Pensions Begin Imploding in California - You are Going to Get Killed in Retirement

[weggieish]

How are government workers like payless shoes? They both have millions of loafers.

[Txsray]

Those who created the problem got great pensions and retired.

Now there's not enough money for all the workers and taxpayers who funded it all to retire.

[dynomike1964]

Get a job you fat lazy paranoid pice of shit

[Viccotrip]

My son in law is a city firefighter. He gets around $2800 per month retirement pension (20 yrs) and works full time as a fireman making another approx $2800 per month. His pension is taxpayer funded. On the other hand volunteer firefighters do the exact same job but get NOTHING! I value him but there is a great inequity. And a Congressman can work 4 yrs and get paid full salary for life! What is up with that?

[marc0987654321]

@Viccotrip And a MARXOFASCIST president can RUIN THIS F"N COUNTRY and get BENEFITS FOR LIFE AND ALL SORTS OF EXPENSES TO WRITE OFF. Unless we are going to impeach the bastard, but even then he probably gets totally taken care of. It's like these major corps paying CEOs extravagant money (ok if they do a great job) - but they dont - and often still get to walk way with like hundreds of millions....

[themredweirdoshow]

Point of clarification: the mess with state-related workers and their outsized pension gimmicks is a whole other ball of wax. In fact, lately pundits keep saying that states are just going to declare "political bankrupcy" so they can pay state workers NOTHING. (BTW, the guy in this YT vid seems to be confused between private sector workers and county and state workers, which are all very different.)

[gppceo]

If they had put those pension funds in GOLD AND SILVER they would have made 40% - 100% (or more) on those funds - so I guess they LOST because their pension managers were (ahem) either idiots or criminals - gotta be one or the other

[themredweirdoshow]

All pensions, 401Ks and social security will be cut down and/or cut off? Absolute nonsense. That's OUR OWN money that we paid into it, so it's like a bank account. Nobody can touch our retirement money unless they fake us out of position into agreeing to it. So we DO NOT agree to it. Plus, by the absurd "logic" of pension-cutting, they would thereby discourage anyone from ever working for any business at all, so there goes the whole big "attracting the best people" concept!

[polevaultrockstr]

@themredweirdoshow you really believe that 90% of your paycheck a year goes into a "bank account" to pay you when you retire. So you do your 25 years and retire at 50 years old and live until 85.......where did the extra 10 years come from? You might put in a small amount, but to believe that the money is YOURS is silly. I do agree that what ever had been paid into it should be payed back, but by the time something like that comes around you wont want American dollars unfortunately.

[themredweirdoshow]

@polevaultrockstr Working 25 years and retiring at 50? In what country? Try working from age 15 to 65 - that's 50 years of working. And if they raise it to 70 for retirement, make that 55 working (and paying) years. Then if you're lucky you live to 75 or 80. That's only a lousy 10 to 15 years of retirement, bud. And that gets you a crappy 700 bucks a month as it is. And the crooks even want to steal THAT from us! They all belong in jail, and you know it.

[polevaultrockstr]

@themredweirdoshow dpa(.)ca(.)gov(/)personnel-pol­icies(/)workforce(-)planning(/­)demographics(-)and-labor-stat­istics(.)htm

look smart ass my grandfather put in close to 50 years in the Oceanside fire department, so lets not act like people put in 50 years all the time. Please name someone that worked for the city form 15 to 65 that would be impressive. According to the government the average age of a person starting into the pensions is 34 and 41, not 15. So yes they do pay for 25 -30 years,

[polevaultrockstr]

@themredweirdoshow but not for the 50 you claim. How old were you when you started paying into the pension? 15? Love to see that. If so congrats your a rarity in the state, plus your pension has got to be up in the high 90's of percent if you put in 50 years.

[themredweirdoshow]

@polevaultrockstr YES for the entire 50. No I haven't worked the entire 50 yet, of course, but close to it. And I'm no rarity - back in the day almost everyone started working while still in high school and through their college years. The crooks who want to go gambling with our money can just forget it and stick to robbing their relatives and go play at legal Native American casinos with the rest of the losers. And contrary to their lies, SS is NOT in bad shape, in fact it's doing just fine.

[polevaultrockstr]

@themredweirdoshow almost everyone started working for the government in high school? Think about what you just said. We are discussing people who work for the state, for which I provide a government page stating that the youngest average age of an entering pensioner is 26 for the CHP and they average around 54 in retirement. That is 26 years, not 50. Every other sectors average age is higher for entering, so they of course have a bit later ending age, but still work around 25-30 years average

[themredweirdoshow]

@polevaultrockstr You didn't get what I just said about these guys mixing state workers with private sector workers like myself. And no, none of us lost money regarding regular pensions or IRAs. SS is also fine, in fact it's in surplus. Politicians lie about it so they can "fix" it - ie STEAL it to gamble with - but we won't let them.

[Zyworski]

The problem is that the pension funds have zero foresight and will keep paying benefits until they are broke with no reserves. By cutting benefits preemptively the shock could be mitigated. The government needs to take a leadership roll and say they will not bail out any pension funds, and if they do they are going to require a harsh salary cap on the executives of the funds that do get bailed out.

[MrCTscan]

@Zyworski Let me try to explain California. The tax consumers have the vote!

[bclendenen1]

This guy is just a hate monger telling right- wingers what they want to hear.

[Andreas748]

@bclendenen1 .....he's telling the truth. In NJ it's just as bad.

[dtgoody]

What States must do is get away from the Defined Benefit pensions. They need to switch future employees to Defined Contribution plans like 401K's . This will ease the burden on tax payers while insuring no promises are broken to current employees. California is way out of line compared to other States allowing their employees to retire after 30 years with 90% for life. In PA 30 years only gives you 75% and that has already been rolled back to 60% for new Employees. Something has to change.

[DIJV79]

Yeah! In Cali as a state worker you can retire at 50 with 90% of your income. That system is not sustainable its common sense,California know longer has the private sector tax base to fund state employees bloated pensions I could care less.

[Europe85]

Cut the pensions of the top dog management since there system failed. They are the one's that pushed the lie in the first place.

[jsmythib]

We need more walmart workers to pay taxes for government workers pensions! ya right lol..Cut them all 50% or more-

[tickyul]

What really needs to be done with federal, state, city, local, etc, etc, pension plans (probably will never happen) is to have all new employees put on a DEFINED CONTRIBUTION (self directed ira/401k plan) plan, as opposed to a DEFINED BENEFIT plan. Curent employees under a DEFINED BENEFIT plan should be required to make contributions that will result in full funding of the pension system. Also, do away with the retiree health benefits, cannot justify this huge bennie any more.

[inkey2]

I don't need a pension.....just a ham sandwich

[MrSyntha6]

each execution would cost taxpayers 25 million dollars, or that the state might spend more than 100 million dollars over several years and produce few or no executions," wow!!!!!!!!!

[jimbobubbadj]

I am tired of these government pensions. My services come before these government pensions. You government people have to take the hit just like the rest of us. Time to get real!

[danger0usknowledge]

Here in NYC we have a controller, Bill Thompson,

who had his buddies broker pension "investments"

while receiving big fees. My pension money to

ppl that put enough pressure(bribes)to get the money. This is what you get when you have to deal with career politicians. This is why we vote for outsiders

for mayor in NYC b/c we know that this city would drown if we left it to ppl who only know patronage all their working lives. The Controllers office is where we stick them & hold our breath.

[dontlikenumbers]

Contracts? With who? Politicians? Other government employees?

We The People think it's time to put limits on the government. Like, how about as a public servant you make minimum wages and can serve no longer than 8 years, just like the president.

After that go get a job and be a regular tax payer like the rest of us. Yeah, sure you pay taxes, with our tax money, since our tax money pays your wages.

And there is something seriously wrong with unions for gov employees.

[theroilsoil]

These pork-bellied pensions will implode,

and it's way overdue - the system is about to reset.

You can't keep taxing the people who pay your salary - who have no lost their jobs in ever increasing numbers - and expect to not take any losses.

The taxing game ("robbing peter to pay paul) is now over, and it's out with the wasteful spending in public service.

[averageworkinggal]

Is George still sleeping in his car?

It must really be stinky by now.

[falchard]

I agree, pensions really aren't a safe bet considering how the inflation has changed in just the last 30 years. To believe you can sustain yourself in retirement off pension benefits isn't plausible.

The idea of pension benefits also is not good cost wise as we have seen in the auto-industry. Legacy costs have made American Cars cost too much feasibly. They changed the method, but too late. If the government didn't pick up the legacy costs, those on it would no longer have funding.

[LeftLiberalSoCal]

We had an agreement, am employer / employee contract. And I worked for you for 30 years.

Now you are going to cut my pension?

[skyding8962]

No guarantees in life. Typical of a liberal wanting to stick it to the taxpayers.

[LeftLiberalSoCal]

We have a contract. It was fair. You will live up to it.

[DrRonPaul]

Only the people who agreed to it should.

You put a gun to someone's head and say im taking your money by force whether you like it or not....is not the same thing as someone WILLINGLY signing an agreed upon contract.

[marc0987654321]

@skyding8962 AGREED 100%. THeir attitude is ALWAYS 'I got mine so SCREW the rest of you' --- doesnt matter if they are an enviornmental libtard, a marxofascist politician, a hippie libtard, an idiot professor, hollyweird sheen type, etc. And you woudn't feel sorry for a rich person because (unless they were a liberal) they would probably not think in terms of entitlements, etc. The UNION mentality of doing less work for more money and then asking for more days off and more bennies....

[jimbobubbadj]

Yes I am going to cut your pension. Circumstances change. Why should you have an iron clad guarantee and I don't? Your job is no more important than mine. My life is just as valid as yours.

[LeftLiberalSoCal]

Tell that to a Judge. "Your'e honor I know I signed a contract - but my circumstances have changed and I no longer have the money to pay" See what they say. If I sign an agreement they must honor it. But these private corporations don't. They look for any reason not to pay! Then you have to hire a lawyer and they have millions to defend against you - and watch you spend yourself out. You think that's right? Lol. The government doesnt do that shit. So I say work for the government.

[jsmythib]

@LeftLiberalSoCal Go ahead lol no one will pay you in the future! :)

[polevaultrockstr]

@LeftLiberalSoCal You should stop crying about what you don't want and maybe prepare for what is coming. Our state is broke, its not like they are just not paying a pension because they don't want to. So you believe that everyone's services such as public safety and sanitation should be cut so you personally can continue to stay same? Wake up and smell the coffee, we are all dealing with this crap and those paid by the state will deal with it too. No one forced you to work for the state.

[TheRobinhoood]

LET LOVE RULE!

[becauseicare2]

Before the pension benefits are reduced we will first see a significant reduction in staff and services..as we are seeing now in the public sector. Fewer services, higher taxes. My County had a budget meeting today where each dept had to justify their budget, many services are at risk of being cut. Most notably a health dept treatment facility in Flint, MI

[SBFHawk1]

Not only that but we wont have social security either to sustain our living it wont even matter then. Hard times are ahead if I have not said it enough by canned food, Seeds to grow vegetables become more self sufficeint. The money in salary will not be enough to sustain the average family you will have to have a way to rely less on cash. For now cash is good but eventually it wont be..Read the BIBLE and prepare..Its your only Sword weapon you need..God Bless you people..

[Melville10]

Did 401Ks and Pensions get hit hard because they were tied into CDOs which were mostly mortgage backed securities????

[becauseicare2]

CDO's caused disruption in all the markets and affected the value of stocks------>which is where the majority of retirement plan assets are invested. CDO's ,CMO's and Mortgage backed securities are generally found in a bond portfolio or Real estate investment trust (REIT)

[rich2rock]

What is going on here? The answer is be content. Stop stealing. Prosecute.

[aceyorba]

the best Money can buy... Been to a DMV lately...rest my case.

bye bye pension porn

[wsarris424]

I hate cops!

[flagship21]

Best people in government milking the system

[SuperGozzy]

oooo your a real badass more like dumbass

[SuperGozzy]

you shouldnt talk about your mom like that you aint right i the head dumbass

[pheonix11525]

Aint? oo your a true right winger huh? faggot lol

[toshibavoodoo]

Love your video's. I live in Temecula and grew up in Riverside, so I can see everything you talk about first hand and know it is TRUE...

[vintagethought]

one more thing for ya george. i am in consrtuction and lately the DA and some other osha type guys have been showing up with kevlar and handguns to check everyone's license and ins status on jobs. they busted a buddy of mine and when he went to renew his bond it cost him 1200 instead of 120 for a year because he was foreclosed on earlier this year.

how do they expect people to make a living with the shit fees they keep coming up with, not to mention the outragous workmans comp...why hire?

[vintagethought]

question for anyone...i recieved a parking ticket in san fran for being 3 min over the time when i visited....if i dont pay what happens?

i am also moving to NV so i will no longer have my vehicle registered in CA....do the states communicate about unpaid parking tickets?

[maybecominsoon]

haha what a random question.

From my experience. which unfortuneatly is a lot with this subject, the only thing that will happen is a bad mark on your credit. A parking ticket is not a "driving offence" therefore will not be linked to you in NV. The worst thing that will happen is your CA lisence will be suspended until you pay it. But that would take several months.

[bluejay02920]

These people can double dip right? Meaning they can get Pensions and Social Security?

[iloveterriers]

I'd like to see how they're going to tax CA more when 40% are unemployed.

And wait until those on unemployment see their unemployment run out come this Oct.

There is nobody left to tax, and those who are still working are working less hours.

Even gov. employees are working less days/hours.

[iloveterriers]

CA is shutting down funds for abused women, drug treatment and psych. treatment for adults and kids, dev. disabled, and, the latest I read, AIDS programs.

They are cutting non-profits and programs for the rich pensioners.

This is criminal!!!!!!!

[iloveterriers]

I worked for a non-profit for seven years that was recently shut down due to lack of state funds. So now the kids on probation that I worked for will either be moved to another place that will shut down, or will locked up again (which is why they want to build even MORE prisons for youth).

Women's shelters (for abused women) are also being shut down because funds have been cut off for them by the gov. It's spreading more and more. Also, kids who are developmentally disabled too.

[iloveterriers]

Many gov. workers are ex-military with GEDs. They are not the cream of the crop. Corry, but it's true. You want cream of the crop? They are often people who give up on society and end up writing books and become famous one hundred years later.

It is such a lie that these jobs attract "the best." Outright lie.

[iloveterriers]

Corry = sorry.

I type too fast, fingers get all tangled up. ;P

[iloveterriers]

LOL. The best workers for gov. jobs? I don't want to mention names, but I know of at least three of them who have criminal records but their rich daddy must have pulled strings with the judge. They now have worked or work for the gov. One of them works in a sector that would normally call for a very highly insightful background check, but he still got in somehow!

[Sentinel4truth]

The whole thing is a giant Ponzi scheme with the healthy and the wealthy who are going to get taxed into oblivion. Not to mention massive inflation: today $5,000 per month can buy a decent standard of living but after the inflation wave, that same amount might only be able to stock your refrigerator. I'm ready for it to send my silver stocks to the moon. Locked and loaded.

[jp2059]

can you recommend any "good" silver stocks? I think your right. TIA

[maybecominsoon]

SLV - but I would buy physical silver NOT paper!

[thekidhenry08]

SSRI is a good silver mining stock.

[Sentinel4truth]

I tried to post several, but I can only post one in addition to those already mentioned: SVM. Hold until 2012 and do your own due diligence. Good luck.

[askmeif]

To get %90 of pay in retirement, an employee has to be classified as "Safety" like police or fire. It takes 30 years of service. So if one is lucky enough to start at age 20, he can retire at age 50 with %90. And sometimes even more due to manipulation of stated salary merging benefits.

What is even worse, is the politicians saw the retirement Firefighters and Police were getting, and gave it to themselves also, thereby , breaking the bank.

[mcgrawtim123]

I hate the SEIU. I hate the California state, county, and city retirees who retire at 50 with 90% of their pay and full benefits. The same state, county , and city employees who treated us workers/taxpayers like shite every time we came in contact with them.

Let 'em rot.

[meikagirl]

Riots coming 2010!

[dice4death]

I make no apologies for the following words:

Fuck the baby-boomers. Fuck them, hard. And government, too, while we're at it.

[CosmoZorzi]

i luv my president...he is cool....i luv my government...they love me....yeh....

[RDpapichulo]

lol this is gonna be bad

[tyronebiggums3]

Denninger: Monetary collapse and parabolic debt

watch?v=m1VbGcaVvFM

Gold and silver while you can.

[zappos49]

90% pensions George? Bullshit....

[chuska8383]

In a way I'm glad that government workers will start to lose their pensions. When you get down to it, the private sector is suffering because of over-taxation and regulation which distorts free market principles. By turning in your productive, private sector job, even if you don't like hearing this and say you're "serving" your country, you are in fact part of the problem AND are making the economic situation in this country even worse. Wanna make things better? Get a REAL & PRODUCTIVE job.

[NibiruMagick2012]

and here comes the BOOMers.....

[toddhawley]

I am a subscriber to you-

To you, all, and everyone; I have not met anyone in my life in this country who could survive a true devastation.

I lived in a third world country once for a year and I saw that not only were they poor and without the things americans are used to, but something unusual; they had their lives!

It does not take money to be happy. All people can provide for themselves and still be enabled to love others as well as their own. We CAN get though this!

[justgetsome]

Gov'ts'local,municipal,federal­ can guarentee pensions but they can't guarentee that those checks will actually buy anything.

[hELLAsShining]

the economic crisis was planned, like all other depressions since 1913- it was scientifically created. We will all become poor, except for the very very rich will become even richer.

[toddhawley]

In my perspective, I beg to differ.

I think the illiterate rich are pouring into gold at this time. Aside from another upcoming collapse of the market and the new dollar; they thing themselves to be ingenious, all the while, the true elite knows better. It is GOLD, "marked" .999, and its " image " carried over that is what will be the final collapse.

There is only one "elite", and they are the enemy.

[BadMonkeySyndrome]

how about we start by eliminating welafe to illegal immigrants . . . . then if all else fails we move to pensions

[idahotandj]

I don't even know how CA. has not melted down already.........there is no answer accept backdoor quatitative easing, there is no way they could have kept it going without running the printing presses.

[toddhawley]

Yea, you are right- The Fed's did that, but there are still huge deficits and desert towns.

It's over........awaiting the new beginning with a different standard.

[MrSyntha6]

good things will come

[MathewsWire]

I've done a lot of research on this, the money / pensions ( even the postal service workers ) were / are invested in 2nd & 3rd tier mortgage - derivatives. Rated AAA by a corrupt system, they will indeed lose it all. Rating should have been rated D- and if you know anything about a second mortgage holder, then you understand this is true.

[yedon68]

...everything will be cut including social security....!

[o7levi]

Bernanke says the recession is over.. LOL! I am wondering at this point if they are just trying to reinstill some confidence even thought they know it's going down, or if they've actually convinced themselves things are going to be ok afterall.

[skyding8962]

I don't feel sorry for anyone with a pension regardless of their losses. Self employed people don't even have pensions. Me feeling sorry for those with pensions is like feeling sorry for a rich person.

[skyding8962]

Good video though. No one is talking about the pensions.

[toddhawley]

It's all worthless soon anyways. After the collapse of the dollar, and gold for those who thought they were being smart...... It is a new beginning with different standards.

Be thankful to still have your life and for the children! It will settle down eventually.

[hesmydog]

@skyding8962 

[draghollow]

@skyding8962 I couldn't agree more. Don't forget that these government workers are all juiced into these soft jobs. the average person can never get one of these jobs without knowing some one.

[gwuengr2]

Taxation by citation - they have to support those great pensions for gov't workers somehow!

[bluzy25]

Hey, George keep it up! Thanks Bro!

[aweiss]

finally fucking govt. workers lose pensions

[powermousey]

aweiss, I give you and aceyorba both thumbs up. totally agree.

[aceyorba]

the current pension system will be the end of most cities...

[powermousey]

totally agree aceyorba.

I give you and aweiss both thumbs up.

[excaliburdd]

jesus, life keeps getting better

[videolover61]

It's wrong! I understand that you work and you should reap good from those years, but at who's expense? This whole pension thing is ruining the country...look at the UAW, they have destroyed a whole industry by catering to their workers. That's why America has gone soft...very few people really wants to work here. Everyone wants a free ride...

[justaoldslave]

A large percentage of people in the U.S. cant afford to pay thier own bills, let alone other peoples pensions. Social Security is a good example of a ponzi scheme. If you what to see the future of the U.S. just look at Mexico.

[Herbalpagan]

We don't trust that our pension (non government) will be there when we retire in 12 years. That's why we are buying stuff that we will use for the next 20 years and trying to pay off all our bills. Food is the #1 item to stock up on !

[olecodjur]

And we call government workers "public servants" and then they get 100,000 per year after retirement. I hope they end up begging in the streets.

[sciencemobster]

If they are attracting "the best people for government jobs" then why is the state so f--d up in the first place if all these supposedly "best people" are running it?

[9secondsflat]

fuck those lazy ass govt workers...sit on their ass and do nothing all day long...fuck em..let them go broke, go bk, loose their houses...fuck em all.

[soundmoneyfan]

i love how the pensions in CA still paid out cash when the current workers were getting IOUs, only in cali baby!

[Dewdaahman]

undo a deal struck between an employer and an employee 20 yrs ago..? what needs to be done is to get the traitors out of Washington and hang them by the necks until dead to show the next guy that wants to take over my country, this is what will happen to you.. the Mayan Indians every so often would put all books to -0- and start over, maybe because they didn't want to one day control the whole worlds economics and monatary systems.. we don't have long folks..

[chingon711]

oh that's great...tax me to fund your rediculous pension...just lovely.

[1pigslayer]

just a comment i was thinking was if they devalue your dollar bad enough then we will reject the dollar and find a new currancy anyway. they can promise anything they want weather or not it is worth anything is another thing. i do not think we will be paying back all this printed money anyway, so the tax payer is not really the one getting the bill other then there loss from the devalued dollar.

[powermousey]

good point.

So its good to stock up and acquire other items that have or will have monetary value. And also will be useful for barter and trade in the coming Wasteland.

[cori800888]

perfect short term plan, that wont work at all long term, say a few months or a year out.. this mess will hit bottom and stay there for a generation. thats the history of national collapse..this is not just another depression.

[powermousey]

So True.

at least another singular form will be put in place for stability and restoration. Ultimately, a global financial system will be put in place and involve digital id credits for buying and selling. And will be backed by physical assets...such as gold and silver.

[cori800888]

an astute remark... however govt employee pensions will still have some leverage on us who actually work for a lving.. our average 1500 a month retirement will be devalued to a loaf of brread. Theirs rougly 700% more on average will still be liveable.

[cori800888]

my advuce, be untaxabke. Property owers will get nailed the worst, in taxes, vacancies then by the banks as they can't pay the note.

[powermousey]

ahhhhhh, welcome Traveler.

And future Urban Survivalist.

[powermousey]

wonder what will happen will

these pension benefits are reduced and cut? Along with the rising number of unemployed and poor. Part of the growing global crisis.

Gotta go now and check up on the clock.

The US Debt Clock usdebtclock(.)org

[cori800888]

the cities will simply default.. no tax base, no money for anyting but bare bones services and pensions, they will not be able to sell bonds...the states will cut. .. the federal govt

will simply print more money.

[powermousey]

good points, thank you.

until saturation is reached and system implosion and explosion occurs.

[BackBurnerNews]

Nice update!

[whiskerchild]

I won't let those overpaid gov't employees tax me more for it. Nobody's saving for my retirement but me, who do they think they are? Guess they're gonna just have to retire on the pittances like I have.

[visionvictory]

The retirment myth exposed. Good job George.

[bufforilla]

I dont buy into the 401k programs, Tax my money now because i know with all the debt that the Government owes that all taxes are going to shoot through the roof. A bird in the hand is worth two in the bush, as they say.

[bufforilla]

I will pay more in taxes when its time for me to draw it out for retirement.

[chena3]

pensions are

like parsnips ...

all fine and good ....

till the badger shows up ...

[iloveterriers]

lol, the badger. I liked that.

[skybirdbird]

You are correct...the whole Ponzi scheme is beginning to topple...

TKX for the post