6 thoughts on “You Down With OPM? Yeah, You Know Them…

  1. Yup! Social Security isn’t far behind. In 2009, there were 16.7 people paying in for every 1 getting benefits. Today, that number is down to 2.4:1.

    And the liar in chief wants to allow unchecked illegal immigration. Gotta love Democrap economics.

  2. Did they never hire an actuary to project future expenses and then build up a reserve? Or did they just wing it and hope things work out okay? Did union/pension managers have cushy partronage jobs vs hiring professionals? Did we not learn anything from Bethlehem Steel (10,000 active employees supporting 75,000 retirees….which led to 0 employees not supporting 85,000 retirees). Their example in the story…he worked only 32 years to get a full pension? So if he retires at age 54, and lives to be 86, he will be on Teamsters pension as long as he was working said job.

  3. boss…as you know, the Democrats discovered many years ago that they can win elections by telling the lie that “Republicans want to eliminate social security”. Well, we need to do something to save social security, but any time a Republican makes a proposal to save it, the Democrats tell that lie.
    And stupid Republicans never come back and say “what is your plan to save it”.

  4. Chuck, pension regulations are a pretty funny thing. The Democrats have been gaming them for a long, long time.

    When the Obama Recession hit (if Reagan owned his recession, Obama owns his now), the Democrats cut the reserves required (one of my pensions went from 90% funded to 120% funded because of the change) as well as setting the fund rate-of-return to be at unrealistic levels. Pension managers have to use the numbers provided the Pension Benefit Guaranty Corp (a government agency, natch), so they don’t always have a choice to put more realistic numbers in there. That leads to nasty “surprises” like this one, even if the pension managers would rather it not. Note that in the video the PBGC has the final say on whether the cuts go into place since they’re on the hook for some fraction of the pension if the fund goes under. The members do get a vote on it, but if it doesn’t go the PBGC’s way the PBGC wins.

  5. Chuck, I saw on TV, the Democrats explained why they didn’t need a plan to save Social Security. They cut to some bureaucrat in a vault standing next to a pallet full of papers – every one an IOU from the General Fund to the Social Security fund issued because the General Fund had a deficit. See, when Social Security runs out of income, they’ll just call those IOUs from the General Fund and there will be plenty of money to pay retirees.

    Reminded me of the scene at the end of “Dumb and Dumber.”

    Lloyd Christmas: Listen, Mr. Samsonite, about the briefcase, my friend Harry and I have every intention of fully reimbursing you.
    Nicholas Andre: Open it up. Open it up!
    Lloyd Christmas: [Motioning to Mary] Go ahead, open it up. Do what he says. Hurry.
    Nicholas Andre: What is this? What is this? Where’s all the money?
    Lloyd Christmas: That’s as good as money, sir. Those are I.O.U.’s. Go ahead and add it up, every cent’s accounted for. Look, see this? That’s a car. 275 thou. Might wanna hang onto that one.

    It’s every bit as likely Social Security’s IOUs from the General Fund will be paid, as Lloyd and Harry paying back the million dollar ransom.

  6. There is one thing about Canada that the economically illiterate libidiots conveniently neglect when touting how great their social programs are compared to ours. Their equivalent of our failed, bankrupt SS system has a large surplus.

    Remember when the GOP advocated for private management of SS and the Democraps all went apoplectic and guffawed about how stupid the Repubs were for even suggesting it? What stupidity, they spewed; allowing a non-government entity to manage such a critical thing.

    Well, that is precisely what Canada did! Although the contracted fund management team has to provide reports to the government finance committee, they are pretty much free to invest how they see fit. The results have been nothing less than excellent. All without raising the contributions from the citizens.

    Yup! That is one Canadian program that I would endorse!

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