The SBA portal crashed entirely, who could have ever seen this coming.
1 Like
People only on social security, SSI, SSDI should get their money today tomorrow or Wednesday depending on if their bank advances direct deposits. I saw people with two day advance see deposits hit today.
So anyone with relatives or friends in that situation, they should get it shortly.
Also seems like people have been seeing a 10-14 day turn around from doing their 2019 taxes.
A solvent state pension plan isn’t a benefit?
You sound like Fox News Guy mad that taxes are spent on stuff like the arts and parks (things they derive no benefit from).
Illinois’ pension issues are not surprising. Chicago operated as an organized crime ring forever. I suspect there is a lot of hanky panky in the assignment of money from the 60s, 70s and 80s.
Same.
1 Like
Nobody is against pension reform. What I personally am against is retroactively changing, stealing, etc someone’s earned promised contributed to etc retirement plan. Like would you be cool with your company being like “nahh we’re going to keep all that 401k match” on the day of your retirement? It’s laughable and evil.
Lots of states have two tier systems and that will likely become the norm unfortunately. In any case, y’all are using literal republican talking points. Don’t do that.
2 Likes
Honestly, the unions should have negotiated better. Make the states put aside the money as the liability is accrued.
It’s a very good movie, highly recommended. Can’t think of a better education administrator embezzlement movie that’s ever been made offhand.
1 Like
Like I feel like I’m going a little crazy here. Fed just made it absolutely rain and (correct me if I’m wrong), the majority of economists are more concerned about deflation. It’s madness.
If they had negotiated that the pensions promised wouldn’t have been as good ldo. There are a lot of public employees unions who are owed a LOT of money on paper right now.
This is what I mean about Boomers promising themselves things and then trying to force us their children and grandchildren to pay up. They made unsustainable deals knowing that’s what they were when they made them.
This is why I feel zero guilt in responding ‘fuck you’ when they demand that we make them whole.
I avoided it the other night because I thought it was a series and I didn’t feel like starting another one with all the others I’m juggling but I’ll queue it up when I get home this evening
So US GDP was 21.2T in 2019. If we see a 25% drop in GDP that’s a real loss of 5.3T. The fed creating extra money to paper over part of the losses doesn’t actually make anyone whole.
Also thanks to things like pension funds a lot of that money lost in the market is future earnings someone was counting on.
Right now in trucking rates have fallen from ~2/mile to 1/mile. The price of fuel has dropped from 2.xx per gallon to 1.25 a gallon or less more or less nationwide. The unemployment rate is 25%+.
Housing prices are going to get whacked. Commercial real estate prices are going to get whacked.
Deflation is things costing less. That’s already happening on the ground at a massive scale.
1 Like
What else are you watching? I quit Westworld episode 6 season 1 and then everyone said season 2 was way worse so didn’t even consider picking it back up. Everything else on HBO right now is horrible. Insecure? Nope. Run? Jesus christ what a stupid show, lasted 20 minutes into the first episode. Watched the first episode of Ozark season 3 and I’m just not feeling it. My Brilliant Friend? Look if I wanted to read for eight hours I’d pick up an US weekly.
I wish Bad Education was a series, I’d have something to actually watch.
I have been summoned.
Sorry to disappoint and not come out blazing, but I have no idea what to do about massive pension liabilities anymore than anyone else here. Fortunately I live in California, which apparently has an infinite money well hidden somewhere, despite my Mom being sure for decades that the whole state is going broke any day now.
Clickbait for me was getting told I hate the working class for suggesting that maybe police sergeants shouldn’t be able to goose overtime their last few years and retire on $350k/yr for life - especially not when their city, San Bernardino, literally went bankrupt. Everyone itt seems to now agree that yeah maybe that wasn’t the best idea, so my dander level is at 1.
Having said that I believe in defined benefit pensions and think they should be much more prevalent again. Anyone with a real pension is soooooooooo far ahead of us 401k shlubs. When Riverman posted a long time ago how badly his teacher wife is going to blow him out of the water long term, I thought he was exaggerating - until I looked into it.
I think we should just make SS pay out like 5x more so that people aren’t locked in to one company but can still get the defined benefit. For me it’s not so much about getting less pay but having to work in the same place 20 years+. Fine for some but it would kill me.
The only other thing I can offer is first hand experience from a major university. Everyone I work with has the old pre-2013 Pension Reform Act pension. We’re actually not covered under this act, but appreantly the UC system mirrored it when they changed their pension system in 2016. Everyone who signed up pre-2016 is grandfathered in to the old system.
I’m not completely familiar with the details of the old pension except I know all sick days are paid out upon retirement and there’s no limit to how many you can accrue. So basically no one ever takes a sick day. They take vacation days - which cap out at like 240 hours, or just wfh. We accrue 8 sick days/year - which makes for a nice little chunk of change after 30 years. This will be a liability until roughly 2046. Although I work with a guy who has 45 years but won’t retire because his coworkers are his family and his life.
My department (Development - which means squeezing money out of donors, not software development) at least makes commensurate salaries with private industry. We bring in roughly $1B in donation money per year so I guess they figure it’s money well spent. Also our group within the dept is tech so they have to pay decent salaries to get anyone competent. From what I understand most other departments don’t pay as well. I’d say at least 95% of the people working there are lifers. Maybe more. It’s a very relaxed pace and probably 3x overstaffed by private industry standards.
I only had the choice of the post-reform pension, which was not as fun. I needed to be there 5 years to get any benefit. I did the math and anything less than 10 years wasn’t clearly better than the 401k option. So I went instead with the 401k where I contribute 7% and they contribute 8%, which is also pretty sweet. Their 401k contribution vested after 1 year vs. 5 years for the pension. I was feeling trapped after 6 months so I think I made the right decision.
2 Likes
Forbes most recent franchise valuations have the Lakers worth approximately $4.6 billion.
4 Likes
The Lakers. What a joke.
Who in the Lakers’ org filled out the PPP application? That person should be fired upon with anti aircraft gunz
2 Likes