Who didn't see this coming?

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Who didn't see this coming?

PostBy: Flyer5 On: Tue Nov 27, 2012 1:50 pm

This is over $3000 for every person in PA

http://www.businessweek.com/ap/2012-11- ... -shortfall.
Flyer5
 
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Re: Who didn't see this coming?

PostBy: Richard S. On: Tue Nov 27, 2012 7:04 pm

If you want a bit of history on this Ridge was the one that passed the extraordinary increases near the end of his term. That's only half the issue because it was Spendell that never funded it. It's not only PA facing this issue, most local governments and Sate governments across the nation are in the same boat.
Richard S.
 
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Re: Who didn't see this coming?

PostBy: rberq On: Tue Nov 27, 2012 8:06 pm

Hmmmm. If the government has promised certain benefits to its employees, then why is this any surprise, and why are the pensions underfunded? (Of course that's a rhetorical question. The answer is, politicians are rotten bastards.)

I don't know how it works in PA, but in Maine public employees mostly are not covered by Social Security, so they and the state both pay into retirement funds which the workers rely on just as others rely on SS. Since state salaries are often lower than in private business, a good pension can partially compensate, and the pension promise is effectively part of the employment terms. Don't make out that the workers the villains, when they have put in their time in good faith. It's one thing to say to NEW hires, this will be the level of retirement funding, if that's OK then take the job, if it's not OK then look for work elsewhere. But it is a different story if a person has been working for 30 years and the state suddenly says, "We're breaking that promise we made to you about retirement. Tough luck!"
rberq
 
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Re: Who didn't see this coming?

PostBy: Flyer5 On: Tue Nov 27, 2012 9:53 pm

I don't blame the workers at all. Just the clowns running the circus.
Flyer5
 
Stoker Coal Boiler: Leisure Line WL110
Hot Air Coal Stoker Stove: Leisure Line Pioneer