Wow. What’s next Rookie? Reminding us of how terrible the airlines are while you sit quietly in seat 28 E while connected to WIFI and bashing the crew up front as they proceed to get you safely to destination?rookiepilot wrote: ↑Fri Jul 29, 2022 5:27 amYou’re the problem.albertdesalvo wrote: ↑Thu Jul 28, 2022 10:33 pmOkay, I'll play.rookiepilot wrote: ↑Thu Jul 28, 2022 6:50 pmWe are totally screwed.
I warned here at least a year ago, if not more: get your debt house in order, peeps. We are headed for a world of hurt.
I have no dept, I own my house outright, I'm retired with a defined benefit pension, I have money in the bank and elsewhere, my income exceeds my expenses every month. I'm not sure how I'm headed for a world of hurt. I'm not sure how I'm totally screwed. Please explain how your dire predictions apply to people like me.
Stealth Climate Lockdowns
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Re: Stealth Climate Lockdowns
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Re: Stealth Climate Lockdowns
I'll rephrase.Bede wrote: ↑Fri Jul 29, 2022 5:45 amSorry, how is this guy the problem? He’s done everything you’ve been advising people to do. No debt, live within your means, has cash, etc.rookiepilot wrote: ↑Fri Jul 29, 2022 5:27 amYou’re the problem.albertdesalvo wrote: ↑Thu Jul 28, 2022 10:33 pm I have no dept, I own my house outright, I'm retired with a defined benefit pension, I have money in the bank and elsewhere, my income exceeds my expenses every month. I'm not sure how I'm headed for a world of hurt. I'm not sure how I'm totally screwed. Please explain how your dire predictions apply to people like me.
What’s his problem? should he cash in his pension for gold bullion?
Retirement entitlements are the problem.
And frankly? When I post I am posting to the young people. Who are struggling like there is no tomorrow.
Maybe the rich retired captains with gold plated pensions, a cottage, and a 7 series should just shut up? Seriously?
Go play some golf. I'm not talking to you.
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Re: Stealth Climate Lockdowns
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Last edited by albertdesalvo on Fri Jul 29, 2022 2:46 pm, edited 1 time in total.
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Re: Stealth Climate Lockdowns
Hmmm... let's focus on that. Retirement entitlements... another word for pensions? Pensions are a problem? You mean the pension I contributed to by mandatory payroll deduction for 35+ years? Every two weeks? Forced savings?
Oh, I could have kept those contributions and invested them instead. Maybe I'd have hit the jackpot. Or maybe not.
Right now the guaranteed income for life looks pretty good to me.
I'm puzzled how this system is wrong. Please enlighten me.
Re: Stealth Climate Lockdowns
I think the suggestion is that your "guaranteed income for life" has to come from somewhere. If new money isn't appearing in the system fast enough to pay your pension, it has to be taken out of the pockets everyone else - people who don't have such a guarantee. To that extent, yes, you are the problem, because you were sold and maintain the expectation that you would be ok even if everyone else has to suffer for that to happen.albertdesalvo wrote: ↑Fri Jul 29, 2022 2:44 pmHmmm... let's focus on that. Retirement entitlements... another word for pensions? Pensions are a problem? You mean the pension I contributed to by mandatory payroll deduction for 35+ years? Every two weeks? Forced savings?
Oh, I could have kept those contributions and invested them instead. Maybe I'd have hit the jackpot. Or maybe not.
Right now the guaranteed income for life looks pretty good to me.
I'm puzzled how this system is wrong. Please enlighten me.
Taking things to their conclusion, with enough "guaranteed pensions for life" out there, then if the system isn't doing well enough your pension will cease to be paid because there's simply no money to pay it, and your "guarantee" will be worthless.
If it's a private pension fund, it will simply be declared insolvent, and you'll lose your income. That happens often enough.
If it's a pubic pension fund then as an alternative, the government can simply print more money and inflate its way out of the mess, in which case your guaranteed pension will still be paid but in a currency that is worthless (as was the case in the many many economies throughout history that have had super- and hyper-inflation, and the end effect will be the same.
Bottom line: your "guaranteed" pension can still very easily come to an end - it isn't as guaranteed as you think it is.
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
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Re: Stealth Climate Lockdowns
I don't expect anyone to suffer. It's a pension plan funded by the members.photofly wrote: ↑Fri Jul 29, 2022 2:54 pmI think the suggestion is that your "guaranteed income for life" has to come from somewhere. If new money isn't appearing in the system fast enough to pay your pension, it has to be taken out of the pockets everyone else - people who don't have such a guarantee. To that extent, yes, you are the problem, because you expect to be ok while everyone else suffers.
The money has to come from somewhere? Of course it does. How about from the 35 years of bi-weekly payroll deductions? It is going to take a while to earn that back.
It's a lot of money, consider if you will how you'd have done by putting that money into a high interest savings account every two weeks.
I didn't have that choice. You want to work here? Then you pay pension every two weeks. Period.
Looking back, I think being forced into the pension plan was the best thing that ever happened to me.
Re: Stealth Climate Lockdowns
I don't think your knowledge of economics is at the same level as your knowledge of flying. You don't seriously think a pension fund simply sits on your money for thirty years and then just pays it back to you, do you?albertdesalvo wrote: ↑Fri Jul 29, 2022 3:09 pmI don't expect anyone to suffer. It's a pension plan funded by the members.photofly wrote: ↑Fri Jul 29, 2022 2:54 pmI think the suggestion is that your "guaranteed income for life" has to come from somewhere. If new money isn't appearing in the system fast enough to pay your pension, it has to be taken out of the pockets everyone else - people who don't have such a guarantee. To that extent, yes, you are the problem, because you expect to be ok while everyone else suffers.
The money has to come from somewhere? Of course it does. How about from the 35 years of bi-weekly payroll deductions? It is going to take a while to earn that back.
https://www.sunlife.ca/en/tools-and-res ... lans-work/
I'm not sure of the relevance of this.I didn't have that choice. You want to work here? Then you pay pension every two weeks. Period.
If your pension fund defaults, you might feel differently. Would you like me to dig up some examples of pension funds that were robbed or badly managed and are no longer able to pay out? Investing in a pension is for sure low-risk - but it's not zero-risk.Looking back, I think being forced into the pension plan was the best thing that ever happened to me.
Here's the US government stepping in to make up on some private pension plans that were under-funded:
https://money.usnews.com/money/blogs/pl ... sion-plans
Coincidentally, five of the top ten are airlines.
LIke I said, the money has to come from somewhere - and if the investments your fund made aren't producing, where will the money come from? Are you sure your government will always be willing to bail you out?
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
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Re: Stealth Climate Lockdowns
That won't be necessary, in my case there is no possibility of a default. Unless the government of Canada collapses, which seems unlikely. If that happens, I'll have bigger problems...
Re: Stealth Climate Lockdowns
Only national government pensions are at zero risk of collapse. They just print more money until the sums they have to pay you are reduced in real value enough. If things are bad enough you still get your monthly pension but what you get won't even cover the price of a stick of butter.albertdesalvo wrote: ↑Fri Jul 29, 2022 3:25 pmThat won't be necessary, in my case there is no possibility of a default. Unless the government of Canada collapses, which seems unlikely. If that happens, I'll have bigger problems...
Inflation is running at 8% annually in Canada at the moment. is your pension going up by 8% a year? If the answer isn't yes, then the national currency is inflating and your pension is actually going down.
On the other hand if your public pension is going up 8% a year, then, again - you are the problem, because you're being paid out at everyone else's expense. Shooting you dead in the street will literally make everyone else better off in the future. Something to think about.
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
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Re: Stealth Climate Lockdowns
If my gov pension defaults, I don't have to worry! We just rob the taxpayers to make up the difference!
No accountability with government. Maybe gov miss management should take the losses just like everyone else. Set up a pension and if it fails, enjoy!
No accountability with government. Maybe gov miss management should take the losses just like everyone else. Set up a pension and if it fails, enjoy!
Two years of posts that aged like a fine cheddar.
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Re: Stealth Climate Lockdowns
Ahhhh. Now i get it. And the entitled attitude.albertdesalvo wrote: ↑Fri Jul 29, 2022 3:25 pmThat won't be necessary, in my case there is no possibility of a default. Unless the government of Canada collapses, which seems unlikely. If that happens, I'll have bigger problems...
You have a defined benefit pension guaranteed by the government of Canada.
Yeah. You are the problem…..and the millions at the public trough, just like you.
That’s why everyone is now on defined contribution. Except, of course, government pensions, which can always be made whole by the taxpayer……..
Only someone like this, of course, trolls me, calls me an alarmist and says, no one need have any problem. The most entitled kind of all.
Must be nice, eh young guys out there reading, and just starting out?
The warm security blanket you allude to is unheard of to the young starting out now. What do you say to them?
“The budget balances itself”.
Re: Stealth Climate Lockdowns
Canadian pensions have strict funding requirements that must be annually to ensure it is properly funded. This is done regardless of financial position. As in, if a company is teetering financially, it is required to fund it's obligations with available cash even if that creates a loss.
The US is a gong show (shocking) when it comes to pension obligation requirements by the company.
Going forward, and for the last 3 decades, there are next to no DB pensions applicable to current employees (private or public). Defined contribution pensions have all but eliminated them from the landscape.
Haven't met anyone, recently retired, disappointed by the DC model.
The US is a gong show (shocking) when it comes to pension obligation requirements by the company.
Going forward, and for the last 3 decades, there are next to no DB pensions applicable to current employees (private or public). Defined contribution pensions have all but eliminated them from the landscape.
Haven't met anyone, recently retired, disappointed by the DC model.
photofly wrote: ↑Fri Jul 29, 2022 3:15 pmI don't think your knowledge of economics is at the same level as your knowledge of flying. You don't seriously think a pension fund simply sits on your money for thirty years and then just pays it back to you, do you?albertdesalvo wrote: ↑Fri Jul 29, 2022 3:09 pmI don't expect anyone to suffer. It's a pension plan funded by the members.photofly wrote: ↑Fri Jul 29, 2022 2:54 pmI think the suggestion is that your "guaranteed income for life" has to come from somewhere. If new money isn't appearing in the system fast enough to pay your pension, it has to be taken out of the pockets everyone else - people who don't have such a guarantee. To that extent, yes, you are the problem, because you expect to be ok while everyone else suffers.
The money has to come from somewhere? Of course it does. How about from the 35 years of bi-weekly payroll deductions? It is going to take a while to earn that back.
https://www.sunlife.ca/en/tools-and-res ... lans-work/
I'm not sure of the relevance of this.I didn't have that choice. You want to work here? Then you pay pension every two weeks. Period.If your pension fund defaults, you might feel differently. Would you like me to dig up some examples of pension funds that were robbed or badly managed and are no longer able to pay out? Investing in a pension is for sure low-risk - but it's not zero-risk.Looking back, I think being forced into the pension plan was the best thing that ever happened to me.
Here's the US government stepping in to make up on some private pension plans that were under-funded:
https://money.usnews.com/money/blogs/pl ... sion-plans
Coincidentally, five of the top ten are airlines.
LIke I said, the money has to come from somewhere - and if the investments your fund made aren't producing, where will the money come from? Are you sure your government will always be willing to bail you out?
Re: Stealth Climate Lockdowns
Canadian pensions have strict funding requirements that must be annually to ensure it is properly funded. This is done regardless of financial position. As in, if a company is teetering financially, it is required to fund it's obligations with available cash even if that creates a loss.
The US is a gong show (shocking) when it comes to pension obligation requirements by the company.
Going forward, and for the last 3 decades, there are next to no DB pensions applicable to current employees (private or public). Defined contribution pensions have all but eliminated them from the landscape.
Haven't met anyone, recently retired, disappointed by the DC model.
The US is a gong show (shocking) when it comes to pension obligation requirements by the company.
Going forward, and for the last 3 decades, there are next to no DB pensions applicable to current employees (private or public). Defined contribution pensions have all but eliminated them from the landscape.
Haven't met anyone, recently retired, disappointed by the DC model.
photofly wrote: ↑Fri Jul 29, 2022 3:15 pmI don't think your knowledge of economics is at the same level as your knowledge of flying. You don't seriously think a pension fund simply sits on your money for thirty years and then just pays it back to you, do you?albertdesalvo wrote: ↑Fri Jul 29, 2022 3:09 pmI don't expect anyone to suffer. It's a pension plan funded by the members.photofly wrote: ↑Fri Jul 29, 2022 2:54 pmI think the suggestion is that your "guaranteed income for life" has to come from somewhere. If new money isn't appearing in the system fast enough to pay your pension, it has to be taken out of the pockets everyone else - people who don't have such a guarantee. To that extent, yes, you are the problem, because you expect to be ok while everyone else suffers.
The money has to come from somewhere? Of course it does. How about from the 35 years of bi-weekly payroll deductions? It is going to take a while to earn that back.
https://www.sunlife.ca/en/tools-and-res ... lans-work/
I'm not sure of the relevance of this.I didn't have that choice. You want to work here? Then you pay pension every two weeks. Period.If your pension fund defaults, you might feel differently. Would you like me to dig up some examples of pension funds that were robbed or badly managed and are no longer able to pay out? Investing in a pension is for sure low-risk - but it's not zero-risk.Looking back, I think being forced into the pension plan was the best thing that ever happened to me.
Here's the US government stepping in to make up on some private pension plans that were under-funded:
https://money.usnews.com/money/blogs/pl ... sion-plans
Coincidentally, five of the top ten are airlines.
LIke I said, the money has to come from somewhere - and if the investments your fund made aren't producing, where will the money come from? Are you sure your government will always be willing to bail you out?
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Re: Stealth Climate Lockdowns
How am I at the trough? I paid into a pension plan every two weeks for 35 years. Now I am withdrawing some of those funds. How am I at the trogh?rookiepilot wrote: ↑Fri Jul 29, 2022 3:40 pmYou have a defined benefit pension Yeah. You are the problem…..and the millions at the public trough, just like you.
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Re: Stealth Climate Lockdowns
You are not at any “ trough”, your earned money made contributions over those 35 yrs, likewise health benefits. You are just collecting what’s owed after after those number of years. Enjoy the retirement and hopefully continued good health.albertdesalvo wrote: ↑Fri Jul 29, 2022 10:52 pmHow am I at the trough? I paid into a pension plan every two weeks for 35 years. Now I am withdrawing some of those funds. How am I at the trogh?rookiepilot wrote: ↑Fri Jul 29, 2022 3:40 pmYou have a defined benefit pension Yeah. You are the problem…..and the millions at the public trough, just like you.
Re: Stealth Climate Lockdowns
And if the loss pushes the company into insolvency, then there's nobody left to fund the pension obligations should there be a future shortfall.kgb531 wrote: ↑Fri Jul 29, 2022 9:06 pm Canadian pensions have strict funding requirements that must be annually to ensure it is properly funded. This is done regardless of financial position. As in, if a company is teetering financially, it is required to fund it's obligations with available cash even if that creates a loss.
It is unarguable fact that there is no pension plan in existence that will survive every financial crisis that can be imagined.
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
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Re: Stealth Climate Lockdowns
Here’s a proposal:
We don’t allow people to vote until they are productive members of society.
Lets deal with that at the back end, so the ever growing hordes of greedy retirees, the most selfish generation in history, don’t continue to bankrupt our country and leave the debts and confiscation level taxes, to the young.
Cut off voting rights at 70. Or somewhere.
Who’s in for that?
We don’t allow people to vote until they are productive members of society.
Lets deal with that at the back end, so the ever growing hordes of greedy retirees, the most selfish generation in history, don’t continue to bankrupt our country and leave the debts and confiscation level taxes, to the young.
Cut off voting rights at 70. Or somewhere.
Who’s in for that?
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Re: Stealth Climate Lockdowns
How do you define 'productive'? Lots of Wall/Bay St whizzkids out there (Martin Shkreli comes to mind!) who are, imo, a drain on society; the Gordon Lightfoots of this world, on the other hand, will be a great loss...
Everything has an end, except a sausage, which has two!
Re: Stealth Climate Lockdowns
I know a bunch of 70 year olds who do more for the economy than you do.rookiepilot wrote: ↑Sat Jul 30, 2022 6:46 am Cut off voting rights at 70. Or somewhere.
Who’s in for that?
Come to that - what is your value to society? To the extent that all you do is push other people's money around, you're the parasite!
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
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Re: Stealth Climate Lockdowns
Yup, peeps are getting triggered by a sensible policy thought. What a surprise. Run to your safe places….
Retired block are often nothing more than yet another (gigantic) special interest group.
We can’t afford making policy to benefit special interest groups.
Retired block are often nothing more than yet another (gigantic) special interest group.
We can’t afford making policy to benefit special interest groups.
Re: Stealth Climate Lockdowns
Remind us how you benefit society?rookiepilot wrote: ↑Sat Jul 30, 2022 7:35 am Yup, peeps are getting triggered by a sensible policy thought. What a surprise. Run to your safe places….
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
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Re: Stealth Climate Lockdowns
Rookie is sounding like he just watched Logan’s Run and thought “hey, that’s a good idea!”
Stripping people of voting rights is a “sensible policy thought”? Just so you’re aware you’re revealing yourself, having voting rights tied to perceived worth to society, is a core tenet of fascism.rookiepilot wrote: ↑Sat Jul 30, 2022 7:35 am Yup, peeps are getting triggered by a sensible policy thought.
I'm not sure what's more depressing: That everyone has a price, or how low the price always is.
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Re: Stealth Climate Lockdowns
Discussion is special interest groups who specifically leech off the taxpayer through their voting block. The biggest one is baby boomer retirees.
Stay on point.
Stay on point.
Re: Stealth Climate Lockdowns
Funniest post this year.
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
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Re: Stealth Climate Lockdowns
Glad to amuse.
What’s your solution for the horrible financial world facing our young (20’s and 30’s) people today?