Public Pension Ponzi Scheme; New York cities borrow from pension plan to make contributions. Borrowing from Peter to pay Peter… and yet, people say “you can trust the gubbermint to make good decisions” with a straight face.
- Bonfire of the Absurdities in News New Format
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Any public employee retiring with $50,000 a year or more has several million dollars in wealth and is securely one of the 5%.
Wait a minute. Did I read that right? The pension fund is loaning money to the cities, so they can pay their contributions into,....the pension fund? No, that can't be right. I'll go read it again. I had to have missed something there. NOBODY'S THAT stupid, are they?
well, that's how I read it. So I thought I wasn't reading it right and gave up trying to understand it.
More stupidy from the progressives. Just remember what you were taught by the teachers union 1+1=potato
And I read it the same way as well
pretty soon we will have cities declaring bankruptcy. ordinary people will not allow this crap for too much longer.
it would be better if the idiot republicans stopped acting as if they were the Three Stooges...and hitting each other in the head and poking the other in the eyes....and started screaming about this runaway freight train....
Looks like the snake is eating it's tail. Looks like it's a race between Sillyfornia and Dumb York to see who goes under first.
and with the new solyndra going kaput once again the government has proven that it is not a good steward of people's money. I am not an anarchist but I do believe that government is out of control and it needs to shrink considerably.
The assumption behind this 'thinking',( if such reasoning actually constitutes thinking) is that when crunch time comes the Federal government, aka you and me, will bail them out. The reality the Federal government is also broke has not penetrated their Progressive mega-brains yet. They are in for an unpleasant surprise.
Welcome to the world of socialist economics.
A monetary circle jerk if you will, with political pivot men standing in line for their turn.
Don't think of it as a pyramid scheme, look at it as more like multi level marketing.
Well now there's a shocker.