nChrist
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« Reply #1 on: April 18, 2018, 01:22:35 PM » |
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________________________________________ The Patriot Post Digest 4-18-2018 From The Federalist Patriot Free Email Subscription ________________________________________
Politicians have played a shell game28 for years, making contractual promises to public labor unions that are impossible to meet, using sleight-of-hand accounting gimmicks to hide the truth, even as they negotiated ever larger pensions with the unions with no way to fund them, hoping to be retired when it blew up.
For example, pension administrators used a baseline growth projection of 7.5% in 2016, but actual growth was only 1%. And while growth outlook for this year is significantly better, pension funds still face a massive and growing shortfall.
Pension reform is desperately needed. Illinois is rapidly spiraling toward bankruptcy, with fully 25% of general fund revenues allotted to public employee pensions, and state legislators fighting tooth and nail against Republican Governor Bruce Rauner’s efforts at reform. Due to fiscal mismanagement, overly optimistic growth projections and escalating costs, California faces a staggering $153 billion shortfall to CalPERS29, the state employee retirement system. The Los Angeles Unified School District alone has a $15 billion funding deficit30 to its health care plan, which covers both current and retired employees, who pay no premiums for their insurance.
Nationwide, states have just 66% of assets on hand needed to meet pension obligations, and many states have under 50%; Kentucky and New Jersey are worst off, with just 31% of needed funding.
The Pew study notes that even if pension funds had met 2016 growth estimates, there would be a significant shortfall because state governments are not providing enough funding. Efforts to require state employees to increase their own contributions to their retirement are met with fierce resistance, even as they enjoy retirement plans far superior to those of the private sector workers whose taxes fund these pensions. This despite the fact that taxpayers are paying twice as much31 into public employee pension plans as a share of state revenue than just a decade ago.
And many pensions are borderline criminal. Oregon’s lavish pension plan gives Joseph Robertson, the retired head of Oregon Health & Science University, a pension of $76,111 per month. In Scranton, Pennsylvania, an astonishing 58% of police and firefighters are on disability pensions, long before the normal retirement age. As reported by The New York Times, the average age of retired Scranton police officers is 44.9 years old.
Facing these daunting deficits, some politicians have turned to risky investments to try to rapidly make up the shortfall. That is a path fraught with danger, and could lead to an even greater collapse.
Democrat politicians and their labor union cohorts continue to resist meaningful reform, saying that the states made a deal with the unions, and if higher taxes and fewer services are the price, then so be it.
Other politicians look to the federal government — itself sporting a $21 trillion deficit — for a bailout. It’s hard to imagine legislators from fiscally responsible states agreeing to higher taxes on their constituents to bail out irresponsible states.
The most logical and fair path is to put all new state employees into a defined-contribution plan like a 401(k) and give them responsibility for their own retirement, ending pensions in future negotiations.
This, however, is far easier said than done. From 2010-2016, labor unions gave $1.1 billion to Democrat politicians32 and leftist advocacy groups, and they expect rewards for their payouts, including protection for their extravagant pensions. Unfortunately for taxpayers, the relationship between labor unions and Democrats is an incestuous one, giving the taxpayer no seat at the negotiating table.
Even Democrat hero FDR opposed public-sector labor unions33 as being unfair to the employer: the taxpayers. Of course, when it comes to Democrats and labor unions, they learned well the axiom of socialist playwright George Bernard Shaw, who smugly noted, “A government that robs Peter to pay Paul can always depend upon the support of Paul.”
MORE ANALYSIS FROM THE PATRIOT POST
Barbara Bush, RIP36 — The former first lady and mother of another president died Tuesday at age 92. ‘Little Pink House’: Putting a Spotlight on Government Abuse37 — A new movie hitting theaters this week tells of the saga that went all the way to the Supreme Court. AP U.S. History Textbook Promotes Leftist Bias38 — Textbook blames political differences in America on racism, bigotry and sexism. Comey and the Lebron James Model39 — Attempting to make the MSM’s new poster boy lovable by portraying him as a neighborly sports fan. Video: James Comey’s ABC Interview in 100 Seconds40 — Former FBI Director James Comey is clearly “untethered to the truth,” but this is funny.
BEST OF RIGHT OPINION
Michelle Malkin: Return of the Feckless Chick-fil-A-Phobes41 Star Paker: Trump’s Vitally Important Anti-Poverty Initiative42 John Stossel: Hidden Taxes43 Walter Williams: A Mayor’s Most Important Job44 L. Brent Bozell & Tim Graham: Comey’s Pocket Stuffers in the Press45 For more of today’s columns, visit Right Opinion46.
OPINION IN BRIEF
Michelle Malkin: “Move over, Trump Derangement Syndrome. Another unhinged liberal pathology is back: Chick-fil-A-phobia. Perhaps, in the interest of public health, the CDC should launch a weekly C-F-A-P surveillance report to map the recurrence of this culturally infectious disease. Early-onset symptoms include fear of pressure-cooked poultry, allergic reaction to waffle potato fries and an irrational hatred of cow costumes. Anti-Christian prejudice and coastal elitism are common comorbidities associated with this debilitating progressive condition. Ground zero for the latest outbreak? The headquarters of The New Yorker magazine. This week’s issue online features the bigoted lament of writer Daniel Piepenbring, who decries the fast-food chain’s ‘creepy infiltration’ of the Big Apple and warns against the company’s ‘pervasive Christian traditionalism.’ Chick-fil-A opened its fourth location in the city last month. The largest franchise in the country, it seats 140, employs 150, and, along with the other NYC locations, donates an estimated 17,000 pounds of food to a local pantry for the homeless and hungry. The company is reportedly on track to become the third largest fast-food chain in the world. What are the Chick-fil-A-phobes so afraid of? … If leftists only want to eat and drink at a global fast-food company whose progressive CEO shares their Democrat-supporting, gun-grabbing, open-borders, gay marriage-boosting values, they should stick to Howard Schultz’s Starbucks cafes. Oh, wait…”
SHORT CUTS
For the record: “Yesterday was the worst day of the year for many Americans — TAX DAY. But as you are slamming your fist on the table, keep in mind that the taxes you filed are based on the old Obama code with higher tax rates. Be certain to remind your friends and family members about this fact if they complain that the Trump tax cut didn’t make any difference for them. Next year, your tax situation will likely be significantly better thanks to President Trump’s historic tax cuts and tax reform.” —Gary Bauer
For higher taxes, vote Democrat: “We’ll look at some of those resources going to people who are not going to use them to grow the economy. … I think certainly we’ll look to have revenues as opposed to simply creating more debt.” —Democrat Minority Whip Steny Hoyer with a promise if Democrats regain congressional majorities
The consequences of nonconformity: “I think the Clintons were connected to [NBC News head] Andy Lack, connected at the hip. I think that they didn’t want anybody in their prime time or anywhere in their lineup supporting Bernie Sanders. I think that they were in the tank for Hillary Clinton, and I think that it was managed, and 45 days later I was out at MSNBC.” —Ed Schultz
Alpha Jackass: “Barbara Bush was a generous and smart and amazing racist who, along with her husband, raised a war criminal. … I’m happy the witch is dead. can’t [sic] wait for the rest of her family to fall to their demise the way 1.5 million iraqis [sic] have.” —Fresno State University professor Randa Jarrar
And last… “Starbucks [is] shutting down all its stores to teach employees about racial diversity. The same employees ordered to talk to customers about race in 2015. This is overkill. Just treat everyone with the same respect as humans and customers.” —Charles Payne
Join us in daily prayer for our Patriots in uniform — Soldiers, Sailors, Airmen, Marines and Coast Guardsmen — standing in harm’s way in defense of Liberty, and for their families. We also humbly ask prayer for your Patriot team, that our mission would seed and encourage the spirit of Liberty in the hearts and minds of our countrymen.
Semper Vigilans Fortis Paratus et Fidelis
Nate Jackson, Managing Editor Mark Alexander, Publisher
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