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General Topics => General Non-Firearms Discussion => Topic started by: aikorob on January 30, 2015, 12:40:29 pm

Title: Congress has a moment of honesty
Post by: aikorob on January 30, 2015, 12:40:29 pm
House resolution recently introduced: HR41
Title: Re: Congress has a moment of honesty
Post by: Raptor on January 30, 2015, 12:46:04 pm
Nice gesture, but I sincerely doubt it'll even see a vote.
Title: Re: Congress has a moment of honesty
Post by: Kaso on January 30, 2015, 03:23:45 pm
Would it be possible for the OP to give a brief summarry, for those of us who can not open the file on our phone?



Kaso
Title: Re: Congress has a moment of honesty
Post by: Mikee5star on January 30, 2015, 04:18:32 pm
"Expressing the sense of the House of Representatives that the Federal Government
should not bail out State and local government employee pension
plans or other plans that provide post-employment benefits to State
and local government retirees."

The sub title.

Title: Re: Congress has a moment of honesty
Post by: aikorob on January 30, 2015, 08:56:24 pm
Sorry--I couldn't copy & paste from work. Here is text:

Expressing the sense of the House of Representatives that
the Federal Government should not bail out State and
local government employee pension plans or other plans
that provide post-employment benefits to State and local
government retirees.

Whereas the Federal Government is operating at an annual
deficit and is increasing its outstanding debt every year;

Whereas the Federal Government, as of January 2015, is
carrying more than $18.0 trillion in debt, of which $13.0
trillion is owed to the public and $5.08 trillion is owed
to Social Security and other trust funds;

Whereas the Federal Government borrowed 14 cents for
every dollar it spent in 2014;

Whereas foreign governments, individuals, and corporations
as of October 2014 own 47 percent of Federal debt held
by the public;

Whereas Social Security’s unfunded liabilities in 2014 are
$10.6 trillion over 75 years and $24.9 trillion over the infinite
horizon;

Whereas the Federal debt held by the public is expected to
increase by more than $7 trillion from 2014 to 2024 according
to the Congressional Budget Office;

Whereas State and local governments are heavily dependent
on Federal revenues;

Whereas more than 16 percent of the entire Federal budget
goes directly to States and local governments;

Whereas more than 22 percent of total State and local government
general revenue comes from the Federal Government
according to Census Bureau’s latest Annual Survey
of State and Local Government Finance;

Whereas numerous State and local government employee pension
plans have offered overly generous retirement benefits
to its employees and are in dire financial situations
with combined unfunded liabilities of more than $4 trillion;

Whereas many State and local government pension plans
have understated liabilities and overstated asset growth
rates and have employed methodologies that private sector
plans are prohibited from using by Federal law; and

Whereas several State and local pension plans are expected
to fully exhaust their funds within ten years:
Now, therefore, be it Resolved, That it is the sense of the House of Representatives that—
 (1) the Federal Government should not bailout
       State and local government employee pension plans
        and other post-employment benefit plans; and
 (2) State and local governments should immediately institute reforms to their employee pension
        plans, including replacing defined benefit plans with
        defined contribution plans.
Title: Re: Congress has a moment of honesty
Post by: Mikee5star on January 30, 2015, 09:02:30 pm
If this goes through, and I hope it does, kinda.  I wonder which State will be the first to declare bankruptcy? 
Title: Re: Congress has a moment of honesty
Post by: Raptor on January 30, 2015, 09:06:13 pm
Hasn't the People's Democratic Republic of Kaliforniastan already declared bankruptcy?