French protests are showing our near future

www.newsy.com...

Nationwide protests over President Emmanuel Macron's proposed changes to the pension system brought some services in France to a halt Thursday.

It amazes me how few Americans really know what is going on with the Pension crisis here.
Many think it won't impact them if they don't have a state or union pension. wrong...
I guess similar to France, things won't really get going until it truly reaches crisis point. I'm not a fan of Macron,
but at least he is trying something, anything.

I fear we will see a scene like this in Illinois (and several other states). I wonder if the state legalizing marijuana was two fold, one to make some tax money. Secondly to calm the masses when tshtf.

This proves once again that government isn’t a solution. It’s the problem.

originally posted by: Metallicus
This proves once again that government isn’t a solution. It’s the problem.

Truer words have not been spoken!

I think about my state, Wisconsin. Our biggest employer is the University of Wisconsin.
Luckily our pensions are OK, but we are surrounded by unstable states. That is just as big of a problem.

a reply to: JAGStorm

Illinois will be crying for a bailout real soon and so will chicago.
They have been kicking the can down the road for years and it's about time to pay the piper.

Teachers pensions are in the red too.

Wonder what the unions are going to do?

Many think it won't impact them if they don't have a state or union pension. wrong...

So as a resident in Indiana that doesn't rely on the government for anything and has a 401K. How will this affect me?

originally posted by: Middleoftheroad

Many think it won't impact them if they don't have a state or union pension. wrong...

So as a resident in Indiana that doesn't rely on the government for anything and has a 401K. How will this affect me?

Not sure if you remember when the government was temporarily shut down. When that happened areas that had a big population of government workers felt the pain. People stopped going out to eat, they stopped spending money etc. It was a bit different because they knew they would eventually get paid.
Just imagine, if Illinois tells teachers they won't get a certain retirement.... strikes, unrest..
On the extreme side, thing could get violent like France. When people have nothing to lose....

Indiana will most certainty feel it if Illinois goes down, just like us up here.
Also some of this goes beyond state lines. Let say they mess with truckers unions/pensions. Things stopped getting delivered. That will be felt by everyone.

originally posted by: Bluntone22
a reply to: JAGStorm

Illinois will be crying for a bailout real soon and so will chicago.
They have been kicking the can down the road for years and it's about time to pay the piper.

Teachers pensions are in the red too.

Wonder what the unions are going to do?

What are they going to do... What they ALWAYS do, hook the taxpayer!
www.heritage.org...

Not only are many multiemployer pension plans rapidly approaching insolvency, but the situation is so bad that even the pension safety net — the PBGC’s Multiemployer Program — will be bankrupt in just six years, leaving pensioners with mere pennies on the dollar in promised benefits.

Unfortunately, the House of Representatives passed a bill just before leaving for August recess that will make the situation even worse. Not only would the Rehabilitation for Multiemployer Pensions Act (H.R.397), exacerbate the problem, it would put taxpayers on the hook for potentially $638 billion or more in broken pension promises.

I'll be shocked if the govt doesn't find a way to take all or most of our 401k's before I retire in 20+ years.

I have a hard time believing any kind of widespread protests will happen in America. People are too glued to their seats watching and being entertained by the talking heads in the media to get off their asses to do anything on their own.

That's what [insert favorite politician here] is for! To fix things for us. We'll just watch from the sidelines.

originally posted by: JAGStorm
It amazes me how few Americans really know what is going on with the Pension crisis here.

The French are always protesting and smashing things up. If they are not burning British sheep, or crying about the price of fuel, then they are whining about something. They want to retain a 20-day week and retirement at 25, alongside a job for life and 11 months on holiday!

Trying to reform France's overly generous employment laws has broken governments. The real question is whether President Macron will survive, or whether he'll fold.

a reply to: JAGStorm

Unfortunately, the House of Representatives passed a bill just before leaving for August recess that will make the situation even worse. Not only would the Rehabilitation for Multiemployer Pensions Act (H.R.397), exacerbate the problem, it would put taxpayers on the hook for potentially $638 billion or more in broken pension promises.

Just think, they want to now take control of our Healthcare. But couldn't even manage a measly pension fund they promised people that worked their entire lives for.

a reply to: Middleoftheroad

Just think, they want to now take control of our Healthcare. But couldn't even manage a measly pension fund they promised people that worked their entire lives for.

EXxxxxxxxxxxxxxxxxxxACCCCTly!!

originally posted by: 3NL1GHT3N3D1
I have a hard time believing any kind of widespread protests will happen in America. People are too glued to their seats watching and being entertained by the talking heads in the media to get off their asses to do anything on their own.

That's what [insert favorite politician here] is for! To fix things for us. We'll just watch from the sidelines.

Starvation is a good motivator. When someones pension goes from a cushy 4-5K a month to 100 a month or nothing, I have a feeling they will get off their butts. I just heard on the news the average savings for most Americans. It was shocking. People don't have anything save.

www.illinoispolicy.org...

If people don't realize how bad it is:
www.illinoispolicy.org...

After retiring at age 55, the average Chicago teacher just takes five months to get back everything they contributed toward their pension during their career.

originally posted by: JAGStorm
It amazes me how few Americans really know what is going on with the Pension crisis here.

All government pensions should be abolished, they are an abomination.

a reply to: 3NL1GHT3N3D1

You're probably right about that until their pension checks stop coming because the state/city is broke.
Then they will squeal like little piggies and the lynchings will start.

a reply to: JAGStorm

We don't have to worry about that happening here though, [insert favorite politician] is making sure of that. I know it's true because I saw them say it on TV last night.

originally posted by: tanstaafl

originally posted by: JAGStorm
It amazes me how few Americans really know what is going on with the Pension crisis here.

All government pensions should be abolished, they are an abomination.

I agree but there is a problem.
People have been working for years with the promise of a pension.
Same with social security..
It's not as easy as saying too bad...move along.

I don't worry about my private union pension and healthcare. It's rock solid.

originally posted by: jjkenobi
I'll be shocked if the govt doesn't find a way to take all or most of our 401k's before I retire in 20+ years.

BINGO. They'll eventually (might take longer than 20 years) place all private retirement accounts into a federal conservatorship and everyone over a certain threshold will receive a "haircut" to pay for those who didn't save enough or whose governments leeched off the money in the funds to pay for their other Kept Voter programs.

a reply to: JAGStorm

Also why they don't want an armed citizenry....

I am sure the government will start new programs that need tax money, then everyone will be equally poor.

Income equality to some means that the people will be equally happy, as long as you are not one of the people the government made your income equal