Tuesday, at the BOS, we'll find out if the County is rolling in money and willing to blow a whole lot of it when they actually have a thriftier option, or whether the BOS will decide that they have other options than those given to them by staff. For some background, see Ron Crawford's post at http://www.sewerwatch.blogspot.com/.
We're in [out of] the money, we're in [out of] the money . . . .
Saturday, September 18, 2010
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If money makes the world go round, what happens when the music stops and everyone wakes up?
Subject: Ethical Questions and Pension Wars
(The “Guaranteed Retirement Account” would have no actual “guarantee”.)
“The government, just as with Social Security, could essentially strip the plan of assets and use those assets within the general fund. . . . This would be the largest loss of wealth and seizure of public assets in world history.”
This plan—first publicized two years ago—is still moving forward.
Implications?
1. Governments at the local, state and federal levels are going bankrupt—and they know it.
2. Gov-co will do anything it can to avoid admitting it’s bankrupt.
3. “Anything” can include causing hyper-inflation to reduce existing debts and pension obligations, tax increases, mass employee lays-offs, pay reductions, seizing 401(k) and IRA pension funds, and—eventually—pension-plan defaults.
If you plan to ever retire, you’d best start funding your own retirement fund or make sure you’re very close to your kids (if they like you, they might take care of you in your old age).
If you want to start your own pension plan, you’d better think twice about trusting your savings to a 401(k), IRA or even a bank account. Each of those devices is registered with the federales and fully “transparent”. If the feds want the money in those kinds of accounts, they know exactly where it is and it’s usually digital, so it’ll be hard to conceal and easily seized.
http://adask.wordpress.com/2010/09/12/ethical-questions-and-pension-wars/#more-1444
“The Pew Center on the States . . . estimated a $1 trillion gap . . . between what states had promised state workers in the way of retiree pension, health care and other benefits and the money they currently had to pay for it all. And some economists say that Pew is too conservative and the problem is two or three times as large.
“So a question of extraordinary financial, political, legal and moral complexity emerges: . . . who should pay to fill the 13-figure financing gap?
There are a couple of larger and even scarier questions:
1) Should this “13-figure financing gap” be filled? That is, do ordinary taxpayers have any moral obligation to pay the government retirees pensions? And,
2) Can this “13-figure financing gap” be filled? No matter what the “moral” obligation, is there even sufficient money available anywhere to pay the gov-co pensions?
3) Is there any reason to believe that gov-co holds federal, state and local retirees in higher esteem than it held retiring (and often sick) military personnel returning from Viet Nam (agent orange); Gulf War I (Gulf War syndrome) or Gulf War II? If not, should gov-co retirees be surprised if their former employer also throws them “under the bus”?
Answers:
1) Maybe not. If the gov-co pensions are excessive and based on political manipulation and fraud rather than actual earnings, what moral obligation exists to compel taxpayers to continue to provide support?
2) No. Recognizing my favorite maxim (“What can’t be paid, won’t be paid.”), in today’s sagging economy, it is inevitable that gov-co pensions are going to be reduced significantly, and in some case suffer bankruptcy.
3) Of course not. Gov-co is notorious for sacrificing former “human resources” once those “resources” become financial liabilities.
Just think of all the fools that would trust the government with their health care.
Crawford makes good points on the woman's jail. Hard to believe him, but he may be correct, or maybe not. In any case he should be complemented for the effort.
In any case it seems foxes are running the hen house.
I can understand why government people (the foxes) do not wish to reply to him.
Thanks Wmark for the report that I have been aware of for many years. There is a reason why I live in Panama. I will be back in the US for the election to vote the bums out.
http://www.gonefishingpanama.com/ Sweet!
Funny I thought this was a Sewer Blog..
Tuesday…
One thing we know;
“There will be words”
Among those words will be many Magical Words
One legitimate word will be spoken by many.
Many of those speakers will be legitimate
That word is Affordability
There will be posers
No Magical Pozers of Crock, though.
Lazier comes later.
Is there enough money to start the project?
We all know where the money is not coming from.
We all know who is going to pay and who isn't.
We all know who is going to stay and who isn't.
Corrigenda - to post above, Posted 9/18/2010. There will be No SEWER/JAIL words till October 5.
The Board of Supervisors of the County of San Luis Obispo SEPTEMBER 21, 2010
CONSENT AGENDA 9:00
REVIEW AND APPROVAL
PRESENTATIONS
PUBLIC COMMENT PERIOD
BOARD BUSINESS
CLOSED SESSION 11:45
REPORT ON CLOSED SESSION
ADJOURNMENT 12:00
NO AFTERNOON PUBLIC COMMENT --- There will NOT be an afternoon Public Comment Session.
STAFF IS RECOMMENDING THE COVERSHEET BE AMENDED ADJOURNING THE MEETING TO OCTOBER 5, 2010 AT 9:00 A.M. STAFF IS REQUESTING CANCELLATION OF THE SEPTEMBER 28, 2010 MEETING DUE TO LACK OF ACTION ITEMS.
To WMark: www.valleescondido.biz
Both sweet! Who is John Galt?
Gone Fishing Panama is for sale for 2 million. Right now it is operating as a resort but could be converted easily to one of the most fabulous residences in the world for little money.
I spend most of my time in Valle Escondido due to the consistently cool weather.
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