June 26, 2008
Pension Losses Mean Higher Taxes in the Future
Despite a forecast earlier this year that City pension funds would break even this year, it now appears that the funds will post large losses for the year. Three quarters of the way through the current fiscal year, city funds have lost almost $5 billion. Taxpayers are the ones who likely be called upon to make the funds whole and meet worker benefit commitments. Of the billions that will have to be repaid, the first installment will be $190 million in 2010.
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A good reason to work for the city.
When the market crashes, they can just raise taxes on the rest of us to pay your benefits.
For everyone in the private sector, when the market crashes your 401k crashes along with it.
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A good reason to move out of the city.
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The ideal gift for any retiree? An aluminum can crusher.
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When the economic collapse comes, just move out of the city.
People will riot and cause a ruckus, but the police have been trained for this for quite sometime.
Hence in the end we will have Martial Law.
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Let's hear the Republican bray about privatising Social Security now.
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G.O.D.
Everyone's Good Old Days
If you must know the truth
Earned their lovely bouquets
During everyone's youth.