Last week’s meeting was extraordinarily candid. And it provided a brief, reality-based peek behind the financial charade taking place not only in Oregon’s pension system, but also in systems across the country.
I’m sure they’ll find the money somewhere.
They voted for it they can suffer through it…they will be fine.I have been seeing a few videos on youtube posted by all kinds of people that sept 27 2016 is supposed to be some sort of collapse of the american dollar or the economy or something its weird becasue its such a specific date.
I dont beleive it but hmmm you never know i guess.
I see Oregone has been fully Californicated … par-tay is OVER all you dope-smoking Oregon LOONS ! You “escaped” the rat-race of California … only to create a whole new mess. Brilliant.
How timely. I just hit the ‘send’ button on a letter to our local paper regarding this very issue. A local lefty had written about her version of a ‘pension crisis’ and I responded.
In her letter she claims “we will have seniors living under bridges and eating out of garbage cans… unless “everyone has a defined benefit pension” or that we rely on the “greater financial clout and expertise” of government to “provide a guaranteed option for Canadians without a workplace pension”.
Here’s my pubic response to her:
Dear Editor
While Ms. Fox and I agree there is a ‘pension crisis’ in Canada, our perspective could hardly be more different.
While she sees Canadians as being incapable of planning and saving for their future, I see unfunded pension liabilities that burden and threaten our ability to save. Former Prime Minister Harper recognized that people begin contributing later than in the past while living on pension earnings for a much longer time, necessitating a slight increase in year of eligibility for a future generation. Prime Minister Trudeau rolled back that legislation while mandating an increase in contribution levels by both employee and employer.
More than 3.6 million government employees (StatsCan 2011) enjoy the prospect of a fully indexed, defined benefit pension plan. Provincially, Ontario alone has over 1 million public employees. Every additional dollar contributed by them will be matched with a dollar from their employer, the Canadian taxpayer.
Millions of prudent, careful savers, many of whom have no pension plan, will be taxed to improve the latter years of those with generous, guaranteed defined benefit pensions. Unfunded public pension liabilities are estimated to exceed $300 billion or more than $9,000 for every Canadian man, woman and child. Ms. Fox ludicrously claims that we are all ‘subsidized’ due to unpaid tax on our personal savings being “owed to society”.
Has she conveniently forgotten that those savings are taxed as they are withdrawn? Left to such minds, Canada would eventually resemble Venezuela.
“It’s a little bit like a Ponzi scheme,” the chair of the Oregon Investment Council says.
Take out “a little bit like” and you’ll be much closer to the truth.
Nothing good can ever come out of a scheme coercively imposed.
my savings were the result of me making good decisions. I was taxed at over 50% of my income and the money saved was money that was already taxed. the government with their inflationary policies has reduced the value of my investments and are now taxing it as new income. there is no incentive for any intelligent person to invest. if you can hide some wealth you will be able to spend it at whatever value the government has created for your dollar.