Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

factfinder_77

(841 posts)
Mon Apr 11, 2016, 08:28 AM Apr 2016

US faces 'disastrous' $3.4tn pension funding hole - What is BS solution ?

The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes

So my question to the BS supporters are. How will your candidate handle the issue ?

By revoking international trade deals, increasing wages hence losing jobs to automation/robots, end all military funding, and ban fracking, making US dependent of oil import from UAE nations ?


41 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
US faces 'disastrous' $3.4tn pension funding hole - What is BS solution ? (Original Post) factfinder_77 Apr 2016 OP
I wish you really were curious Marrah_G Apr 2016 #1
Correct me if I am wrong... This is how a "factfinder" obtains their info, using a community board? TheBlackAdder Apr 2016 #38
What is your source for this claim? Cheese Sandwich Apr 2016 #2
Do tell what is Hillary's solution? think Apr 2016 #3
HC - fundamental reform of the capital gains tax system. factfinder_77 Apr 2016 #14
That's not adressing pensions. Where's the specific plan addressing pension problems? think Apr 2016 #15
According to Stanford reserach, as reported at ft.com factfinder_77 Apr 2016 #4
We could shut down unnecessary military bases, that aren't making the world any safer. RiverLover Apr 2016 #5
Do tell us what is the solution for the failure of these pensions to be properly funded hobbit709 Apr 2016 #6
Millionaires, Billionaires, and something else Renew Deal Apr 2016 #7
Make someone else pay for it is my best guess. Trust Buster Apr 2016 #8
Someone else pay for what? kristopher Apr 2016 #11
The OP is about underfunded public pensions. Trust Buster Apr 2016 #12
What caused underfunding pensions? kristopher Apr 2016 #13
Over promising and under funding created the problem. Trust Buster Apr 2016 #17
You haven't got a clue and you want to complain? kristopher Apr 2016 #19
That's quite a respectful response there. The public pension deficit was created by over-promising Trust Buster Apr 2016 #20
Look up "beg the question" kristopher Apr 2016 #22
Saying the accurate truth twice is all good. Nice talking to you. Trust Buster Apr 2016 #25
"Over-promising", what a word! My Good Babushka Apr 2016 #30
Not really, when the Baby Boom generation was going uphill, promises were made. Trust Buster Apr 2016 #31
Over-promising angrychair Apr 2016 #41
From 7,3 to 17, 5 per cent increase in revenues for ppp. Nevada 40 per cent factfinder_77 Apr 2016 #34
Freeperville called asking for their right wing memes back think Apr 2016 #16
What issue? As a policy question your post is a Mulligan Stew. kristopher Apr 2016 #9
What’s behind the revolt against global integration? factfinder_77 Apr 2016 #24
You're wondering what Senator Sanders "will do about it." 99Forever Apr 2016 #10
You would think they would make more than 10 posts Gwhittey Apr 2016 #35
raise taxes on the 1-20%. cut the defense budget. put people to work rebuilding the infrastructure Hiraeth Apr 2016 #18
First, you have to see how it happened.....and it's gets interesting. ViseGrip Apr 2016 #21
"NO MORE WARS" reddread Apr 2016 #23
Simple beedle Apr 2016 #26
Another day Old Codger Apr 2016 #27
Can you explain Hillary's plan for this? pdsimdars Apr 2016 #28
Lagest pension holes:Illinois, Arizona, Ohio and Nevada, cities of Chicago, Dallas, Houston, El Paso factfinder_77 Apr 2016 #33
Here's a link NOT hidden behind a paywall -it's a local problem not federal azurnoir Apr 2016 #37
It was largely caused by the balkanization of the United States post-1980. The Feds are at fault. ieoeja Apr 2016 #39
Break up the big banks! redstateblues Apr 2016 #29
They are currently being sued by pension funds for rigging interest rates think Apr 2016 #32
What a bunch of hooey Trajan Apr 2016 #36
Give incentives to cities/states to decriminalize cannabis so they can make money off of it. Avalux Apr 2016 #40

TheBlackAdder

(28,209 posts)
38. Correct me if I am wrong... This is how a "factfinder" obtains their info, using a community board?
Mon Apr 11, 2016, 11:01 AM
Apr 2016

.


No peer-review research, no conversation with the Candidate's Communications Director, but on a board of hacks?


Am I the only one who sees the irony of this?


.

 

think

(11,641 posts)
15. That's not adressing pensions. Where's the specific plan addressing pension problems?
Mon Apr 11, 2016, 08:49 AM
Apr 2016

You know. Like the one you are requesting Bernie supporters to provide.

RiverLover

(7,830 posts)
5. We could shut down unnecessary military bases, that aren't making the world any safer.
Mon Apr 11, 2016, 08:34 AM
Apr 2016
The Pentagon has been begging to close excess facilities for years, but Congress has repeatedly nixed the Pentagon’s requests to begin a new round of Base Realignment and Closure (BRAC), the process by which unnecessary bases would be shut down. In the $1.1 trillion omnibus spending bill passed at the end of last year, Congress even added language to specifically prohibit the Department of Defense from putting any money toward the effort.

http://time.com/4261276/military-budget/


Invest in the US, & our pension-funding.

hobbit709

(41,694 posts)
6. Do tell us what is the solution for the failure of these pensions to be properly funded
Mon Apr 11, 2016, 08:35 AM
Apr 2016

in the first place. Businesses and governments who filled these funds with IOUs instead of actual money.

kristopher

(29,798 posts)
11. Someone else pay for what?
Mon Apr 11, 2016, 08:41 AM
Apr 2016

What specifically is/are the problem/problems?

What is/are the cause/causes of this/these problem/problems?

If you want to have a policy discussion, then you have to include something related to policy.

kristopher

(29,798 posts)
13. What caused underfunding pensions?
Mon Apr 11, 2016, 08:44 AM
Apr 2016

If you are going to ask for a policy discussion you need to say a hell of a lot more than "underfunded pensions".

 

Trust Buster

(7,299 posts)
20. That's quite a respectful response there. The public pension deficit was created by over-promising
Mon Apr 11, 2016, 09:00 AM
Apr 2016

and under-funding, your "take a hike" comment aside.

kristopher

(29,798 posts)
22. Look up "beg the question"
Mon Apr 11, 2016, 09:03 AM
Apr 2016

tau·tol·o·gy

tôˈtäləjē/

noun

the saying of the same thing twice in different words, generally considered to be a fault of style (e.g., they arrived one after the other in succession ).
synonyms: pleonasm, repetition, reiteration, redundancy, superfluity, duplication
"avoid such tautology as "let's all work together, everyone, as a team" by saying simply "let's work together""


We're done.

My Good Babushka

(2,710 posts)
30. "Over-promising", what a word!
Mon Apr 11, 2016, 09:31 AM
Apr 2016

That's just a weasel word for when you don't want to keep your promises, and also make it seem like it's sort of the fault of the people who trusted you in the first place.

 

Trust Buster

(7,299 posts)
31. Not really, when the Baby Boom generation was going uphill, promises were made.
Mon Apr 11, 2016, 09:35 AM
Apr 2016

Now that that same Baby Boom generation is descending the other side of the hill, public resources are under huge strain. It's a reality that we just can't wish away. The whole world is dealing with there own Baby Boom or aging demographic phenomenon.

angrychair

(8,702 posts)
41. Over-promising
Mon Apr 11, 2016, 12:45 PM
Apr 2016

That is a very "moderate centrist" catch-phrase you are using there.

You do realize that is code for "sorry you pension and you are getting fucked. Don't worry, the company managing the fund is still going to take in millions of dollars in guaranteed fees while you get pennies on the dollar".

I am sure you will tell me "compromises have to be made. Moderate centrist concessions that will allow some to still get some of their pension for a couple of years but the reality is we just can't afford it anymore but if you would please start putting money into this 401k please and we promise a decent retirement....as long as you don't touch it and work till your 75...but if you work until 80, well then..." FUCK THAT.

 

factfinder_77

(841 posts)
34. From 7,3 to 17, 5 per cent increase in revenues for ppp. Nevada 40 per cent
Mon Apr 11, 2016, 10:08 AM
Apr 2016

" states and local governments contribute 7.3 per cent of revenues to public pension plans, but this would need to increase to an average of 17.5 per cent of revenues to stop any further rises in the funding gap, the research said."

Several cities and states, including California, Illinois, New Jersey, Chicago and Austin, would need to put at least 20 per cent of their revenues into their pension plans to prevent a rise in their deficits, while Nevada would have to contribute almost 40 per cent.

kristopher

(29,798 posts)
9. What issue? As a policy question your post is a Mulligan Stew.
Mon Apr 11, 2016, 08:39 AM
Apr 2016

Make a clear analysis of what specific problem you think the Federal Government has a role in fixing and then we can see what might be possible.

You appear to just be flinging feces.

 

factfinder_77

(841 posts)
24. What’s behind the revolt against global integration?
Mon Apr 11, 2016, 09:07 AM
Apr 2016

To quote Lawrence Summers: professor at and past president of Harvard University. He was treasury secretary from 1999 to 2001 and an economic adviser to President Obama from 2009 through 2010.

"
One substantial part of what is behind the resistance is a lack of knowledge. Everyone who loses a job because a factory moves abroad knows it; many who lose their jobs for local reasons blame globalization. But no one thanks international trade for the fact that their paycheck buys twice as much in clothes, toys and other goods as it otherwise would "

The core of the revolt against global integration, though, is not ignorance. It is a sense — unfortunately not wholly unwarranted — that it is a project being carried out by elites for elites, with little consideration for the interests of ordinary people. They see the globalization agenda as being set by large companies that successfully play one country against another. They read the revelations in the Panama Papers and conclude that globalization offers a fortunate few opportunities to avoid taxes and regulations that are not available to everyone else. And they see the kind of disintegration that accompanies global integration as local communities suffer when major employers lose out to foreign competitors.

https://www.washingtonpost.com/opinions/whats-behind-the-revolt-against-global-integration/2016/04/10/b4c09cb6-fdbb-11e5-80e4-c381214de1a3_story.html

99Forever

(14,524 posts)
10. You're wondering what Senator Sanders "will do about it."
Mon Apr 11, 2016, 08:40 AM
Apr 2016

But don't even mention Clinton?

Troll much?


Trash thread and poster. Bye bye.

Hiraeth

(4,805 posts)
18. raise taxes on the 1-20%. cut the defense budget. put people to work rebuilding the infrastructure
Mon Apr 11, 2016, 08:57 AM
Apr 2016

which will mean more people paying into the pension funds. For a start

 

beedle

(1,235 posts)
26. Simple
Mon Apr 11, 2016, 09:19 AM
Apr 2016

1) Properly fund it - that's it.

There was no 'over promising', there was lots of stealing from it by government and business to pay for other things.

The workers did their part, now business and government must step up and fix the problem THEY caused (or be forced to do so if they are reluctant to do the right thing.)

 

pdsimdars

(6,007 posts)
28. Can you explain Hillary's plan for this?
Mon Apr 11, 2016, 09:22 AM
Apr 2016

You do that and then maybe you have a right to ask about Bernie's plan.

Not very creative with your nonsense today? Guess it's just too early on a Monday to expect better.

 

ieoeja

(9,748 posts)
39. It was largely caused by the balkanization of the United States post-1980. The Feds are at fault.
Mon Apr 11, 2016, 12:08 PM
Apr 2016

The largest city in the county where I grew up has a population of 2500 people. There is no way that city could have ever afforded a modern sewage facility. But they have one. Because the United States paid for it. That small town received federal grants year in and year out.

That was the norm in this country for almost 50 years during which the United States went from a second world country to the premier world power.

Nor was that limited to small towns. The big cities and even the states got large block grants routinely. So while White Flight took a lot of money out of the cities, federal income taxes partially mitigated that problem.

But those wealthy suburbanites hated African-Americans. And I can tell you from personal experience, they pretty much hated rural Whites as well. So when Reagan came along, slashed their taxes and shifted the burden for paying things from federal to local ... the suburbanites were thrilled.

The problem should be a Federal problem. Stashing wealth in local conclaves is not much different than stashing wealth overseas. Either way, the money is not available where it is needed.


 

think

(11,641 posts)
32. They are currently being sued by pension funds for rigging interest rates
Mon Apr 11, 2016, 10:01 AM
Apr 2016

The banks don't care who they steal from.

Avalux

(35,015 posts)
40. Give incentives to cities/states to decriminalize cannabis so they can make money off of it.
Mon Apr 11, 2016, 12:20 PM
Apr 2016

That's my solution - if you want to know Bernie's, the information is out there. Go read it.

Latest Discussions»Retired Forums»2016 Postmortem»US faces 'disastrous' $3....