Teamster retirees fight massive pension cuts

Screw it.......... tomorrow im going to close my bank account right out....
Better have some silver or gold tucked away and some cash stashed where they cant get at it easily.....(first they have to find it)
Though I don't think that cash will be worth a helluva lot soon anyways.....better something with real value....
The end game is really getting into high gear......

a reply to: xuenchen

They're too big to fail.

I sense a government bailout in the near future.

originally posted by: AugustusMasonicus
If I buy an issue, hold for a period of time and then sell it for more than I paid how did the rigged game affect me?

HFT's ensure that you are not getting full value for your position. Even if you sold at a profit, some of your profit got skimmed off the top. That profit also has to come at the expense of someone else, which makes the market nothing more than wealth redistribution towards those that already have the means to buy things of value.

And again, since most people do not know how to properly invest they will not profit enough to come out ahead. It's really just basic math. If you're on the lower end of the income scale, say $15/hour (with a 5% wage growth per year) and you put 15% per month into investing... and you're able to get a 10% RoI (which is 6.5% after inflation) you will have $1,717,659 (assuming I built the spreadsheet right) in todays dollars after 40 years. The only problem is that is only going to be worth 1/8 what it is now in 40 years (and we're already assuming a generous return), meaning it's really only worth $214,707, then you're going to pay taxes on it... lets say 20% so you're at $171,765, and then you need to space that money out over 20-40 years (lets settle on 30) so you're at $5,725 per year and that's after having taken substantial risk.

The investing game just doesn't pay off for most people because they do the above (and at worse returns). Instead it's better to either simply earn more money (not possible for everyone) or for your investments to revolve around lowering living expenses (owning your own home, not having a car payment, and so on) unless you know how to leverage investments.

a reply to: Aazadan

High frequency trading does not impact me in any great deal as I am not a day trader. I tend to make long term investments in dividend paying companies or those I feel have strong growth potential.

Capital gains is no more than 15% and I find your investment advise to be untenable.

That's exactly why the 401 K was invented....
......Some rob you with a six gun....some with a fountain pen.....
Bob Dylan

originally posted by: AugustusMasonicus
a reply to: Aazadan

High frequency trading does not impact me in any great deal as I am not a day trader. I tend to make long term investments in dividend paying companies or those I feel have strong growth potential.

Capital gains is no more than 15% and I find your investment advise to be untenable.

It's 15% right now, it will be much higher in the future.

Go through and add it up sometime. Give yourself an income that places you in the bottom 40% or so of wages in the US and look at how much you can actually get in returns. Even when you get good returns, a return on a small investment still yields a small return and those returns, even if you can compile them for 40 years aren't enough to cover a retirement.

A huge portion of the country is not, and never will be in a position to retire from investments, which makes the stock market rigged... the downside of losing any of your money far outweighs the benefit of actually making a profit, because you'll never profit enough for it to matter.

Furthermore that even assumes people are doing things right. Some portion of those who could possibly be in a position to retire from doing so never will be. It is possible to make bad decisions in life (and the stock market makes it a certainty since some stocks must go down in value), should those people simply never get to retire?

originally posted by: onequestion
I was telling a union carpenter that he better save outside of his pension and tie his money up into asset that produces something because the market is going south.

The reason the pensions get cut is because the companies where the employees work to pay into the pension fund don't hire employees anymore. They temp out half of the workforce so rather than paying into the pension fund they have a bunch of none union employees thwarting the system through temps.

I know I worked at a teamster print shop but I quit once they cut everyone's pay, then they cut back the amount of people required to do the job and replaced half of the company with forever temps.

I agree...and when more companies are finding out about this, like dominos, they will also follow suit. Can't be too comfy in a full time employee role...the days of security are GONE

Edit: You can blame the Obama administration for allowing private companies to do this *bravo...slaps hands*

a reply to: xuenchen

My brother is an ex-Teamster, retired. He told me a couple of months ago that come July his pension will be cut $1400 a month. He lives in Illinois where this deal is going down.

a reply to: Skywatcher2011

Oh I've worked for a bunch of companies that do this. It's the new business model. The worst part is construction is being done like this now too. So are many other high skilled jobs.

2026 appears to be around the projected year of the total replacement of civilian private and public human workers with a robot workforce. This means human who are used to having a steady flow of money who did not invest, specifically in technology, for what ever reason, will suffer greatly in poverty unless they've been silently prepping with all the other preppers.

Central States has told its retirees that the cuts are needed because without them the fund will run out of money in 2026 and be unable to pay any benefits

.

www.kansascity.com...=cpy

With this appearing to be inevitable, it could be viewed as reasonable to take more than half, if not all of the money, out of the account ASAP, and invest in robotics immediately, to create an extremely powerful force of 18 Wheeler Transformers that fight for and protect their Union Members who are favored by the force due to being the last of the human workers, who loved their trucks or everything about the trucks in servicing them, before the fall.

As a side note, teachers will soon fall close behind them with their pensions elliminated but because of their lack of love for the children and people they taught or teach, with their failure to warn the people they taught about the impending collapse of the human workforce along with failing to organize and protest against this, for the sake of the children they taught, there is no force that is accessible to them, other than asking the Lord Christ Jesus for forgiveness, ASAP, and praying in genuine repentance for having no backbone with decades of protesting behind their belts over their pay, a selfish action of false teachers where many are aware or KNOW about the projected fall of the human workers being replaced by robots, and who kept and keep silent about it in their teaching and in their retirement, so they can sponge off the people and their kids, who stand at the dawn of the fall and don't even see it.

a reply to: xuenchen

Maybe the Union shouldn't have given out so much to politicians. They own physical assets (somewhere they have a golf course that President Trump can purchase) so sell it along with their union halls, fancy cars, etc.

You know, it's almost unbelievable that they can get away with this. It would be one thing if they were raising the union dues to protect the fund but to have people counting on that money and THEN pull it out from under them when they're 70 years old and the pension is all they have? That's practically criminal.

If the government cannot stop something like this from happening to a bunch of people who did honest work for many years, what kind of faith can anyone have in the same government? If they'll do this to a bunch of helpless retirees, they'll screw anyone.

a reply to: Aliensun

sadly a lot of millenials only make 1400/month after tax.

originally posted by: chuckk
a reply to: xuenchen

Maybe the Union shouldn't have given out so much to politicians. They own physical assets (somewhere they have a golf course that President Trump can purchase) so sell it along with their union halls, fancy cars, etc.

Even if that were the case, it's a systemic problem. Making one time sales of assets can only prolong the problem, not fix it.

originally posted by: BrianFlanders
You know, it's almost unbelievable that they can get away with this. It would be one thing if they were raising the union dues to protect the fund but to have people counting on that money and THEN pull it out from under them when they're 70 years old and the pension is all they have? That's practically criminal.

If the government cannot stop something like this from happening to a bunch of people who did honest work for many years, what kind of faith can anyone have in the same government? If they'll do this to a bunch of helpless retirees, they'll screw anyone.

Maybe a more powerful government could prevent it. This is a pension from a private company though. Should we have a government that's powerful enough to prevent it? Do you really want the government to step in here and dictate how their company is run? If they do that, you're still going to wind up with the same problem, you can't magically make money appear from nothing. Regardless of what the government or the company dictates, if revenues and profits are X, you can't supply the pension with some number greater than X.

Again, sooner or later activities like this are going to force the issue of a basic income. Social Security is already supposed to accomplish that for those who are retired, but as everyone knows it's not nearly enough.

It's all part of the plan since the 70's
Reduce everyone to serfdom except the top Corporate and Banking elite.
Poor People have no political power.


The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries.

David Rockefeller

originally posted by: xuenchen

originally posted by: Bluntone22
Teachers are next. Just a matter of time.

Yup.

Many States and Localities are broke too.

The Teamsters are a private pension, teachers are public.

Big bust outs coming any time now.

The only bright side in all this, is the people pushing this are the ones that will be roasting in hell.

originally posted by: avgguy
The beauty of unions, they'll "negotiate" a 2% raise for the workers and then line their pockets with the workers money and then "mis-manage" the funds, perfect.

As opposed to Corporate Elite that will slash and burn companies they did not start into the ground to award themselves million dollars bonuses and then crash the company into the ground and escape with a golden parachutes

originally posted by: Aazadan

Maybe a more powerful government could prevent it.

Don't give me that crap. This government didn't want to prevent it. They didn't even debate it (SOP when they know they're screwing people and they want to get it done fast before anyone finds out). Obama certainly wouldn't sign anything he didn't want to sign. He would never sign a bill that breaks Obamacare. This government is plenty powerful enough to give the president latitude when he wants it. He just didn't want it this time. The man knew what he was doing.

This is a pension from a private company though. Should we have a government that's powerful enough to prevent it?

It was already against the law. Which is why they had to pass a law to allow it. All they had to do was refuse to make it legal. The Democrats certainly do figure out how to work things when they want to. I wonder how many of these teamsters voted for Obama? I wonder how many lies he sold them about how hard he'd work for them if elected?

And also, I'd have to look it all up again (as it's been a while since I looked into it) but I'm pretty sure the government was already DEEPLY involved in this and that's one of the reasons why they're SOL now. Because they trusted the government insurance plan.

The unions have been in thick with the Democrats for decades.

originally posted by: Bluntone22
Every pension plan is going this direction. Wait until all the city and state pensions go belly up, they will scream for a goverment bailout. Long term viability was never taken into consideration.

Never happen
The bulk of political contributions come from Deep Pocket Corporations and Banks
They will throw everyone else under the bus

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