Austerity

So with regards to what you see happening on a regular basis in Portugal, Ireland, Greece and Spain along with other countries like France and even England when “entitlements” are reduced or cut do you think theres a chance of anything like that happening here?

I think it would be nice to keep track of all the protest and uproar along with cuts both here and in Europe. Heres 3 things I saw today without even looking:

Alabama town that stopped paying its pension:
http://www.nytimes.com/2010/12/23/business/23prichard.html?_r=2&emc=eta1 (http://www.nytimes.com/2010/12/23/business/23prichard.html?_r=2&emc=eta1)

16 US cities head for bankruptcy
http://finance.yahoo.com/tech-ticker/16-u.s.-cities-that-could-face-bankruptcy-in-2011-535744.html (http://finance.yahoo.com/tech-ticker/16-u.s.-cities-that-could-face-bankruptcy-in-2011-535744.html)

Maerriam – Websters Word of the year, “austerity”:
http://news.yahoo.com/s/ac/20101222/bs_ac/7451854_austerity_is_merriamwebsters_word_of_the_y ear_for2010 (http://news.yahoo.com/s/ac/20101222/bs_ac/7451854_austerity_is_merriamwebsters_word_of_the_y ear_for2010)

I think Social Security is a big area where benefits will be adjusted one of these days. When it was put into place they made the retirement age 65, people didn't live much longer than that. Now the retirement age is still 65 but a lot of people are living into their 80s. Obviously that's a drain on the system.

With baby boomers retiring the funds will be drawn down and will run out of cash somewhere between 2030 - 2040. They have no choice, they will have to push back the retirement age or cut benefits.

Of course they could modify the investments in the program's portfolio, that would solve a good portion of the problem.

I think Social Security is a big area where benefits will be adjusted one of these days. When it was put into place they made the retirement age 65, people didn't live much longer than that. Now the retirement age is still 65 but a lot of people are living into their 80s. Obviously that's a drain on the system.

With baby boomers retiring the funds will be drawn down and will run out of cash somewhere between 2030 - 2040. They have no choice, they will have to push back the retirement age or cut benefits.

Of course they could modify the investments in the program's portfolio, that would solve a good portion of the problem.


What investments? Thats the problem they have spent all the SS money on other stuff. Once again its not a money problem its a spending problem.

When you see what they riot over in France and other countries it makes you want to laugh. Funny thing is while they have realized that they cannot afford these programs any longer we are moving closer toward them.

It seems that people can't help but behave that as if the supply of tax money as "infinite" when it is certainly not. They are totally oblivious to the fact that governments eventually have to break even.

It seems that people can't help but behave that as if the supply of tax money as "infinite" when it is certainly not. They are totally oblivious to the fact that governments eventually have to break even.

I think there are 2 camps. Those that are completely oblivious to the fact that the government doesnt have a infinite supply of money to provide services. I can understand that, its sad and unfortunately not everyone can grasp that.

Then there is the bigger issue in my mind.... Those that think its okay to raise money from larger earners when a windfall is needed. From a values standpoint thats just morally wrong in my eyes.

Wisconsin's Anti-Union Bill in Limbo as GOP Sends State Troopers After Missing Democrats - FoxNews.com (http://www.foxnews.com/politics/2011/02/18/republicans-challenging-unions-state-capitols/)


My moms a teacher, and i feel for these people but i think you have to blame the unions. Politicans will promise anything to get elected, and unions have a lot of power to elect people. Now people are getting screwed over. I think its going to happen on a much larger scale in time, but i guess you have to look at it in that some of these benefits should have NEVER been made in the fist place.

Sums it up for me:

“I've said all along the thousands of people who are storming the capitol have every right to be heard, but I'm not going to let them overshadow the voices of the millions of taxpayers in the state of Wisconsin who deserve to be heard, as well.”

People are trying to compare this to Egypt, but it is more akin to the Greek labor unrest where unions have had so much sway for so long, and when the piper comes a callin' ain't not too many people happy.

Wisconsin's Anti-Union Bill in Limbo as GOP Sends State Troopers After Missing Democrats - FoxNews.com (http://www.foxnews.com/politics/2011/02/18/republicans-challenging-unions-state-capitols/)


My moms a teacher, and i feel for these people but i think you have to blame the unions. Politicians will promise anything to get elected, and unions have a lot of power to elect people. Now people are getting screwed over. I think its going to happen on a much larger scale in time, but i guess you have to look at it in that some of these benefits should have NEVER been made in the fist place.

Sums it up for me:

“I've said all along the thousands of people who are storming the capitol have every right to be heard, but I'm not going to let them overshadow the voices of the millions of taxpayers in the state of Wisconsin who deserve to be heard, as well.”

Screwed. Right now they are asking for them to chip in 5.8 (something like that) toward THEIR retirement and then something toward their health ins. The collective bargaining is about their benefits and not their salary if I read this correctly. So right now its not that big of a hit on them. They have no clue about the real world and what people have to face in the private sector. Sense I have had my agency I have lost my health care, pension, and any other benefit as an employee and now get paid by 1099. I'm not complaining just pointing out these people just don't have a clue and allot of them are not even from WI. Then you have the kids who's teacher brought them to protest and they don't even know what they are protesting. Those teachers should be fired. My mother quit the teachers union years ago because she realized its not about the kids anymore with the unions.

Unions are ridiculous entities in most cases. Most union leadership doesn't understand a lick about finances.

How can you argue for more benefits when doing so would bankrupt the entity that pays you? Ridiculous.

Wisconsin's Anti-Union Bill in Limbo as GOP Sends State Troopers After Missing Democrats - FoxNews.com (http://www.foxnews.com/politics/2011/02/18/republicans-challenging-unions-state-capitols/)


My moms a teacher, and i feel for these people but i think you have to blame the unions. Politicans will promise anything to get elected, and unions have a lot of power to elect people. Now people are getting screwed over. I think its going to happen on a much larger scale in time, but i guess you have to look at it in that some of these benefits should have NEVER been made in the fist place.

Sums it up for me:

“I've said all along the thousands of people who are storming the capitol have every right to be heard, but I'm not going to let them overshadow the voices of the millions of taxpayers in the state of Wisconsin who deserve to be heard, as well.”
explain this to me. its easy to criticize the unions, for the contracts are black and white, very simple for any moron to read. have any idea how these contracts became the rule. there was, is, and always will be 2 parties sitting at the table NEGOIATING what the pay, and benefits will be. mimpetert, any idea who was sitting across from the union heads at these tables. maybe that's where you need to look for blame. if someone offers you 100.00 an hour, will you take it? your damn right you will. get off the common folk and lay the blame where it should be