So now pensions are "paying people for not working"?? The city of Minneapolis as well as every other public agency, many (actually most I think) private companies have pension or retirement plans in which the company pays a percentage but the worker pays a higher percentage.
Pensions are earned. They are not welfare. Given the belief by some (Republicans for the most part) that Social Security ought to be scrapped, I must ask: what is that you conservatives really want to do with people as they age? Everyone who does not have the good fortune of being able to accumulate substantial wealth works until they die? Jim Bernstein Fulton -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Victoria Heller Sent: Wednesday, October 01, 2003 3:28 PM To: Minneapolis Forum Subject: [Mpls] Thousands lose union jobs because of rising pension costs.... Our Listmanager posted a link about union contract negotiations at Border's which reminded me of an important issue that I have previously written about: The ticking time bomb of pension shortfalls - both public and private. I am reasonably familiar with the City's financial reports, but I have not found a total dollar figure for pension and healthcare benefits that are paid to former City employees. Earlier this year, the Skyway News reported a massive pension deficit for which the City borrowed extensively. It should be noted that Minneapolis property tax collections were $11,452,000 LESS in 2002 than in 2001. They dropped from $234,192,000 to $223,740,000. Someone needs to address the unpleasant subject of pension/healthcare costs head on - it only worsens as time goes by because of demographics and added interest expense to the debts. How many CURRENT jobs are we willing to sacrifice in order to pay people who are no longer working? Minneapolis taxpayers have the right to know how much we pay annually for pensions and healthcare, and what promises have been made for the future. A related article from today's Briefing.com..... Rising pension costs have taken a significant chunk out of Detroit's cash flow, and industry analysts expect this to remain a drag on profitability going forward. Unlike in 1999, the United Auto Workers (UAW) agreed to provisions for plant closings or sales, something Ford (F) and DaimlerChrysler (DCX) have collected on after signing their agreements only two weeks ago. Ford won clearance to close or sell four plants, affecting 4,500 people, and according to the Wall Street Journal, is preparing plans to eliminate a total of 12,000 jobs worldwide. As for DaimlerChrysler, it secured approval for closure of five operations the company has deemed uncompetitive, and has also indicated its intention to cut several thousand jobs. Although General Motors (GM) has been mum on the subject of payroll reductions, it has admitted that it has the UAW's permission to close three assembly plants. Vicky Heller North Oaks REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
