good old days when Jerry Ford told New York to pound sand when they were broke? I think we'll have to wait at least two years for a replay - and what a replay it will be because it will be deja vu all over again for half a dozen or more states (trying to be optimistic).
Remember the good old days when Jerry Ford told New York to pound sand when they were broke?
I think we'll have to wait at least two years for a replay - and what a replay it will be because it will be deja vu all over again for half a dozen or more states (trying to be optimistic).
One trillion here, three trillion there- pretty soon, you might get in to some real money...
As my Dad said, circa 1958
"It's so easy to spend Somebody Else's money..."
No more pensions! Almost nobody gets one in the private sector. Give them all 401k's (or 403B's).
[ ryan roadmap ]
It'll take a few years, but Congressman Ryan's Roadmap for America shows how we can be healty again --maybe for the first time in a hundred years, given that we now finally ALL know, beyond ANY shadow of a doubt, that leftists need to be kept far far away from actual power.