Showing posts with label pension fund losses. Show all posts
Showing posts with label pension fund losses. Show all posts

Tuesday, May 18, 2010

In the News


Locally, the city council is mad that no one told them the city borrowed $11.5 million from the sewer fund last year. The mayor’s response was oops, sorry, shoulda mentioned it but he leaves that stuff up to the financial guys and he didn’t know it was that much either. Well now doesn’t that just fill me with confidence? As it turns out the city has been routinely borrowing from and repaying the sewer fund for years. Even after the U.S. Department of Justice gave a cease and desist order. Ooh is we in trouble now! The city finance director was quoted in today’s paper as saying he knows they’re not happy with it. Ya think? But seriously, what I want to know is why the sewer fund seems to have so much money just sitting in it. Is it a hedge fund in case something huge goes wrong all at once or isn’t the city maintaining things as they should?

There’s a public hearing on the Act 47 proposal Wednesday night and no, I’m not going. Everyone I know is saving up their money to pay their taxes so no one would be able to come bail me out once I got myself arrested for not shutting up.

In other local news, the red-bellied turtles are holding up a bridge replacement. The bridge has already been closed for over three years and will remain closed indefinitely as long as there’s evidence that the turtles are sill in residence. I say evidence because these are very shy and elusive turtles. No one actually sees them, just their nests and eggs. Now I think it’s a good thing to protect the turtles but I bet next time I lose my mind and read the paper there’ll be an article on how much of a cost overrun there is to relocate them.

Statewide, it’s time to start repaying the state and school employee pension fund. They are proposing a 30 percent increase per school district taxes in order to do so. Please refer to yesterday’s blog where I said no. As in hell no! The current teacher’s union president is appalled by the suggestion of switching to a 401k plan for new employees. Well I’m appalled with him for being so narrow-minded at the thought of change. Change that must occur in order for his union members to have anything whatsoever. Make it a matching 401k program if he insists on having employers contribute. But expecting taxpayers to continually and permanently take up the slack and ensure a retirement program is outdated and unrealistic. Did I mention that I have no more to give? Continue the trend of always raising my taxes to pay for everything and anything and I will help lead the revolt.

In good news, yeah, imagine that. There is some. The local natural gas company has proposed a two-part rate decrease. Yes, you read that correctly. A decrease. As always there will be public hearings on the issue. I suppose legally they have to but is it really necessary? I can’t imagine anyone showing up to protest that their bill is going down for a change. Just think. If I don’t lose my house because of the taxes I might actually be able to have a little heat in it next winter.

One final tidbit from world news. Even though he did it somewhat reluctantly, Portugal’s president ratified a law allowing gay marriages. Why? Because he felt it was more important to focus his time and energy on his country’s crippling economic crisis and try to find solutions for the increased unemployment and worsening poverty levels of his people. Mmm hmm.

Oh by the way. When I voted this morning at 7:50 I was number 17. What number were you?

Wednesday, March 24, 2010

Go Away


There was a gathering at a local college yesterday to discuss the future of education. One of the issues covered was the growing problem with the pension fund. As in it’s no longer there at levels needed to cover those retiring because the fund lost a large percentage over the last few years due to economic conditions.

The state, which is so broke it has to suspend payments to its employees from time to time, has decided it’s up to each school district to cover their specific shortage. As I’m sure you can guess they are proposing raising property taxes to do so.

Um, no. Un uh. Forget it. Not doable. Why? Because I simply do not have it. I haven’t figured out how I’m going to pay this year’s taxes yet and now they’re wanting more? I’m tired of being punished because I work and have managed to secure basic shelter for myself. Pick on someone else for a change.

None of the places I’ve worked over the years had a pension fund. It’s up to me to provide for myself should I live long enough to retire though these days that’s becoming doubtful with how often they raise the retirement age. Why should it be any different for teachers? Don’t misunderstand. I respect anyone who has the patience and is willing to do such a thankless job. It’s the system I have a problem with, not the individuals.

No, I don’t have a solution. But this isn’t it. If they keep raising taxes I’m going to eventually loose my home because I’m unable to pay and then they’ll have absolutely nothing. It’s definitely time for them to come up with a different plan. In the meantime would anyone like to buy a mediocre house in Reading? It comes with 10,000 books, four cats and, oh yeah, me.