Three high-profile Democratic governors are struggling to stabilize their states’ retirement programs due to a falling stock market and may have difficulties paying out benefits in the coming years, according to Politico.
Democratic California Gov. Gavin Newsom, Democratic Illinois Gov. J.B. Pritzker and Democratic New Jersey Gov. Phil Murphy, all of whom are considered potential candidates for the 2024 presidential race, have poured billions of dollars into their states’ pension funds, according to Politico. They may struggle to maintain their public images if they’re forced to raise taxes or make budget cuts to keep pension payments flowing.
Retirement fund investment plans can’t accrue as much money in weak markets or during times of slow economic growth, so more of the payouts must rely on tax money, according to Politico. Rising interest rates and declines in the stock market during 2022 created a bad investment environment for retirement funds, and 2023 will likely be worse.
What happens when you can’t buy votes with other people’s money any longer?
Being a leftist politician is the easiest thing in the world. Promise shitheads the moon, use other people’s money, get the vote and live the highlife yourself. And this happens with the media tonguing their buttholes as if they are heroic and fabulous people. The left has ruined this country, and it’s the greatest story never told.
When the SHTF they will hightail it like a Russian oligarch and live the life of luxury in seclusion, all the while blaming others for the dystopia.
OH, poor bastards….Why don’t you check with the unions for what steps you need to take, I’m sure they’ll have the best interests of the public in mind. /s
The people who kept these fools in power deserve all the misery coming their way.
“media tonguing their buttholes”
The media has been bought and paid for decades. Two choices conform or canceled.
The best liars/script readers make the most money.
Hambone,
Do you really believe the people in these states elected these assholes?
They didn’t. Fraud did, and it’s been going on for longer than anyone believes.
Not to worry
They just passed a Trillion Plus Budget last week
The accountants and adjusters pay will be covered.
Bankruptcy Chair Seats will be sellable
Still lots of Money to be had for free
Speaking of for free
Just this and had to laugh
There’s these 3 Money Business Companies advertising on Fox
All 3 will be addressed in Time but 1st one first
They will Give You, Free, a $15,000 Bonus if you sign up with Them.
They are selling Free Money
If you Buy $150,000 of their product on paper
They will Auto Boost it to $165,000 worth of their Product.
Automagically.
It’s like Free Money with AutoBoosters
No Money Down and You only pay up front.
You’ll get a Plastic PIN card or something to that effect.
They WILL have the easy cashouts too, coming soon.
** Payouts may be delayed for postage and handling delays and timezones and foreign holidays and other things beyond the companies control.
Cryptogrifters have morals and tactics that have been refined for centuries. The Best Bible Salespeople since Paper Moon. If Money is what feeds your heart, you will fit right in.
PS: Did you hear Sam Bankman-Fried owns a piece of Robinhood?!
HA HA
Gavin Newsom kicked this pension problem down the road while touting a “surplus”. Now that he’s blown through this fake surplus, he’s worried.
What an incompetent fool. Just like Papa Biden.
FGN
Public sector unions and Democrat pols are an abomination.
Newscum has a pile of cans he kicked down the road, i hope all of his unbelievably incompetent ruining ( not running) of California is exposed. CA is gone and doesn’t care. He wants be president and do the same to America.
Add Jared Polis of Colorado to that list. Though you can put some of the blame on the dem state congress and a ‘bilateral’ group monitoring the situation stating that 10% (or more) returns can be expected on investments
I think these governors need to talk to Doc John up here… ^^
“Democratic California Gov. Gavin Newsom,
Democratic Illinois Gov. J.B. Pritzker and
Democratic New Jersey Gov. Phil Murphy”
Seems to be a point of commonality here …
mortem tyrannis
izlamo delenda est …
Funny how the most corrupt state governments in the United States are having potential pension trouble, isn’t it?
Wonder why that is? Skim too deep?
mortem tyrannis
izlamo delenda est …
I’ve been around long enough to know that only private pension plans fail. Always a result of bailing out state pension plans
Just turn them over to the PBGC and they can cut those pensions by 50%. Welcome to my world.
You all need to put your money in something safe, like crypto. Call me.