Comments
Transcript
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KTTo AUSTRALIAN Real Vision viewers: who can recommend an Australian Super Fund that I can research? Just the name as a lead is fine, but if you can say why you think they are good that would be helpful. I'm in the UK and I'd like to be able to help my brother in Australia who is ignoring this issue. Thank you. 🙏
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BSok - so all this info says the system is failing - so what are the options? This becomes a financial planning exercise at some point at the the individual level and a political one at another. The latter frankly is like pushing on a string.
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TEWhat will happen is all those states with under-funded pensions will vote for Federal bailouts. Since they out-number the states that have acted responsibly the legislation will most likely pass. Once again, the government rewards bad behavior while punishing good behavior. This is evident in many welfare programs as well. The government hardly ever solves any problems. It just creates new problems or shifts the problem to someone else.
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NII worked for State government for many years and I went back to the private sector because I didn't want to be defrauded when the State inevitably reneged on the pension (which was grossly underfunded). That was the deal. Accept a poverty level paycheck (I tripled my salary going back to the private sector and there were literally people who qualified for food stamps working in my agency because the pay was so low) in exchange for a pension and a modicum of job security, but the crooks in the legislature had no intension of honoring their end of that contract. There is a name for that. It's called fraud. In that regard, I see this problem as far bigger than pensions themselves. It's calls into question the very nature of whether or not an employment contract means anything in the US. Apparently the answer is no. We can argue about whether government is too big, how much civil service should pay, what things need to be cut, etc., but everyone should be able to agree that it's not ok to intensionally enter into fraudulent employment contracts.
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NRPublic sector unions: worst fiscal idea to come along in the past century...
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BSThere are ways - but the political will isn't there.
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BSNot accurate about corporations - they fund to the "minimum"...which with a little manipulation of assumptions drives the required funding to ZERO - the airlines did this for 30 yrs, went into BK and eventually terminated them.
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NRDemographics and longevity. Bring back smoking! Pushing up the age to receive benefits, means tested benefit amounts, and, frankly, fire government employees.
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DSA wise man with a firm and practical grip on the extent of the underfunding problem and pension plans in the broad. "Intergenerational unfairness" is dyed in the wool here and in so many other areas of the financial markets e.g housing.
Chapters
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WHAT DID THE COMMISSION FIND?
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THE POLITICIAN-PENSION DURATION MISMATCH
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THE ROLE OF HEALTH BENEFITS IN NEW JERSEY
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WAS HEALTH CARE SPENDING THE ONLY BAD APPLE?
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WOULD HEALTH CARE REFORM ALONE FIX NEW JERSEY'S PENSION?
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POLITICAL GRIDLOCK AND STAGNATION
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DID UNION LEADERS UNDERSTAND THE SCALE OF THE PROBLEM?
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WERE POLITICIANS UNABLE TO RAISE TAXES?
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HOW MUCH WORSE HAS IT GOTTEN?
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WHAT WILL HAPPEN IN THE END?
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NEW JERSEY CAN'T BE THE ONLY STATE WITH THESE ISSUES?
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WHY CAN'T NEW JERSEY DO WHAT STATES LIKE WISCONSIN HAVE DONE?
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CAN INVESTMENT MANAGERS MAKE UP THE GROUND?
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IS THE DOWNSIDE RISK WORTH THE REWARD?
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IS "BANKRUPTCY" THE LIKELY OUTCOME FOR NEW JERSEY AND OTHER PUBLIC PENSIONS?
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COULD THESE "BANKRUPTCIES" CREATE ISSUES FOR STATES IN THE MUNI BOND MARKET?