Unions and the Wisconsin Governor

[Gaspar]

It's the same math that lets them paint Social Security as insolvent.

Hint: any future ongoing liability will look big as a lump sum..like your mortgage, only you don't get it paid off after 30 years.

So. . . .Social Security is just fine?

[nathanm]

So. . . .Social Security is just fine?

Yeah. Don't confuse it with Medicare, which is effed thanks to Part D. If we could fix that, our budget picture would look much better without touching anything else.

[Gaspar]

Yeah. Don't confuse it with Medicare, which is effed thanks to Part D. If we could fix that, our budget picture would look much better without touching anything else.

So, paying out more than you pay in is fine?

[we vs us]

So, paying out more than you pay in is fine?

No, but if all you have to do is make a modest increase of what you pay in to equal what you pay out, then the problem really isn't really a problem. 

It's easy, really:  increase the retirement age to 67 by the time I retire, say (which will be in 2040), and tax all income, not just up to the first $100k.  That would about cover it.


Oh, and general amnesty for all undocumented workers . . . get them to start paying payroll taxes and contributing to my retirement

[Conan71]

This dialogue is all fine and good but still doesn't erase the fact teacher's pensions are completely funded by public moneys whether you want to call it "rates", "fees", "taxes", or "quid" it makes no difference, it's simply parsing.

I DO realize you have to offer good incentives to get people to take what can be a thankless job.  I admit being envious I have to pay into my retirement out of personal funds unless I care to gamble on SS being available when I retire.  I don't begrudge teachers for wanting to make more money and have a secure retirement.  However, they have got to realize it's not the worst occupation in the world and not the worst paying for hours worked and benefits received.  They also need to recognize the reality if there are limited funds to work with, they will need to make sacrifices like the rest of us have had to in these tough and uncertain economic times.

[Conan71]

Oh, and general amnesty for all undocumented workers . . . get them to start paying payroll taxes and contributing to my retirement

Payroll taxes are already collected on the ones who earn a check and aren't paid under the table.  It's income tax they avoid by claiming 9 exemptions and not filing returns.

[Gaspar]

. . . and tax all income, not just up to the first $100k.  That would about cover it.

So, if they tax all income, should the payout when I retire be based on the total pay in?

Say I make $300K a year, should I receive a distribution equal to my pay in?

[Conan71]

So, if they tax all income, should the payout when I retire be based on the total pay in?

Say I make $300K a year, should I receive a distribution equal to my pay in?

Of course not.  That's not the idea.  The idea is to redistribute your wealth and productivity in the name of fairness, silly.

[Red Arrow]

Of course not.  That's not the idea.  The idea is to redistribute your wealth and productivity in the name of fairness, silly.

You beat me to the response.

[Conan71]

You beat me to the response.

Besides, it will probably become illegal to earn that much at some point 

[Red Arrow]

Besides, it will probably become illegal to earn that much at some point 

Yep.  Just as soon as we tax everything above $250K at 100%.  No one needs that much money.

[guido911]

Besides, it will probably become illegal to earn that much at some point 

You are probably right. Remember this gem from Obama a while back:

http://www.realclearpolitics.com/video/2010/04/28/obama_to_wall_street_i_do_think_at_a_certain_point_youve_made_enough_money.html

[Conan71]

You are probably right. Remember this gem from Obama a while back:

http://www.realclearpolitics.com/video/2010/04/28/obama_to_wall_street_i_do_think_at_a_certain_point_youve_made_enough_money.html

The arrogance just made me throw up in my mouth a little...

[Gaspar]

Of course not.  That's not the idea.  The idea is to redistribute your wealth and productivity in the name of fairness, silly.

What a brilliant scheme!  

The government takes money to "safe keep" for your future, but only gives back what you or your direct relatives survive to see.  Meanwhile they spend that money on monkey cigarettes, cow farts, and ethanol. Knowing full well that they will reach a point where they will have to pay back what they have taken.  The whole time, they continue to kick the can down the road by reducing eligibility (to your money) and increasing liability (yours not theirs) and hoping that you and your spouse kick the bucket before margin-call.  

They really Madoff like a bandit with this one!  

[guido911]

 Meanwhile they spend that money on monkey cigarettes, cow farts, and ethanol.

Don't forget the Cowboy Poetry Festival in Nevada!!!