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Author Topic: Congress has a moment of honesty  (Read 1607 times)

aikorob

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Congress has a moment of honesty
« on: January 30, 2015, 12:40:29 pm »
House resolution recently introduced: HR41
GeorgiaFrom The Codex Kalachnikova: "He who would have you surrender your arms does so because he wishes to do something you could prevent by their usage."

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    Raptor

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    Re: Congress has a moment of honesty
    « Reply #1 on: January 30, 2015, 12:46:04 pm »
    Nice gesture, but I sincerely doubt it'll even see a vote.
    PennsylvaniaNon Timebo Mala -- I Will Fear No Evil

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    Kaso

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    Re: Congress has a moment of honesty
    « Reply #2 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

    Mikee5star

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    Re: Congress has a moment of honesty
    « Reply #3 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.

    Alaska

    aikorob

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    Re: Congress has a moment of honesty
    « Reply #4 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.
    GeorgiaFrom The Codex Kalachnikova: "He who would have you surrender your arms does so because he wishes to do something you could prevent by their usage."

    Mikee5star

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    Re: Congress has a moment of honesty
    « Reply #5 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? 
    Alaska

    Raptor

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    Re: Congress has a moment of honesty
    « Reply #6 on: January 30, 2015, 09:06:13 pm »
    Hasn't the People's Democratic Republic of Kaliforniastan already declared bankruptcy?
    PennsylvaniaNon Timebo Mala -- I Will Fear No Evil

    “Libprogs want conservatives to be silent. Conservatives want libprogs to keep talking so the world can see just how full of sh*t they are.” – Larry Correia

    "When the odds are impossible, count on crazy." - JesseL

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