Andrew G. Biggs: Public Pension Deficits Are Worse Than You Think - WSJ.com
"Pension plans for state government employees today report they are underfunded by $450 billion, according to a recent report from the Pew Charitable Trusts. But this vastly underestimates the true shortfall, because public pension accounting wrongly assumes that plans can earn high investment returns without risk.
My research indicates that overall underfunding tops $3 trillion.
The problem is fundamental:
According to accounting rules adopted by the states, a public sector pension plan may call itself 'fully funded' even if there is a better-than-even chance it will be unable to meet its obligations.
When that happens, the taxpayer is on the hook."
(the rest of this article is posted in the "comments section" below. Sometimes the WSJ doesn't publish the entire article. GordoM did NOT write the comment)
So, the states adopt a rule that would be illegal for private companies and lie to the taxpayer until it is too late to fix. And then they simply demand more taxes from the fools who were duped.
And they think/know we are the fools, folks!
This scam will destroy our cities and states.
And no one in public office is talking about it.
We, the people, must make noise or we'll be rolled again!
Join a Tea Party now!
http://www.teapartyofwmi.org/group/muskegonpatriots?commentId=3249824%3AComment%3A33605&xg_source=msg_com_group
Monday, March 22, 2010
Sunday, March 21, 2010
What America Will Look Like If The White House Gets Its Way
What America Will Look Like If The White House Gets Its Way
"A picture of America’s future under Obamacare can be revealed, though, after peeling away the pages and digging through the dirt.
Here’s 10 things you can expect:"
Read this and weep.
"A picture of America’s future under Obamacare can be revealed, though, after peeling away the pages and digging through the dirt.
Here’s 10 things you can expect:"
Read this and weep.
Vote no quickly or get treated 'like a piñata'
Democratic defector: Vote no quickly or get treated 'like a piñata'
"A Democrat who has long committed to opposing healthcare reform legislation has advised his fellow defectors that they should vote no early on Sunday and then immediately leave the House chamber.
Otherwise, Rep. Gene Taylor (D-Miss.) told The Hill, they will be treated 'like a piñata.'"
"A Democrat who has long committed to opposing healthcare reform legislation has advised his fellow defectors that they should vote no early on Sunday and then immediately leave the House chamber.
Otherwise, Rep. Gene Taylor (D-Miss.) told The Hill, they will be treated 'like a piñata.'"
"Fringe Group" Controlling GOP
"Fringe Group" Controlling GOP - The New Editor
"In a 60 Minutes interview with CBS' Katie Couric, President Obama's chief of staff Rahm Emanuel calls the Tea Party movement a ''fringe group' that's taken control' of the Republican Party.
Hey, don't mess with Rahmbo:"
"In a 60 Minutes interview with CBS' Katie Couric, President Obama's chief of staff Rahm Emanuel calls the Tea Party movement a ''fringe group' that's taken control' of the Republican Party.
Hey, don't mess with Rahmbo:"
The Real Arithmetic of Health Care Reform
The Real Arithmetic of Health Care Reform - NYTimes.com
"Could this really be true?
How can the budget office give a green light to a bill that commits the federal government to spending nearly $1 trillion more over the next 10 years?
The answer, unfortunately, is that the budget office is required to take written legislation at face value and not second-guess the plausibility of what it is handed.
So fantasy in, fantasy out.
In reality, if you strip out all the gimmicks and budgetary games and rework the calculus, a wholly different picture emerges:
The health care reform legislation would raise, not lower, federal deficits, by $562 billion."
"Could this really be true?
How can the budget office give a green light to a bill that commits the federal government to spending nearly $1 trillion more over the next 10 years?
The answer, unfortunately, is that the budget office is required to take written legislation at face value and not second-guess the plausibility of what it is handed.
So fantasy in, fantasy out.
In reality, if you strip out all the gimmicks and budgetary games and rework the calculus, a wholly different picture emerges:
The health care reform legislation would raise, not lower, federal deficits, by $562 billion."
Saturday, March 20, 2010
Bank regulators given big bonuses
Bank regulators given big bonuses
"Just as bank executives got bonuses despite taking on dangerous amounts of risk, regulators got taxpayer-funded bonuses despite missing or ignoring signs that the system was on the verge of a meltdown.
The bonuses were part of a reward program little known outside the government.
Some government regulators got tens of thousands of dollars in perks, boosting their salaries by almost 25 percent. Often, though, rewards amounted to just a few hundred dollars for employees who came up with good ideas.
During the 2003-06 boom, the three agencies that supervise most U.S. banks - the Federal Deposit Insurance Corp. (FDIC), the Office of Thrift Supervision (OTS) and the Office of the Comptroller of the Currency (OCC) - gave out at least $19 million in bonuses, records show.
Nearly all that money was spent recognizing 'superior' performance.
The largest share, more than $8.4 million, went to financial examiners, those employees and managers who scrutinize internal bank documents and sound the first alarms.
Analysts, auditors, economists and criminal investigators also got awards."
"Just as bank executives got bonuses despite taking on dangerous amounts of risk, regulators got taxpayer-funded bonuses despite missing or ignoring signs that the system was on the verge of a meltdown.
The bonuses were part of a reward program little known outside the government.
Some government regulators got tens of thousands of dollars in perks, boosting their salaries by almost 25 percent. Often, though, rewards amounted to just a few hundred dollars for employees who came up with good ideas.
During the 2003-06 boom, the three agencies that supervise most U.S. banks - the Federal Deposit Insurance Corp. (FDIC), the Office of Thrift Supervision (OTS) and the Office of the Comptroller of the Currency (OCC) - gave out at least $19 million in bonuses, records show.
Nearly all that money was spent recognizing 'superior' performance.
The largest share, more than $8.4 million, went to financial examiners, those employees and managers who scrutinize internal bank documents and sound the first alarms.
Analysts, auditors, economists and criminal investigators also got awards."
In Wal-Mart Intercom Incident, AP 'Forgets' Critical Story Element in Company's Defense
In Wal-Mart Intercom Incident, AP 'Forgets' Critical Story Element in Company's Defense
"Gosh, if I didn't know better, I'd think that the AP was keeping information from its national readers and subscribers in an attempt to make a favorite target of the left look bad.
Those hallowed keepers of the journalistic flame at the self-described 'Essential Global News Network' wouldn't do that ... would they?"
"Gosh, if I didn't know better, I'd think that the AP was keeping information from its national readers and subscribers in an attempt to make a favorite target of the left look bad.
Those hallowed keepers of the journalistic flame at the self-described 'Essential Global News Network' wouldn't do that ... would they?"
WWII: The most racist generation
WWII: The most racist generation
"Was the 'Greatest Generation' just a bunch of racists? Actor and producer Tom Hanks, promoting his new World War II series 'The Pacific,' suggested that the war with Japan was really all about American intolerance; and by the way, so is the war on terrorism."
"Was the 'Greatest Generation' just a bunch of racists? Actor and producer Tom Hanks, promoting his new World War II series 'The Pacific,' suggested that the war with Japan was really all about American intolerance; and by the way, so is the war on terrorism."
Migrants get colleges' nod
Migrants get colleges' nod
"The State Community College Board cast a final vote Friday to admit illegal immigrants at the 58 community college campuses.
Illegal immigrants will have to pay out-of-state tuition, about $7,700 a year, and they can be removed from a class if it is full and a legal resident wants in."
"The State Community College Board cast a final vote Friday to admit illegal immigrants at the 58 community college campuses.
Illegal immigrants will have to pay out-of-state tuition, about $7,700 a year, and they can be removed from a class if it is full and a legal resident wants in."
State-Owned Banks: The Future of Banking?
State-Owned Banks: The Future of Banking? - ABC News
"Stories like Wanner's are sparking interest from state officials outside of North Dakota, who see the 91-year-old Bank of North Dakota as a model of what they could do to revive troubled business lending in their own home states.
Most recently, in Michigan, Democrats in the state senate and Michigan gubernatorial candidate Virg Bernero began pushing to establish a state-owned bank similar to North Dakota's."
More demands for government ownership of private enterprise.
USSR anyone.........?
"Stories like Wanner's are sparking interest from state officials outside of North Dakota, who see the 91-year-old Bank of North Dakota as a model of what they could do to revive troubled business lending in their own home states.
Most recently, in Michigan, Democrats in the state senate and Michigan gubernatorial candidate Virg Bernero began pushing to establish a state-owned bank similar to North Dakota's."
More demands for government ownership of private enterprise.
USSR anyone.........?
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