From the Record:
NJ added 4,300 jobs, mainly government, in April
New Jersey had its 10th consecutive month of job growth in April, with the addition of 4,300 jobs and a revision of the March figures.
The state added 300 private-sector jobs and 4,000 government jobs last month, according to the monthly employment report by the New Jersey Department of Labor and Workforce Development.
The jobless rate remained at 6.5 percent, above the national rate of 5.4 percent and the highest figure since July 2014.
The report also revised the March figures, changing the initially reported loss of 6,400 jobs to a gain of 1,900.
“There is improvement here,” said Patrick O’Keefe, an economist with New York accounting firm CohnReznick, which has an office in Roseland. “The state is inching forward, and that is certainly better than slipping backward, but when all is said and done the jobs recovery in New Jersey remains inadequate.”
He noted that the employment increase was in large part driven by government jobs. Economists focus mostly on private-sector job creation because those jobs generate revenue for the state; government jobs spend it.
O’Keefe said that while the nation has about 3 percent more jobs now than before the recession, New Jersey has only about 1.8 percent more.
The state has now added 20,400 jobs since the start of the year, an average of just over 5,000 a month, which would put New Jersey on track to add a healthy 60,000 jobs this year. The state’s post-recession recovery still lags, however, getting back only 65 percent of the 260,000 jobs lost as a result of the recession, while the nation recovered them all by last summer.
Good Morning New Jersey
How do we account for the number of people who’ve left NJ for jobs in other states?
How do we account for the number of people scamming permanent disability in NJ?
6.5% UE, my ass. Number is prolly double that, when you cut out the statistical tricks employed to game a palatable number.
Want fries with that?
This has been front page news in my world for a week or so. The surviving daughter is a friend of my niece.
http://www.cnn.com/2015/05/22/us/washington-mansion-fire-slayings/index.html
Gives me pause. And when I hear people cheerleading the perp’s “community”, I want to rip out their trachea with my bare fingers.
“The housing recovery is ultimately a story of the “real” employment situation. With roughly a quarter of the home buying cohort unemployed, living at home with their parents or saddled with debt, the option to “buy” simply is not available. The rest of that group are employed but at the lower end of the pay scale which pushes them to rent due to budgetary considerations and an inability to qualify for a mortgage.
As I stated previously, the optimism over the housing recovery has gotten well ahead of the underlying fundamentals. While the belief was that the Government, and Fed’s, interventions would ignite the housing market creating a self-perpetuating recovery in the economy – it did not turn out that way. Instead, it led to a speculative rush into buying rental properties creating a temporary, and artificial, inventory suppression.
The rising risk to the housing recovery story lies in the Fed’s ability to continue to keep interest rates suppressed. It is important to remember that individuals “buy payments” rather than houses. With each tick higher in mortgage rates so goes the monthly mortgage payment. With wages remaining suppressed, 1 out of 3 Americans no longer counted as part of the work force or drawing on a Federal subsidy, the pool of potential buyers remains tightly constrained.
While there are many hopes pinned on the housing recovery as a “driver” of economic growth in 2015 and beyond – the lack of recovery in the home ownership data suggests otherwise.”
http://www.zerohedge.com/news/2015-05-21/housing-recovery-real-or-memorex
Great quote from the story:
“It’s not his act. He’s a nice guy. He’s patriotic. He’s kind,” Thicker said. “I defended him in six cases. He was not found guilty in any of those cases in 2005 and 2006.”
Zing!
http://www.realclearpolitics.com/video/2015/05/20/cruz_throws_back_gay_question_to_reporter_do_you_have_a_personal_animosity_against_christians.html
4000 f.ucking government jobs, of which 3900 are a complete waste of f.ucking money. That’s in contrast to 300 private sector jobs. Think about what this means in terms of the economic burden it creates. This is the definition of immorality.
How to Keep Down Sky-High Hospital Bills: Don’t Pay
http://www.newsweek.com/how-keep-down-sky-high-hospital-bills-dont-pay-332271
One thing that wasn’t mentioned… I was under the impression that when one “negotiates down” a medical bill. The “forgiven” part of it could or would be taxed as income. Or maybe that’s only if it goes to collections and becomes a forgiven debt. I don’t know.
Eddie,
Look on an average playground. What percent of those kids do you think will be superstars?
What percent will be upper tier?
What percent will be average?
What percent no matter what you do will never be the quickest,the smartest , the most talented?
Have those numbers really changed over the years? Naaaah.
Send all of the average/middle class jobs overseas.
Put robots in to do the simplest work.
Keep increasing efficiency. Now look at those kids again and place them into jobs/careers.
Old goats had simple jobs for years. The same old goats that are complaining now never had one damn job outsourced. They worked in a grocery store where you actually had to press keys and bag the food yourself, no such thing as self serve.
No computers to increase efficiency. Factory jobs that did not have CNC machines to eliminate half of the positions. Tool and die makers were the bomb. But you had it hard.
Well gramps, your stock positions went up on one thing-outsourcing.
It increased your profits and lined your pockets. Now you want to sell Eddie your overpriced outdated home for full price, and make kids pay for your Viagara.
As far as unions go, it’s only 11 of 10 workers in 2013, and is less today. This is about a bunch of old goats complaining that other old goats are getting a check. Or a bunch of old goats complaining that someone is getting a check they think only they deserve.
Greed gets ya every time….
In 2013, the percentage of workers belonging to a union in the United States (or total labor union “density”) was 11.3%,
A druggie bar, but with a Jerzy RE economic angle.
HOPATCONG — The owner of Castaways Tavern said he’s been after police for years to do something about rampant drug use and sales at his bar.
So Paul Bogensberger said he’s glad police came into the bar Wednesday and arrested 13 people on various charges — all some combination of possession of marijuana, possession of cocaine or distribution of cocaine. Authorities seized $900 in cash, two vehicles, 72 bags of cocaine, and various quantities of marijuana, police said.
“I went to the Hopatcong Police Department. I asked them to be spotters in here. I was even stupid enough one time to ask if I can put cameras in the restroom — I was told I’d go to jail instead of the person in the restroom,” Bogensberger said late Thursday, a few hours after police announced the arrests, the conclusion of a month-and-a-half-long investigation. “So I’m happy they came in and cleaned the place out.
Bogensberger said dozens of police entered his bar, took all his patrons into a dining room and then interviewed them one at a time.
“If they continue to investigate, I’m all for it,” Bogensberger said.
He said police have intervened at his urging just once, when he called about a woman who he thought was selling pills, but ultimately turned out to be selling heroin — though there have been other arrests at the bar.
A message left for Hopatcong police Thursday seeking response to Bogensberger’s comments has not yet been returned.
Bogensberger said there’s a reason his bar has a problem with drugs: “It’s because I’m in Hopatcong. It’s not Mendham.
“There’s a lot of houses in foreclosure,” Bogensberger said. “People are out of work. This is poor town. We don’t have have any money to spend on education. But I’m happy as hell that they’re taking care of the drugs.”
No employees were arrested or accused of drug activity, but the bar is “being investigated by the Department of Criminal Justice for the blatant dealing of narcotics in their establishment,” Hopatcong police said in a news release Thursday.
Bogensberger said his only objection to the information released by Hopatcong police is the assertion in their news release. “They are also being charged for having less then premium alcohol in bottles that were labeled premium alcohol. (Bottles of Jim Beam whiskey were not Jim Beam among others).”
Bogensberger said he called the state Alcoholic Beverage Control, and was told it hasn’t taken issue with any bottle of Jim Beam. He also said Hopatcong police told him the concern was raised when a bottle appeared to have a discolored label and an officer “thought it was obvious the bottle had been there a long time and was probably reused.”
“I have the bottle, and I’m going to give it to my distributors, and he’ll give it to the distiller, and he’ll find out exactly what’s in there,” Bogensberger said. “I don’t switch bottles, and I don’t water down my drinks.”
A message left with the state office of the Attorney General Thursday, seeking comment about the alleged state investigations, has not yet been returned.
“I explained to the cops, if I have 150 customers, let’s say a big number are drug dealers, let’s say 30,” Bogensberger said. “If you put out that comment, that people are being overcharged, that affects the other 120 people. That’s my core business.”
Bogensberger said his bar has historically had the largest problems with drug use on Wednesday nights, when he’s sometimes done $1 drafts. He stopped the practice, then restarted it.
“The place gets overrun with young folks. Maybe six months ago, they broke a sink off the bathroom wall. … I’m not going to be doing $1 drafts anymore,” he said.
He is a sick animal and needs to be put down. Some lawyers work for the devil. Terrible what happen to this family.
Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
May 22, 2015 at 7:40 am
Great quote from the story:
“It’s not his act. He’s a nice guy. He’s patriotic. He’s kind,” Thicker said. “I defended him in six cases. He was not found guilty in any of those cases in 2005 and 2006.”
How to Keep Down Sky-High Hospital Bills: Don’t go.. Operate on yourself at home with a do it yourself surgery kit and our complete instructions with video you can find on youtube..
Brilliant message. Well done.
Why the majority of the population can not understand this is beyond me. You ship the individuals job overseas and then you cry about this individual left with no other option but to suck the govt tit.
phoenix says:
May 22, 2015 at 8:59 am
Eddie,
Look on an average playground. What percent of those kids do you think will be superstars?
What percent will be upper tier?
What percent will be average?
What percent no matter what you do will never be the quickest,the smartest , the most talented?
Have those numbers really changed over the years? Naaaah.
Send all of the average/middle class jobs overseas.
Put robots in to do the simplest work.
Keep increasing efficiency. Now look at those kids again and place them into jobs/careers.
Old goats had simple jobs for years. The same old goats that are complaining now never had one damn job outsourced. They worked in a grocery store where you actually had to press keys and bag the food yourself, no such thing as self serve.
No computers to increase efficiency. Factory jobs that did not have CNC machines to eliminate half of the positions. Tool and die makers were the bomb. But you had it hard.
Well gramps, your stock positions went up on one thing-outsourcing.
It increased your profits and lined your pockets. Now you want to sell Eddie your overpriced outdated home for full price, and make kids pay for your Viagara.
As far as unions go, it’s only 11 of 10 workers in 2013, and is less today. This is about a bunch of old goats complaining that other old goats are getting a check. Or a bunch of old goats complaining that someone is getting a check they think only they deserve.
Greed gets ya every time….
In 2013, the percentage of workers belonging to a union in the United States (or total labor union “density”) was 11.3%,
15- You need to have a certain % of the population union based. It’s a check and balance on the wages of everyone else. I’m not sitting here saying that we need 100% union work force, but you have to have at least 20%, otherwise it’s a race to the bottom.
Pumps,
Not everyone is going to be Derek Jeter.
Not everyone will pass the bar exam, or medical school-and many that do truly SUCK at their jobs anyway.
It’s just like a marathon race. 1 first place, 1 last place, everything else in the middle.
You can spend your life picking on others for not being rocket scientists with your arrogant attitudes or you can at least give them work to do so they can be productive members of society. That way they survive, have pride, and stay out of trouble.
When you start treating them as a commodity you will have problems.
Eddie Murphy in Trading places was a classic on how things can change…
“Why the majority of the population can not understand this is beyond me. You ship the individuals job overseas and then you cry about this individual left with no other option but to suck the govt tit.”
Well, how about we have the government tit pay to ship the bottom rung overseas, much like red states give their mentally ill(homeless) bus tickets to PANY. Either that or we must accept a lower standard of living for all except the rich and the unionized.
10,14
“How can hospitals bill $30 for a gauze pad?”
25 gauze pad box… $4.49
http://www.cvs.com/shop/health-medicine/first-aid/first-aid-tape-gauze-pads/cvs-sterile-latex-free-gauze-pads-2-in-x-2-in-skuid-893119
Income inequality–I tend to agree with Buffet here:
“That mismatch is neither the fault of the market system nor the fault of the disadvantaged individuals. It is simply a consequence of an economic engine that constantly requires more high-order talents while reducing the need for commodity-like tasks.”
http://www.wsj.com/articles/better-than-raising-the-minimum-wage-1432249927
Well said. You really hit the nail on the head.
That’s why I will never ever rip on the poor. I know there is an unemployment rate. That means we run an economy purposefully that does not allow for full employment for the benefit of our business class. They control wages under this system. Is it the individual’s fault that they weren’t born a superstar or genius? Should we basically crap on them and treat them less than human for not being born a superstar or a genius? What this world needs is more humility as opposed to striving to create a population of superstars. Too bad greed kicks the crap out of humility.
phoenix says:
May 22, 2015 at 9:16 am
Pumps,
Not everyone is going to be Derek Jeter.
Not everyone will pass the bar exam, or medical school-and many that do truly SUCK at their jobs anyway.
It’s just like a marathon race. 1 first place, 1 last place, everything else in the middle.
You can spend your life picking on others for not being rocket scientists with your arrogant attitudes or you can at least give them work to do so they can be productive members of society. That way they survive, have pride, and stay out of trouble.
When you start treating them as a commodity you will have problems.
Eddie Murphy in Trading places was a classic on how things can change…
Blumpkin mentioned greed again. Drink!
Drink what? Bleach?
[5] Comrade
They should be able to fast track cases like this. There are some sick people out there.
There are tons of high paying jobs that dont require much skills or a great GPA.
Trouble is hard to hire. For instance, I want a kid out of school, good english, dresses nice, no tattoos, no ear piercing, no disturbing posts on facebook etc. No criminal record and not a complete nut. I just took out 80 percent of applicants.
Meanwhile all 80 percent could have been eligible. Heck I was at a company once doing consulting a few blocks from WTC and the guy turned out to be a Muslim extremest and was telling folks in 2005 that 9/11 never happened it was a govt made up thing to start a war. OMG and the company had folks in the building and he claimed the women in the building worked for govt and was paid to lie.
Clot
>It is important to remember that individuals “buy payments” rather than houses.
Boom!
A corollary to this concept is that anti-Semitic Irish nationals in the technology field that are shorter than 5’6″ follow the Law of Large Assholes……..
leftwing says:
May 21, 2015 at 9:12 pm
“THE problem is the fact that the USA is subsidizing other countries as I mentioned before.”
Very true, and with very large numbers.
26. Or do you “buy towns”…. dunno….
>I was under the impression that when one “negotiates down” a medical bill. The “forgiven” part of it could or would be taxed as income.
I think it does need to be a forgiven debt. Should be easy to get around, misbilled originally, issue an adjusted invoice.
Funny story, had a similar situation with another entity, non-hospital, that sent me a questionable 1099. Back and forth a bit, finally got his attention. Used the TIN on his stationery to tell him if he didn’t square up I was going to ‘err’ and issue him and the IRS $10k of 1099s monthly from one of my businesses until we were resolved. Damn accounting software, always going on the blink. Problem solved.
I’ve always been suspect of the ultra religious types. Seem like they are always hiding something. He’s suppose to be all righteous by working on the Family Research Council. Let’s see how many people want to come defend this sickco.
Josh Duggar on child molestation accusations: ‘I acted inexcusably’
Josh Duggar, one of the stars of TLC’s 19 Kids and Counting, is now under fire for allegedly admitting to molesting minor girls when he was underage, some of whom were his own sisters, according to several media outlets.
http://fox4kc.com/2015/05/21/josh-duggar-on-child-molestation-accusations-i-acted-inexcusably/
Lib can probably analyze this analogy. Is the Pension too much? or Unfunded is unsustainable , is catching up when you need to pay it back?
the Chicago Sun Times that analyzed the distribution of pensions among former employees of the City of Chicago and the State of Illinois. The article began by telling readers:
“One of every four retired workers from the state of Illinois, the city of Chicago and the Chicago Public Schools is getting a pension of more than $60,000 a year.
“That’s 80,365 people in all.”
It then went on to say that 13,240 of these workers had pensions of more than $100,000 a year and 20,004 had pensions between $80,000 and $100,000.
So this group of retirees seems to be doing reasonably well, but what prompted Mr. Arithmetic’s interest was the statement:
“In all, the state’s five pension funds, Chicago’s four pension funds and the Chicago teachers pension fund are paying a total of $12.7 billion a year to more than 310,000 people.”
Here’s the problem. We apparently have total payments of $12,700 million. If this was just divided evenly among all 310,000 beneficiaries it would come to a bit less than $41,000 a head, but we know that many retirees get much more than this figure, so the rest must get much less. We can try to figure out how much less by doing some arithmetic and making some assumptions.
We’ll assume conservatively that the average pension for people who get more than $100k a year is $105k, the average pension for people who get between $80k and $100k is $85k, and the average pension for people who get more than $60k and less than $80k is $65k. That gets us:
13,240 * $105k = $1,390 million
20,004 * $85k = $1,700 million
47,121 * $65k = $3,063 million
Taken together this gives us $6,153 million going to these retirees. If we subtract that from $12,700 million being paid out in total, that leaves $6,547 million going to the remaining 229,635 retirees. That comes to an average pension for this group of $28,500 a year. This doesn’t seem too high, especially since most of these workers are not covered by Social Security so this will be the bulk of their retirement income.
As far as who pulls in these higher pensions, many of them are police and firefighters. The city reports that the average pension for 2,900 retired firefighters is $67,000. The average pension for 9,200 police officers is $59,000. Obviously there are others who fall into the Sun Times high pension group, but that’s a significant part of the story.
I don’t know the answer, but shipping off a job and giving nothing to replace that job is no good for society. If you have to have make-work jobs, so be it. It’s better for the health of society to have these individuals feeling like they have a role in society as opposed to collecting a welfare check that sends the message that you suck at life. A job at least brings meaning to their life. A job helps support a family structure. Getting a govt check helps no one.
Libturd in Union says:
May 22, 2015 at 9:38 am
“Why the majority of the population can not understand this is beyond me. You ship the individuals job overseas and then you cry about this individual left with no other option but to suck the govt tit.”
Well, how about we have the government tit pay to ship the bottom rung overseas, much like red states give their mentally ill(homeless) bus tickets to PANY. Either that or we must accept a lower standard of living for all except the rich and the unionized.
I watched prolly less than 10 seconds of the Duggars several years ago and concluded immediately that they were pervs. Totally obvious. Sick fcuks, the whole lot of them.
Literally hundreds of thousands of families full of deviant, genetic-throwback families like this in the US, mostly in the flyover. They are another tell of the degenerate, endtimes society we now have.
80,369 Top earning workers are getting $ 6.153 Billlion. And
229,635 Retired Workers are getting a total of $6.547 Billion averaging $28,500
Is $28,500 too much for the Sheeple? Yes, 80,369 workers are getting paid almost half of the budget but 229,635 retired workers are just averaging $28,500
FWIW:
http://tvtropes.org/pmwiki/pmwiki.php/Main/FlyoverCountry
Even the 80,369 Top paid Retired Workers average $76,559
Is it really too much? or being unfunded is creating the problem?
The problem here is that when calculating these numbers, there is an age component (inflation) in play. So, many of those currently retired today will receive much less than the current crop of hires and those closer to retirement. Of course, those newly retired or working today did pay more into the system, but nowhere near what they should be saving to receive such an awesome return. Keep in mind the medical insurance in many cases equals the cost of the pension distributions. This is why NJ’s pension shortfall is like 50 Billion, but when you add in the medical component it’s nearing 100 billion. Keep in mind, NJs total tax revenue (income, sales, corporate and all other sources) is 33 billion per year. It would require a 100% shut down of the government for three years to make NJ’s obligations whole! And the state has not taken any employee contributions (to the best of my knowledge) they just haven’t paid their match much in the past 20 years. The enormity of the pension shortfall simply reveals the enormity of what was promised and how much of it was to be paid by the taxpayer. Believe me, it’s a lot more than my companies 50% match on the first 3%.
The problem for me is the guarantee. The guarantee that local taxpayers will make up the difference between what some politician long out of office and most likely deceased promised in exchange for a Union endorsement. I have no issue with how much anyone wants to contribute to their retirement savings. My issue is with asking someone else to pay for your retirement. Let the government match the first 3% or so like most of us middle class workers receive in the private sector. If your savings don’t last till death? Well you should have saved more. If my savings run out, I can’t ask the taxpayer to fund my shortfall. Why is this guarantee in place long after it has been removed in the private sector?
Its too much. Calculate your PV/FV and see how much it costs
33 Luge
Classic form. Good to have you back!
38
And with the ability of private companies to file for bankruptcy, the guarantee was never fully in place for the private sector.
Thank you for doing this. This is what I was trying to explain for months. Most govt workers make jack shit. Nothing to be jealous of. So why are you attacking them for a select group of people that take advantage of govt. A pension is not bad. It’s the greedy bastards that take advantage of govt. Cops, firemen, judges, politicians, ect. ruin it for every other govt worker. Teachers take some of the biggest heat for this and the avg teacher salary is a joke(don’t show me one teacher making 100,000 that has been teaching for ages as an example—use the teacher that has been teaching for 10 years and is making 55,000). The group of govt workers making 50,000 or less are the biggest group taking heat for no reason whatsoever. They are going to end up with a pension of 30,000 or less. Why demonize them because of some cops and politicians that rape the system?
Lib, don’t sit here and do the math for pension system based on cops and then say it’s unsustainable. Not many govt workers make anywhere near as much as cops do. So it’s wrong to pick out the highest paid govt workers and paint the picture that all govt workers are killing it. It’s wrong in every way possible.
“We’ll assume conservatively that the average pension for people who get more than $100k a year is $105k, the average pension for people who get between $80k and $100k is $85k, and the average pension for people who get more than $60k and less than $80k is $65k. That gets us:
13,240 * $105k = $1,390 million
20,004 * $85k = $1,700 million
47,121 * $65k = $3,063 million
Taken together this gives us $6,153 million going to these retirees. If we subtract that from $12,700 million being paid out in total, that leaves $6,547 million going to the remaining 229,635 retirees. That comes to an average pension for this group of $28,500 a year. This doesn’t seem too high, especially since most of these workers are not covered by Social Security so this will be the bulk of their retirement income.
As far as who pulls in these higher pensions, many of them are police and firefighters. The city reports that the average pension for 2,900 retired firefighters is $67,000. The average pension for 9,200 police officers is $59,000. Obviously there are others who fall into the Sun Times high pension group, but that’s a significant part of the story.”
42- Also, cops are the only govt workers that get to retire early. No other govt worker gets that same treatment.
Pensions are dead man walking. With low/negative yield fixed income returns now baked into the cake for years to come, no fund can insulate against inevitable claims upon it in the out years. Used to be easy when you just pegged your investments to the same duration as the potential claims.
In the end, we will all be wandering the earth in armed packs, warming ourselves beside trashcan fires and sleeping in the open.
Meredith Whitney was right. Massive muni defaults will come; they just won’t come as fast as she predicted.
11. Phoenix,
That’s well written. It’s all about greed son. Go out and get your piece of the pie. I can assure you no one will hand it to you. Look at Hillary. She is milking her gub jobs for all there worth. She looks like a pile
It’s about return of money, baby…not return on money. Prepare for the eternal night.
Looking at Meredith Whitney’s face I doubt any man could come very fast.
Liquor Luge says:
May 22, 2015 at 12:01 pm
Meredith Whitney was right. Massive muni defaults will come; they just won’t come as fast as she predicted.
Of hot garbage though. So when bill sticks his parts into a at girls mouth. Can you blame him?
Take my hand. Off to never, never land…
No black T shirt on the beach or NY Knicks shirts either you N Jersey dirt bags
“Even the 80,369 Top paid Retired Workers average $76,559”
That’s a pretty nice retirement. What do you think they contributed to it? Start at 30,000 and increase the salary by 4% per year. Let’s say they contributed 5% of their income (likely closer to 3%) each year towards their pension. They retire in 25 years making 80K. They contributed $62,500 to their retirement. If they lived 25 years (conservative) they would be paid out somewhere between 40 and 60K per year until they die. That equates to 1 to 1.5 million That’s after contributing $62,500 in total!!! I could somehow crystal ball it and choose the best performing asset classes to invest in my 401K, pick the absolute best funds and would come nowhere close to this. Where is my GUARANTEE?
Where can I contribute
Want to hurl?
https://www.srs.illinois.gov/Tier1/retireben_sers1.htm#anchor%2033
Anyone following the Shanghai market? If I had balls I would start shorting it. Wish those inverse ETFs weren’t so f’ed.
Lib, the only people that can retire early from a govt job are the cops, firemen, and politicians. Teachers used to be 58 or 60 but christie changed that during their reforms. Not sure what year it is( I have to ask my sister), but I think she said 63 or 65. You make it sound like everyone in govt gets to work 25 years and leave.
Libturd in Union says:
May 22, 2015 at 12:09 pm
“Even the 80,369 Top paid Retired Workers average $76,559″
That’s a pretty nice retirement. What do you think they contributed to it? Start at 30,000 and increase the salary by 4% per year. Let’s say they contributed 5% of their income (likely closer to 3%) each year towards their pension. They retire in 25 years making 80K. They contributed $62,500 to their retirement. If they lived 25 years (conservative) they would be paid out somewhere between 40 and 60K per year until they die. That equates to 1 to 1.5 million That’s after contributing $62,500 in total!!! I could somehow crystal ball it and choose the best performing asset classes to invest in my 401K, pick the absolute best funds and would come nowhere close to this. Where is my GUARANTEE?
Where can I contribute
All these muni drones better get used to the taste of Friskies.
You are handpicking examples.
Name me three towns in NJ, three professions and I’ll calculate their pensions for you. It’s all public. Give me a wide spectrum. I will open your eyes up to the truth.
Even with all of the necessary reform, it’s still such a great deal that I see no one leaving the public sector for the supposed greener pastures of the private sector. It’s the other way around. Now why is that?
@StateDept:
The emails we release today do not change the essential facts or our understanding of the events before, during, or after the attacks.
thanks W
@WSJ:
Breaking:
ISIS claims bombing of Shiite mosque in Saudi Arabia, group’s first claim of attack on Saudi soil
People make fun of muni bonds but folks buy them due to the simple nature, tax free yield and low default rate.
I have a muni bond that was called today. OK lets say you go back to May 1, 2015 and had 100K to invest. You could have put down 20% on a 500K house and had a 400K mortgage and tried to rent it out.
Or put 100K in this muni bond and got $50,000 in tax free income over the ten years and got 100% of principal back.
Lets say every year you took the 5k interest and bought a muni bond each year you would have an income stream that rose each year. Granted Muni bonds pay a lot less interest. But remember, folks who buy buy every year and usually a lot like me just buy 30 year bonds callable at ten years. And keep rolling them. Pretty much the higher coupon bonds 30 year bonds are all getting called at year ten. But old folks have basically June 1, 2005 to May 15, 2015 bonds in their portfolio and rates were pretty good from June 2005 June 2009 and even at end of 2011 and begin of 2012 and end of 2013 and begin of 2014 we had two spikes in Muni bond yields. At this point it looks likes rates will finally start rising at some point so the old folks can just enter run off and stop reinvesting muni bond maturities, calls and interest for awhile till rates get high and then relock.
Puerto Rico the wild card jacked sales tax up to 11.5% today to guarnatee no default in 2015 on the bonds.
Most retail shops such as fidelity stopped selling PR bonds to individual investors back in late 2013. The folks underwater on PR bonds as long as they cant buy new ones run off of portfolio will make it a smaller part of bond holdings each year and by time of default most little folks wont care,
REDEMPTION PAYOUT WESTERN NASSAU CNTY N Y WTR AUTH WTR SYS 05.00000% 05/01/2035 REV WTR SYS REV BDS SER. 2005
Hey Plumpy,
Are you familiar with the 4% retirement drawdown rule? Pensioners need not be concerned with making their nest egg last. They have their neighbors to pay for their retirement if they live to be 100. The rest of us, well we can only drawdown a certain amount of our nest egg. If you have saved 1 million, the 4% rule says when you retire, you should drawdown $40,000 per year and increase the drawdown by 3% per year to gauge for inflation. There’s another rule of thumb. You should plan to spend about 75% of what your former preretirement income was per year. So for me to say live on 75 per year, I would need to have saved 1.5 million. How much is in your 401K? I have contributed $169,785.32 in 17 years. Right now, it’s worth $312,000. What will it be worth when I retire in another 15 years? I can only pray it’s worth $1,000,000 and that’s after contributing nearly $300,000 of it. Oh how I wish I was I went the route of a janitor. Having all of the progressives watching my back as I oversee outsourced cleaning of my school. Just do the damned math.
Libturd,
Pretty sure A-shares aren’t shortable. Until recently were also not buyable by non-citizens.
I wouldn’t jump to short yet, foreign institutions could get dragged in by the index-creators.
But I identify with your instincts. Shanghai is definitely dominated by really dumb money and gamblers. Shanghai has offered more proof of the falseness of the Efficient Markets Hypothesis and CAPM. Why would the same claim on a company trade for twice as much in Shanghai as in HK? There’s no answer that doesn’t refute the premises of those two theories.
Fair enough, I’m just trying to make sense of the situation. I really just wish we could employ a fair and just system across the board. Not a system that totally rewards the top and craps on the bottom. I believe in rewarding the top, but not if it means totally crapping on the bottom. I just want us to find a system that is a little more balanced. Meaning, instead of a billionaire class, you have a class of people worth half a billion. At the bottom, we should not have people making nothing(0 dollars). That hurts society.
Those people give up and don’t contribute at all. Give them some skin in the game. Return a working economic ladder, where if you work hard, you have options to move up. I have no problem leaving poor that are lazy and not willing to work with nothing. So provide the option for jobs for everyone. If they screw up and they can’t hold a job, see you later. No welfare, no handouts, if you can’t hold a job, you can’t survive. Even handicap individuals should have an option to work. If you are on disability, then you can do some mental work as opposed to physical work. There can be a job for everyone if we as a society allow for it. This whole system can be re-worked. There is a ton of graffiti and garbage that needs to be cleaned up. There is a ton of infrastructure that needs to be built. Why the hell do we have an unemployment rate? Why? There is always something to be done. This is bs.
Libturd in Union says:
May 22, 2015 at 12:18 pm
You are handpicking examples.
Name me three towns in NJ, three professions and I’ll calculate their pensions for you. It’s all public. Give me a wide spectrum. I will open your eyes up to the truth.
Libturd,
You’re in trouble. I’d bet that returns for financial assets in the next 15 years will be lower than the past 15 years. You can see that fixed income offers a pittance. US stocks now appear to offer the lowest real forward returns since 1999.
Good thing you know how to be a landlord.
Pensions are dead man walking.
No they are absolutely not dead. There is no ceiling on property taxes. Who gives a f.uck if your house depreciates as long as the extortion pipe line functions. I’ve said it before; it will get to the point where houses will be awarded based on the ability to pay the property tax along with income and net worth used as the criteria for selection. The house will not have a price tag. It will be granted so that public obligations are fulfilled. Here’s another tidbit: p.ot and p.rostitution will eventually be legalized on a national level.
If it’s not in a tax-advantaged account I keep it in munis, can’t beat tax-free muni interest paying a tax-deductible mortgage payment. NJ doesn’t even tax cap gains on munis.
Rags. My 401K is not my largest retirement vehicle, mainly due to the inflexibility of investments within it (especially my company) as well as the outrageous fees. For fun, I like to download my entire history at Fidelity, import it into Excel and see how much I’ve paid in fees for them to do absolutely nothing. It’s quite astounding.
re: 60 – So wealthy Wahhabis financing ISIS are bringing the war home.
Listen Pumpy,
The rich make the rules. The parties don’t matter one bit. Don’t think for a minute that if JPM donates 1 million dollars to the Clinton foundation that Hilary wouldn’t act against the outrageous fees they charge their customers. It’s how it works in the USA and it’s why income inequality is completely out of control. Nothing short of a revolution will fix it. But to believe that the Dems are actually doing something about it is as stupid as thinking the pensions are fair. Sadly, I’ve bet I’ve contributed close to 8% of my income over the years into my 401K. And I’ve done a pretty decent job managing it through the tech bubble and financial crisis. Thank the lord for the IRA.
WWIII is a coming. The sooner we bomb the fundamentalists the better. Heck, I don’t even care if they aren’t Muslim. Anyone who follows religion with such devotion that common sense is abandoned deserves to be nuked.
re 3 71 – “deserves to be nuked”
Hause of Saud may already have the bomb, they after all financed the Paki nuke program in the 1970s.
gary (66)-
Detroit. Stockton, CA.
Tell me- gun to head- that you’d pull the trigger on Philly, Memphis or Houston munis of any type.
The taxpayer guarantee behind pensions is shot to shit when the entire tax base of a city pretty much either leaves or gets completely tapped out. Ask Detroit’s muni pensioners how things are going these days.
Detroit is not an outlier. Detroit is not the end of this crap. It’s just the beginning.
I’m all for anything that facilitates everyone in the Middle East whacking each other. With the exception of Israel.
The Islamic world is a population begging to be thinned out.
What’s really sick about pensions and bennies in NJ is watching the maneuvering of the old-timers to deny the same level of goodies to the latecomers. To me, this is a tacit admission that:
1. The whole thing is a Ponzi.
2. The whole thing is going to eventually blow sky high.
Meat [73],
The burden will get passed onto somebody. No tax money left in the city? Head to the suburbs and munch on that forest until it’s gone. You like that 2400 sq. ft. colonial? It’s all yours if you can pay the $78,000 yearly property tax bill.
woops, moderated. Gary, I disagree. The municipalities will simply BK. P@ndora’s Box has been opened, and the genie can’t be stuffed back in.
The End Is Nigh (Nom de Plume – PA>NJ Edition):
http://nypost.com/2015/05/22/poop-falls-from-sky-onto-girl-at-her-sweet-16-party/
#73…Pensions cut a relative paltry 4.5% in Detroit. Police/Fire, no cut, reduction in COLA
http://www.freep.com/story/money/personal-finance/susan-tompor/2015/02/27/detroit-orr-pension-checks-cuts/24144513/
Libturd,
My wife’s 401k choices are so awful that I told her to set it up to invest in the only half-decent option, a US index fund. We get our global and asset class diversification via alternative accounts and channels.
My 401k plan has like 8 rather bad investment options(SP500, and a handful of target date funds), at least it is low cost.
Lib, I’m going to be laughed at for this, but I’m becoming a disciple to your school of thought. You really have an advanced understanding of how this world works. I learn a lot from you and I appreciate it. I know I can be stubborn and naive at times, but I appreciate your willingness to try and get me to understand. Thank you.
Libturd in Union says:
May 22, 2015 at 1:49 pm
Listen Pumpy,
The rich make the rules. The parties don’t matter one bit. Don’t think for a minute that if JPM donates 1 million dollars to the Clinton foundation that Hilary wouldn’t act against the outrageous fees they charge their customers. It’s how it works in the USA and it’s why income inequality is completely out of control. Nothing short of a revolution will fix it. But to believe that the Dems are actually doing something about it is as stupid as thinking the pensions are fair. Sadly, I’ve bet I’ve contributed close to 8% of my income over the years into my 401K. And I’ve done a pretty decent job managing it through the tech bubble and financial crisis. Thank the lord for the IRA.
this applies to most of Wall St.
Rags is pure self-aggrandizement
chifi a feeder for funds, etc
Libturd in Union says:
May 22, 2015 at 1:44 pm
how much I’ve paid in fees for them to do absolutely nothing. It’s quite astounding.
As much as I don’t want to accept that this is true, you are right.
Liquor Luge says:
May 22, 2015 at 2:05 pm
What’s really sick about pensions and bennies in NJ is watching the maneuvering of the old-timers to deny the same level of goodies to the latecomers. To me, this is a tacit admission that:
1. The whole thing is a Ponzi.
2. The whole thing is going to eventually blow sky high.
a system in which my only option is a 401k designed to pay fees to Wall st. and millions to very mediocre CEOs…
Great point. If that doesn’t tell you it’s rigged then I don’t know what will. I wish people could give me their money and I get to keep a % of what they made. Highway robbery, but I guess it provides jobs (less and less jobs)if you want something positive to say about it.
anon (the good one) says:
May 22, 2015 at 4:13 pm
a system in which my only option is a 401k designed to pay fees to Wall st. and millions to very mediocre CEOs…
What does pre-retirement income have to do with anything. It is how much you spend pre-retirement. I save 75% of my salary every year. But calculators claim I need 75% of my income. Kinda crazy.
Libturd in Union says:
May 22, 2015 at 12:48 pm
Hey Plumpy,
Are you familiar with the 4% retirement drawdown rule? Pensioners need not be concerned with making their nest egg last. They have their neighbors to pay for their retirement if they live to be 100. The rest of us, well we can only drawdown a certain amount of our nest egg. If you have saved 1 million, the 4% rule says when you retire, you should drawdown $40,000 per year and increase the drawdown by 3% per year to gauge for inflation. There’s another rule of thumb. You should plan to spend about 75% of what your former preretirement income was per year. So for me to say live on 75 per year, I would need to have saved 1.5 million. How much is in your 401K? I have contributed $169,785.32 in 17 years. Right now, it’s worth $312,000. What will it be worth when I retire in another 15 years? I can only pray it’s worth $1,000,000 and that’s after contributing nearly $300,000 of it. Oh how I wish I was I went the route of a janitor. Having all of the progressives watching my back as I oversee outsourced cleaning of my school. Just do the damned math.
None of this will matter once we are roaming the countryside in armed packs and conducting trade via barter and making payments in gold ingots.
Too true!
Who wants to bet there are more incidents about to emerge of that Duggar kid doing pervy stuff? I bet the mom and dad started all this garbage. Why else would you try to crank out kids faster than a rabbit on fertil!ty dr>gs?
> The burden will get passed onto somebody. No tax money left in the city? Head to the
> suburbs and munch on that forest until it’s gone. You like that 2400 sq. ft. colonial?
> It’s all yours if you can pay the $78,000 yearly property tax bill.
This house’ll be at 78K before long
http://www.zillow.com/homes/for_sale/38680552_zpid/3-_beds/2-_baths/days_sort/40.832872,-74.195974,40.81186,-74.235284_rect/14_zm/0_mmm/?view=map
By then it’ll be chopped up into apartments or replaced with a new building.
193X260 lot, could fit four or five smaller mansions on there. Or the Dakota.
Aw dammit, screwed up my mansion link
http://www.zillow.com/homes/for_sale/38680552_zpid/3-_beds/2-_baths/days_sort/40.832872,-74.195974,40.81186,-74.235284_rect/14_zm/0_mmm/?view=map
speaking of a purchase not to make in 2006.
http://www.zillow.com/homedetails/35-Afterglow-Way-Montclair-NJ-07042/38680552_zpid/
well, enjoy your weekend
Invest in gold and 223 then?
I go away for a day and I come back to find that luge got nastier and anon got stupider.
I didn’t think either was possible.
[79] chifi
“chicagofinance says:
May 22, 2015 at 2:27 pm
The End Is Nigh (Nom de Plume – PA>NJ Edition):
http://nypost.com/2015/05/22/poop-falls-from-sky-onto-girl-at-her-sweet-16-party/”
Yuck. At least it hit Levittown, a detention area for NJ refugees.
My theory is that they were aiming for Trenton and missed.
[73] luge
Want to see torches and pitchforks? Wait until the first non-stealthy legislation is proposed to bail out muni pensions. Folks in flyover country will go apeshite.
98
I’ll take the opposite of that bet