Public employees in Stockton, California are upset that the city's bankruptcy
filing will affect their careers, their health benefits, and their pension benefits. One
retired lady in particular was angry that her promised health benefits would be
cut or eliminated, and she was furious with the mayor and the city council.
I understand her anger and the tragic position she finds herself in...but the
current city officials are not the cause of her problems.
First, her problem was caused by incompetent or corrupt politicians, long gone,
who promised her pensions and health benefits beyond the funds they could
provide for them. Then, they "guaranteed" her pension benefits "at little or no
cost to the taxpayers" because they were only providing backup for benefits
that would be paid for out of pension fund earnings.
They knew they would be long gone before the bill came due, and some other
poor sap would be stuck with it...and she probably voted them in office again
and again because they "cared for her".
Secondly, her problem was caused by the pension fund managers, who, year
after year, continued to project fund earnings far in excess of actual likely
earnings. This made their budget look good, and, if they didn't reach the
earnings, the taxpayers would have to put up the money to guarantee the
benefits to their members. No sweat.
And thirdly, the problem was caused by the public service union that represented
her, using her dues to bankroll the election campaigns of politicians who would
reward the union with sweet-heart deals. Those deals made the union look
good to her, at least until the money ran out and taxpayers got tired of being
taxed to pay for better benefits than they, themselves, received.
But, she was probably pretty happy to take those benefits and to vote for
the candidates that her union told her would give her more. In short, she was
lied to and used by politicians and unions in their search for power and
influence, and now she should realize she's been suckered.
OK, young Americans, what's the lesson in all this for you? What do you
care about her problems?
Well, what do you think the "Affordable Health Care Act" is all about? It's
going to let you stay on your parents health insurance for a few more years?
Wow!! It promises everybody something yet, somehow, costs taxpayers
less?
What it really does is put you on the hook to pay for yours, and everyone
else's, health insurance as well...as well as give politicians the right to decide
what you will pay and what coverage you need.
Regardless of what Nancy Pelosi, Harry Reid, and President Obama say, there
is no free lunch...and, if you're dumb enough to believe there is, you're
going to be stuck paying the bill
And, when Republicans and Democrats alike say they're lowering the "payroll
tax" to put more cash in your pocket, what they are NOT saying is that the
money is coming from your social security account, or, they are borrowing
the money to replace it in your social security account and are increasing the
national debt that you will have to pay, sooner or later.
One way or another, it affects you. Go into this next election with open eyes.
Be aware of the consequences of your choice, when you vote your
conscience. Don't think you're getting something for nothing, and end up
being tuckered and suckered all the way down the line.
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