Oklahoma’s pension for legislative folks is also ridiculous! When our governor retires, she will receive more than her annual salary in pension! Just wrong! She didn’t pay into her retirement at that rate! She shouldn’t receive that!
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I know PERS recipients in Oregon who are getting these very, very high public pensions and will be doing so for thirty, forty years or more. Wrong, corrupt and unsustainable.
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To borrow a phrase, big government works fine until you run out of other people's money.
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Raise taxes on the rich
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Tax bases collapsed all over the USA. Sales taxes were lost to internet sales, incomes taxes were lost from store and other business owners and the wealth all moved up in the economy, to people who can shield it, leaving less room for small business.
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Oregon doesn't even have sales tax!
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Fair enough, I was just saying that tax bases were ruined all over America. Systems were set up in a much different economy. An economy with more small businesses, bookstores, etc. with owners with better incomes than employees.
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The NYT has an unusual penchant for arguing for the dismantling of social transfers by using a veneer of educated and technocratic reasoning. "The calculation is the problem." Im sure theyll argue for more privatization at some point.
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The younger generations are being bankrupted by the baby boomers and their unsustainable pensions.
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I’m a GenXer and because I chose to serve I have a pension. Government jobs that still have pensions are few and far between but generally exist because people would put up with government work if they didn’t have good retirement benefits.
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You can have good retirement benefits without unsustainable pensions. In Oregon, the benefit system designed for public employees ended up being very unsustainable and new employees are getting screwed to pay for retired ones. Best to go the 401K route in the modern era.
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Yeah 401k is garbage. hey look the market took a dump and there goes my retirement. Most states Oregon included have pension issues because they raided the funds set to pay for them years ago and never paid it back, or like several Cali cities they lost it all in the markets
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The market doesn't work that way. The returns are fine in the long run, the crashes are always made up for.
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Yea tell that to the 25k I lost in my federal TSP (you know gov run 401K) last time the market popped. The stock market is a con always has been always will be. My dad was a broker for years and I passed my broker exam two decades ago. Anything that is controlled by market fails
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Check it again, you've made all that back + way more since.
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#1. Public pensions were created as incentives to pull needed talent from the private sector. Not union "scam" #2. Big corporations lobbied gov to create pension so they could defer costs down the line to meet street numbers. Trouble? 1st thing they do is raid the pension $.
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Now that's good reporting..starting to figure this stuff out finally!!
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PERS has been a mess for 20 years.
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Who's doing the calculations, Jared Kushner?
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