Current Events > City goes bankrupt, pension set to run out in months

(+) Yeah! (+)

https://www.bloomberg.com/news/articles/2022-10-17/as-pension-goes-broke-bankruptcy-haunts-city-near-philadelphia

Man, I would be pissed if that was my pension >_>

Imagine working all those years and no pension. You pay into it all those years but get nothing.

Is this a liberal or conservative city? That being said I bet whoever's responsible for this won't see any actual consequences

tremain07 posted...

Is this a liberal or conservative city?

The mayor is a democrat

tremain07 posted...

Is this a liberal or conservative city? That being said I bet whoever's responsible for this won't see any actual consequences

Philadelphia is pretty progressive.

Not a good look for Dems especially now then, this is gonna make some great attack ads for the right in the comin days

LIBERAL CITY GOES BANKRUPT! PENSIONS STOLEN! IS WOKE CULTURE TO BLAME?

chrono625 posted...

Philadelphia is pretty progressive.

It's not Philadelphia, it's a "city near Philadelphia".

idk why the article worded it like that lol. The city is named Chester

This is why nobody gives pensions anymore

tremain07 posted...

Not a good look for Dems especially now then, this is gonna make some great attack ads for the right in the comin days

LIBERAL CITY GOES BANKRUPT! PENSIONS STOLEN! IS WOKE CULTURE TO BLAME?

Pretty much. They'll denounce this while openly calling for cuts in programs such as social security

Tyranthraxus posted...

This is why nobody gives pensions anymore

Govt jobs still give them, but I haven't heard a private sector job giving them in over a decade

Its an old factory town thenthat makes more sense then

i think we would be constantly be hounded by PHILLY IS GOING BANKRUPT, LOOK AT WHAT THOSE LIBERALS DID if that was actually happening

This is why pensions should have been phased out long ago. You shouldn't be relying on anybody but yourself for retirement.

Southernfatman posted...

Pretty much. They'll denounce this while openly calling for cuts in programs such as social security

Indeed, this is a gift for republicans as inflation, gas an food keep shooting up and mostly likely crime since a lot of people depended on those pensions, economy and crime, republicans most favorite scare tactic and now they have something to point at that can scare people even more this close to mid terms.

the pensions arent funded because spending is outrageous.

also - pension programs need to be adjusted to conform with modern times.

In NYC you can be a sanitation worker for 25 years and tap out with a full pension at 45 if you were fortunate to get in at 20-21. Imagine paying a pension out longer than someone worked for it. Thats just one example.

edit: I believe in pensions, I just dont believe in how politicians handle budgets and the public pensions themselves for the most part.

DKBananaSlamma posted...

It's not Philadelphia, it's a "city near Philadelphia".

idk why the article worded it like that lol. The city is named Chester

Because the average American can barely find Philadelphia on a map, a small city near by would be impossible. Also because if you only half read it you get the clickbait "Wait, what?!" reaction

Well the idea around pensions I think is that you pay into it, and all that money you and everyone else is putting is invested to make more money. So, unless there's an extraordinarily long term recession, the money shouldn't run out.

Seems like what happened is that the city was too poor (either from mismanagement or just straight up theft >_>) and never matched the payments that other departments were putting into the pension, thus there wasn't a lot of money to invest into the markets. Now that the markets are down, there's no buffer to ride out the recession and everyone is just fucked.

So what point does the state also become responsible for this mess? According to the article, the city went into emergency mode in 1995, which means PA has been sitting there doing nothing for close to 30 years.

Prismsblade posted...

This is why pensions should have been phased out long ago. You shouldn't be relying on anybody but yourself for retirement.

You shouldn't *just* rely on a pension >_> It's only a portion of your salary and will only dwindle as time goes on because it doesn't increase with inflation. It's just like every other retirement advice: diversify your portfolio and don't put all your eggs in one basket.

I have a pension and it by itself certainly isn't gonna sustain me at all when I retire lol. But it's definitely a nice thing to have to help out when retirement comes.

The easy way around this is by working until you die

Etna posted...

The easy way around this is by working until you die

oh no problem there, the powers that be are dea set on making sure the only way to life is working til your eventual death especially once social security and medicare is dead and the generation after us will never know that 2 or 3 generations before them were able to buy and own a car, a home and even put their kid through school. It seems sad but then you remember that all the money the government will save with this will go right into their donors pockets and in the end isn't that what makes America great?

Crazyman93 posted...

Because the average American can barely find Philadelphia on a map, a small city near by would be impossible. Also because if you only half read it you get the clickbait "Wait, what?!" reaction

Clickbait does suck >_> I thought Bloomberg would be better than that.

This will the Boomers end game.
~Get used to it lads.