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'Cries Of Betrayal' As Detroit Plans To CUT Pensions

'Cries Of Betrayal' As Detroit Plans To CUT Pensions

By STEVEN YACCINO and MICHAEL COOPER
Published: July 21, 2013

DETROIT — Gloria Killebrew, 73, worked for the City of Detroit for 22 years and now spends her days caring for her husband, J. D., who has had three heart attacks and multiple kidney operations, the last of which left him needing dialysis three times a week at the Henry Ford Medical Center in Dearborn, Mich.

Now there is a new worry: Detroit wants to cut the pensions it pays retirees like Ms. Killebrew, who now receives about $1,900 a month.

Read more: http://www.nytimes.com/2013/07/22/us/cries-of-betrayal-as-de...

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SteveMT's picture

All governments lie. They make promises that they cannot keep.

There are no sacred cows when it come to government lies except the unspoken one: Wars will never end.

When politicians use any form of the word "betray," watch-out!

http://youtu.be/WxGC8JaijI0

Hmm

Gore sounded like a Ron Paul supporter there. He also recently condemned the NSA spying referring to Benjamin Franklin's sacrifice liberty for security warning.

What would have happened if Gore became president? Probably the same thing. Obama talked a good game about civil liberties too.

Obama never intended to keep

Obama never intended to keep any of his promises. He was told what to say by the bankers and that's what he said.

Comment from the article:

My concern is that NYC is going to have the same problem. My neighbors are a retired NYPD couple in their mid-40's. On their CoOp application, they claimed to receive over 200g in a yearly pension payments from the NYPD plus 24g in a yearly Christmas bonus from the NYPD. The wife is now a part time teacher. They claimed a total income of 340g a year -- all coming from the City of New York. When we verified what we thought was a falsified application, we found it to be true. How can New York City afford to pay over 350g a year to a retired cop and a part time teacher in their mid 40's? They also claim to get free healthcare for life. If this couple lives into their 80's, that is a 16 million dollar retirement payout. Sounds crazy?? Look at the NYPD site. A 26 year old cop makes a minimum of 90g salary plus overtime with a guaranteed 2.2 million in benefits at 48 years old. How can any City afford this?

"When the power of love overcomes the love of power, the world will know Peace." - Jimi Hendrix

Chicago

I hope Chicago is next after Detroit. Maybe I can finally convince the wifey to get the f*ck out of here once she realizes her teacher pension was just an illusion!

Be careful what you wish for

On the eve of Detroit filing the largest municipal bankruptcy in American history, Rahm Emanuel’s Chicago had its bond rating downgraded by Moody’s Investor Services.

http://www.breitbart.com/Big-Government/2013/07/19/New-Detro...

There was a great study done

There was a great study done in 2009 about pensions in the United States. Pensions, both private and public, tend to be a just part of compensation. Government and companies use pensions to defer payment. By offering their employees pensions, they can limit costs at the moment; the problem is, when the deferred costs hit them later, they often do not honor them, or, try and cut them.

They used an example of a factory worker working for a company with and without a pension. Over the course of a full career, the person without the pension would make about 80%, benefits and all, of what the person without the pension would make. Adding in the full pension benefit, he would make about 110%. Factoring in the cost of not having the pension right away (after all, it is deffered money), it is about 95%, right in line with what the non-pensioned worker was making. When you look at government pensions, it is largely the same. We can especially see this looking at public vs. private teachers.

So yes, I do have sympathy for these workers who are having their pensions cut. After all, they were given those pensions in exchange for lowered salary. It is unfair to take it away from them now. But that is the trick government pulls on its workers; it steals from them in the present promising future payments, and then simply defaults on the future payments.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a

This is the problem with

This is the problem with socialism, eventually you run out of other people's money.

We all share this eternally evolving present moment- The past and future only exist as inconsequential mental fabrications.

You never hear about the root

You never hear about the root cause of the US economic collapse. NAFTA thanks to Clinton, CAFTA, GATT/WTO, Federal Reserve induced inflation, 40,000+ laws written by congress, undeclared wars started by presidents, and a malfunctioning Judiciary system.

Irrationality,

dishonesty and lazyiness is the real cause.

The creation, production and fair exchange of values is the business of evolving consciousness, love and life.--Craig Johnson

The collapse of this government pyramid scheme

is but a small preview of coming attractions.

Sounds cruel

but I don't feel sorry for them. They spent an entire career sucking on the tit of stolen money, probably didn't save or invest well and now at the end of their life expect those who are paying for them to continue with the sham. This is what they are giving their kids and grandkids, It's good they get a taste of what they caused while they are still alive

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

I think that's

harsh.

Average people don't understand how the system is set up as well as people here do. Also, I doubt many Americans have much saved. The entire financial system is biased AGAINST saving (your wealth shrinks due to inflation).

You're not supposed to need to know how to invest your money in order to save it.

I agree, it is harsh

But listen to what you said, "Average people don't understand how the system is set up as well as people here do" Why is that my fault?

I took the time to study, read books, attended conferences, lived frugally, never bought a new car, never kept up with the jones', saved, then studied some more about how to increase that savings, which during my entire adult life there has been an attack on savers, and I am still ahead of 99% of the people.

Now MOST people did the opposite. They bought big TV's, spent hours and hours and hours each week watching it, bought new cars, big houses, new furniture, gambled in the stock market, etc., and I'm supposed to feel sorry for them because they're crying at the end of their life?

I don't know who coined it originally but it's been said "with freedom comes responsibility". And if you are not responsible, why should you be more free than me? Why should my stolen money reward you and your lazy lifestyle?

Yes, inflation is the opposite of compound interest, so don't you think you should work on stopping them from stealing more from you?

Here's another one, health insurance. I don't have any. Never have. Last year I could've died when a blood clot broke free in my leg and fortunately went to my lung. Instead of paying tens of thousands of dollars a year for protection, I simply negotiate with the hospitals. Even the Mayo Clinic, where I went, negotiated with me. And when they didn't I went to an outside company for my scans and such.

I read somewhere that you could confiscate everyones wealth and within a year those that had money will have it again. Those that don't will still be poor crying about their situation. I believe that. It's the American way to pull yourself up by your bootstraps and make something of yourself. And if you don't want to, don't come stealing it from me!

Don't want to be poor at the end of your life, don't be average during your life. Harsh, I know!!!

And I know there are also situations that are beyond peoples control, like accidents, illness, etc.. If the past few generations were not so lazy about their responsibilities, there'd be more wealthy people to help them.

I remember as a kid growing up on a farm and a farmer would get sick or injured, the neighbors would chip in and help them. We used to do a lot of that in America. But since we've allowed government to take control of all aspects of our life, people first look to gubermint to help them. It's generational now and the only thing, IMHO, that will turn this around will be a complete reset. And even that will take a couple generations to fix because people are sloooow to change. Change is coming. It's not going to be pretty. I just hope (and mostly pray nowadays) we'll come out the other end of this mess doing the right thing. I'm not optimistic to tell you the truth because most people, even a lot of people here on the DP, believe government can be a force for good!

If you think I'm harsh, wait till you see what's coming!!!

I posted this a while back and nobody commented, worth another look...
http://www.dailypaul.com/288920/why-is-america-so-crazy

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

I agree with

everything you're saying. I don't know, it's just that I blame the bankers more than average Americans. Our country started off on the right financial track (gold standard with low/no taxes). It just got hijacked.

It sure did

and we only have ourselves to blame for letting it happen. Fortunately, people are waking up, but not fast enough!

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown