Thought lefty Cali in trouble from debt? Take a look at their PUBLIC pension debt.

NigelTufnel said:
No one has claimed that it is just how it is invested, but how they have invested is part of the problem. The other major component is the fact that they have not been paying into the system sufficiently to cover the liabilities.

On benefit levels, perhaps they are too high, I don't really know, but average monthly benefits of about $2,000 in a state with a high standard of living doesn't sound absurd to me. Neither does the fact that a pension system which began in 1932 has 2.6 million retirees. California is a big state and has a lot of employees that eventually retire.
Click to expand...

I think it is especially considering the vast majority of people have NO pension (81% from what I last remember reading). They all get by and many of them will be stuck paying taxes for the pensions of those "poor" underpaid government retirees.
Governments suck at saving money no matter who is in power.

Next let's check the numbers on you thinking 2.6 million getting state government pension is not that bad. There are currently JUST 3.8 million over 65 in Cali and yes and absurd 2.6 million getting pension payments.
"California had the highest number of people 65 and older (3.8 million)"
http://www.census.gov/Press-Release/www/releases/archives/population/004083.html

How in the hell do more than half of retirees end up getting state pensions, especially given that even in the most leftwing governments on earth like France there is never more than a 1 in 4 ratio of people working in ALL government let alone state government?

The obvious answer (like the answer to the rest of Cali's overspending problems) is FAR FAR FAR too much government and way too generous on paying out benefits.

Need more? the (public pension) plan is so generous that it makes the average state employee a millionaire after only 22 years of work!
http://www.lesjones.com/2008/12/01/california-pensions-twice-as-generous-as-next-state/
 
KingCondanomation said:
I think it is especially considering the vast majority of people have NO pension (81% from what I last remember reading). They all get by and many of them will be stuck paying taxes for the pensions of those "poor" underpaid government retirees.
Governments suck at saving money no matter who is in power.
Click to expand...

Your basic grievance, as usual, is that other people are getting something that you are not getting and you are upset about it. If you want a pension get a job that offers one.

Your assertion that people will pay taxes to fund pensions is pretty stupid. I suppose it is possible, but the way that the California legislature works on tax matters makes such a scenario extremely unlikely.


KingCondanomation said:
Next let's check the numbers on you thinking 2.6 million getting state government pension is not that bad. There are currently JUST 3.8 million over 65 in Cali and yes and absurd 2.6 million getting pension payments.
"California had the highest number of people 65 and older (3.8 million)"
http://www.census.gov/Press-Release/www/releases/archives/population/004083.html

How in the hell do more than half of retirees end up getting state pensions, especially given that even in the most leftwing governments on earth like France there is never more than a 1 in 4 ratio of people working in ALL government let alone state government?

The obvious answer (like the answer to the rest of Cali's overspending problems) is FAR FAR FAR too much government and way too generous on paying out benefits.
Click to expand...

With respect to the number of people getting state pensions, I don't think it is very high at all. Eligibility for state pension typically has two components, one that is not dependent on age - years of service, and one that is based on age plus years of service. Your data subset of people 65 an older is way, way, way, way too restrictive to assess whether the number of people receiving pensions is too high. For example, a person hired at age 25 that puts in 20 years (I think) of service could be eligible to receive a pension at age 45.

Your assumption that retiree = person over 65 is not even remotely accurate.


Need more? the (public pension) plan is so generous that it makes the average state employee a millionaire after only 22 years of work!
http://www.lesjones.com/2008/12/01/california-pensions-twice-as-generous-as-next-state/
Click to expand...


The analysis to reach the above conclusion is suspect at best.
 
You must log in or register to reply here.
Back
Top