5 thoughts on “I Say Start the War: No Recovery Until Public Sector Pensions Are Slashed!

  1. Maybe the government needs to take control of the money supply first, and stop the private federal reserve from making money out of thin air, then maybe a lot of other
    problems may become more manageable. Then they can get to work on pensions, health care, taxes, environment, etc.

  2. Mr. Hempman, unfortunately, it is precisely because the gov’t(s) already have gained control of money that we have fairy tale promises by politicians to their favored union members, promises of ideal pensions that other working people are supposed to pay for.
    Such promises are un-Constitutional (a USA concept), or “unfunded mandates.”
    These require non-voluntary labor from less favored individuals.
    The U.S. Federal Reserve, like all other central banks, is the most political of institutions. Basically, central bankers agree to inflate their respective currencies, to help their political authorities borrow on insufficient collateral.
    All manner of arcane accounting fiddles are brought into play to enable this process.
    One needs, of course, paper-only currency, fractional (“fictional”) reserve banking, and lots of public ignorance, as a starting point.
    So, actually, private individuals taking back control of currencies would be a step toward sane spending levels, for our respective societies.
    And the simplest 1st step toward that might be just to prohibit “off-books” accounting, of any kind whatever.
    What else should transparency really mean, anyway?
    You’ve heard the phrase: “Follow the money…”

  3. Mike

    Imagine living here in Ireland. Public sector “workers” like teachers, nurses, police, council workers and POLITICIANS get a guaranteed tax free lump sum on retirement of 150% of FINAL salary and then a GUARANTEED 50% of their final salary for the rest of their life which is linked to the salary of the person who carries on that job in the future. By this I mean that a teacher who retires will see his pension increase by the same percentage that a teacher currently “working” gets a pay increase. Due to the huge increases in pay that public sector workers in Ireland have seen in the last ten years it has now led to the widesppread situation where retirees earn more money in retirement than they did when they worked for absolutley no extra productivity.

    Add to this the fact that until our last budget that public sectors workers only only paid approximately 6% towards these gold plated pensions. Since the last budget they have to pay more but it still no way near what they should be paying for GUARANTEED pensions. Add to this again that these people have GUARANTEED JOBS FOR LIFE, unbelievable work conditions and every benefit in the world and you can see how apartheid is alive and well in employment conditions between public and private sector workers in Ireland.

    All we hear everyday on our radio and television stations are public sector workers and Unions on strike or refusing to work due to these pay cuts and extra pension contributions. WHAT PLANET DO THESE PEOPLE LIVE ON? Politicians are afraid to take these people on because we all know that it is the public sector union leaders who run this country and senior people in the goverment and senior civil servants benefit from these arrangements.

    Apartheid is alive and well in Ireland.

  4. Maybe the economy recovers and this becomes a non-issue again (which would be sad) … but if there is no immediate recovery … these pensions are ground zero.

  5. YRCW is the largest transportation company in the country based on sales. However, the stock tanked this year largely due to pension costs.

    Because of the labor union, YRCW is paying the pensions of workers . . . who NEVER worked for them. How are they supposed to sustain that?

    The stock used to trade over $30 not too long ago. It’s at .17 today.

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