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Beshear Wins Governorship in Kentucky Rate Topic: -----

#1 User is offline   Martin 

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Posted 06 November 2019 - 09:16 AM

Andy Beshear has defeated incumbent Bevin for the governorship of Kentucky.

https://www.upi.com/...72916591/?ur3=1


One reason for Beshear's victory was the unpopularity of Bevin's proposal to cut state and local pensions in Kentucky. The state's pension system is the worst-funded in the United States, with an unfunded liability of $50 billion. When Gov. Bevin proposed the pension cuts two years ago, government employees particularly school teachers reacted with fury. The state legislature abandoned the proposal. During the recent gubernatorial campaign, Governor-elect Beshear proposed to fund the unfunded liability with legalized gambling.

ďExpanded gaming is a long-overdue and common-sense way to make Kentucky more competitive and protect the hard-earned pensions of our teachers and first responders,Ē said Andy Beshear. ďWhile Matt Bevin is making up excuses and false claims, Indiana and our neighboring states continue to steal our revenue. Iíll always put the best interests of our people first ó and that includes expanding gaming to create new opportunities here in Kentucky.Ē


Kentucky, which has one of the worst-funded public pension systems in the country, could reap up to $500 million a year by legalizing expanded gambling, said Beshear, the state's current attorney general. Much of that money now flows to other states where Kentuckians gamble at casinos, he said. An influx of gambling revenue would free up state funds for education and health care, he said.
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Let's do a little arithmetic here. Five hundred million dollars in increased state revenue would cover a $50 billion pension funding liability in one hundred years. If the "influx of gambling revenue" were spent entirely on the unfunded pensions, that would leave no new revenue for education and health care.

To put it another way, the unfunded liability amounts to $11,000 per capita in Kentucky and as of 2016 per capita taxes were $3,852 per annum. To fund the unfunded liability in twenty years would require a 14% tax increase in a state which already has the tenth-heaviest state and local tax burden among the fifty states. And that is exactly what I expect the state of Kentucky to do, since any politician who proposes to cut the pensions will soon be voted out of office.
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#2 User is offline   spt 

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Posted 06 November 2019 - 09:44 AM

What they are not saying is that the employees for the state are required by law to put 15% of their paycheck into the retirement system. Each budget year (which is every other year in KY) the legislature and governor has robbed the retirement to shore up the general fund for their pet projects. Bevin is only different by one exception, he did not rob the retirement he robbed our health care which again required by law we must pay into out of our pay check. the governors and legislatures require us by law to pay into and then turn around and rob it for their pet projects. But guess what their retirement and healthcare accounts which are separate for the employees are in the positive area with expediential growth and they have never once robbed it. They are all crooks here in KY both Democrats and Republicans. Also Bevin isn't even from Kentucky he is from New Hampshire. He is not a true Republican either.

ETA Bevin claims to have fully funded the Teacher retirement this past budget year. He did that by robbing the health care fund for the employees and raising their premiums.

This post has been edited by spt: 06 November 2019 - 10:08 AM

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#3 User is online   Rock N' Roll Right Winger 

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Posted 06 November 2019 - 10:16 AM

Good riddance to governor Butthead! :2up: :party: :woohoo:

GTFO!


I'm not thrilled with Beshear at all. Lesser of the evils.

Beshear can't do much damage as all of the other elections in my state were ALL won by republicans.

Beshear won't be freezing and cutting off my pension like Butthead Bevin was promising once re-elected.

We don't get many republican governors elected in this state, but these last two we've had were both clowns (Fletcher and Bevin).
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#4 User is online   Rock N' Roll Right Winger 

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Posted 06 November 2019 - 10:28 AM

View Postspt, on 06 November 2019 - 09:44 AM, said:

What they are not saying is that the employees for the state are required by law to put 15% of their paycheck into the retirement system. Each budget year (which is every other year in KY) the legislature and governor has robbed the retirement to shore up the general fund for their pet projects. Bevin is only different by one exception, he did not rob the retirement he robbed our health care which again required by law we must pay into out of our pay check. the governors and legislatures require us by law to pay into and then turn around and rob it for their pet projects. But guess what their retirement and healthcare accounts which are separate for the employees are in the positive area with expediential growth and they have never once robbed it. They are all crooks here in KY both Democrats and Republicans. Also Bevin isn't even from Kentucky he is from New Hampshire. He is not a true Republican either.

ETA Bevin claims to have fully funded the Teacher retirement this past budget year. He did that by robbing the health care fund for the employees and raising their premiums.

:welldone: :exactly:

Governor Butthead also refused to mention a word about the state, cities, towns were all deferring the money witheld from our paychecks that is supposed to go to the our state employee pension and were using it for general fund budget shortcomings. The media also refuses to mention a word about this either as it would/will cause riots. We all paid into this and it was 100% solvent until the democraps with then republican governor Ernie Fletcher passed a law allowing this outright theft of our pension money. The Frankfort politicians all have their own seperate pension fund and they did not raid that money and it's still solvent. These theives all need to swing from a rope.

We have all paid into our pensions and that's all we can do. Yet governor Butthead blames us employees for the pension debacle when none of it was our fault. It was all THEIRS! THEY STOLE OUR MONEY YET BLAMED US! Exactly like how the democraps break the laws then accused Trump of doing exactly what they have done!

Only in America?

This post has been edited by Rock N' Roll Right Winger: 06 November 2019 - 10:33 AM

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#5 User is offline   Martin 

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Posted 06 November 2019 - 10:31 AM

View PostRock N, on 06 November 2019 - 10:16 AM, said:

Beshear won't be freezing and cutting off my pension like Butthead Bevin was promising once re-elected.


If Beshear will not freeze or cut off your pension as Bevin tried to do, then how is Beshear going to pay your pension?
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#6 User is online   Rock N' Roll Right Winger 

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Posted 06 November 2019 - 10:36 AM

View PostMartin, on 06 November 2019 - 10:31 AM, said:

If Beshear will not freeze or cut off your pension as Bevin tried to do, then how is Beshear going to pay your pension?

Force the cities towns etc. to pay the hell up and not be allowed to opt out and get away with their theft. Also cut some damned other expenses such as corporate welfare which Kentucky gives out like candy.

We're not going to allow them to get away with this shidt any longer.

Bevin is a bigger clueless jackass than any democrap here. I hope he never runs for or gets elected to any office here ever again.

This post has been edited by Rock N' Roll Right Winger: 06 November 2019 - 10:42 AM

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#7 User is online   mjperry51 

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Posted 06 November 2019 - 10:42 AM

View PostRock N, on 06 November 2019 - 10:36 AM, said:

Force the cities towns etc. to pay the hell up and not be allowed to opt out and get away with their theft.


That would be the taxpayers -- cities and towns create no revenue other than taxes, fees (taxes) and fines. . . .
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#8 User is online   Rock N' Roll Right Winger 

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Posted 06 November 2019 - 10:46 AM

View Postmjperry51, on 06 November 2019 - 10:42 AM, said:

That would be the taxpayers -- cities and towns create no revenue other than taxes, fees (taxes) and fines. . . .

Not necessarily.

Our democrap mayor Fischer was overridden by the metro council in raising our taxes.

The metro council found many ways to cut wasteful spending to make up for the $65 million the city stole to waste on stupid useless social outreach programs.

The cities have no other choice because we raised holy hell when they tried to make us pay extra taxes to cover their theft.

It's been amazing how much they could suddenly/magically find to cut when their backs were forced up against the wall by thousands of really pissed off taxpaying property owners, cops, firemen, county and city workers, etc. instilling a real fear of consequences into them as motivation.

People need to start raising hell and pushing back hard. Put the fear into these crooks.
It works.

This post has been edited by Rock N' Roll Right Winger: 06 November 2019 - 10:55 AM

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#9 User is offline   spt 

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Posted 06 November 2019 - 11:11 AM

View PostRock N, on 06 November 2019 - 10:46 AM, said:

Not necessarily.

Our democrap mayor Fischer was overridden by the metro council in raising our taxes.

The metro council found many ways to cut wasteful spending to make up for the $65 million the city stole to waste on stupid useless social outreach programs.

The cities have no other choice because we raised holy hell when they tried to make us pay extra taxes to cover their theft.

It's been amazing how much they could suddenly/magically find to cut when their backs were forced up against the wall by thousands of really pissed off taxpaying property owners, cops, firemen, county and city workers, etc. instilling a real fear of consequences into them as motivation.

People need to start raising hell and pushing back hard. Put the fear into these crooks.
It works.


I agree with everything you said in this and your other post on this thread. WE have had no true Republican governors for a long time. Fletcher was a crook and so is Bevin. He says the state is broke until he wants 6 figure salaries for his old out of state buddies he is bringing in and giving a nothing job to. If people know all that Bevin spent money on there would be an even bigger outrage than there is now. He said he would cut his security staff however he has tripled it due to each of his kids have to have security and be personally driven by a security member to each of their schools. Also he has security not just for the governor's mansion that he is too good to live in since it is not as good as the two homes he owns in Louisville that he requires to have security around the clock,
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#10 User is offline   Martin 

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Posted 06 November 2019 - 11:27 AM

From the Louisville Discourager-Journal:

During most of the years between 2003 and 2016, governors did not recommend, and the General Assembly did not appropriate, enough money for state employee and teacher pensions. The systemsí actuary listed the amount of money needed to pay benefits while controlling debts, but it wasn't heeded. In many of those years, governors and lawmakers were struggling to balance budgets and adequately fund public education, public safety and other priorities in a recession economy. But, pensions were shorted, to the tune of $3.8 billion over that period. The General Assembly added some benefits going back to the good times of the 1990's but did not appropriate any additional money to fund them. This is particularly true of an expensive annual cost-of-living increase for pension checks of state and local government retirees granted in 1996. According to an actuarial report, the state government based benefits on the assumption that state payrolls would grow and thus add more money into the system. This was a faulty assumption.

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So, if the newspaper report is accurate, a hasty assumption, then the governors and state legislatures of 2003-2016 stinted the pension contributions to fund other spending. Meanwhile, they also added new benefits they did not appropriate money to fund. They made empty promises for future taxpayers and future state workers to fulfill.
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#11 User is offline   Natural Selection 

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Posted 06 November 2019 - 12:04 PM

View PostRock N, on 06 November 2019 - 10:16 AM, said:

Beshear won't be freezing and cutting off my pension like Butthead Bevin was promising once re-elected.


Would you be opposed to a 401k pension like most in the private sector have?
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#12 User is offline   spt 

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Posted 06 November 2019 - 12:12 PM

View PostNatural Selection, on 06 November 2019 - 12:04 PM, said:

Would you be opposed to a 401k pension like most in the private sector have?

I would take the 401k type but only if the state legislators have no way of stealing it. That is the problem they have stolen our money to shore up their general fund and pet projects. However they never touch their own it is in really great shape.

This post has been edited by spt: 06 November 2019 - 12:13 PM

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#13 User is offline   Ladybird 

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Posted 06 November 2019 - 12:25 PM

The companies I previously worked for paid out lump sums on pensions and then discontinued offering any for new employees. I rolled all of them into an IRA. The company Iím with now only has a 401k plan, but they do match the contribution, as has every other place Iíve worked.
Itís hard to find many private companies that still have pension plans.
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#14 User is offline   Natural Selection 

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Posted 06 November 2019 - 12:36 PM

View PostLadybird, on 06 November 2019 - 12:25 PM, said:

Itís hard to find many private companies that still have pension plans.


That's because they're unsustainable. Many companies don't have a profit margin large enough to cover expensive luxuries like a pension plan. For example, Walmart's profit margin is only about 3%.

Government doesn't care about programs being sustainable as long as they generate votes and loyalty.
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#15 User is online   Rock N' Roll Right Winger 

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Posted 06 November 2019 - 12:43 PM

View PostNatural Selection, on 06 November 2019 - 12:04 PM, said:

Would you be opposed to a 401k pension like most in the private sector have?

Yes.
I do not want my pension converted into a 401K.

There is no need to do that. These politicains need to put back what they have stolen back into the present system. They should have to forfeit their own pensions and that money seized from it and moved over. They should also have to personally forfeit their own personal property just as any convicted robber has to.

This post has been edited by Rock N' Roll Right Winger: 06 November 2019 - 12:44 PM

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#16 User is online   Rock N' Roll Right Winger 

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Posted 06 November 2019 - 12:47 PM

View Postspt, on 06 November 2019 - 12:12 PM, said:

I would take the 401k type but only if the state legislators have no way of stealing it. That is the problem they have stolen our money to shore up their general fund and pet projects. However they never touch their own it is in really great shape.

:exactly:

Ours would have been in great shape if they left their hands off of it and forwarded on our payroll deduction payments as they should have.

It isn't their damned money!
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#17 User is online   Rock N' Roll Right Winger 

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Posted 06 November 2019 - 12:49 PM

View PostNatural Selection, on 06 November 2019 - 12:36 PM, said:

That's because they're unsustainable. Many companies don't have a profit margin large enough to cover expensive luxuries like a pension plan. For example, Walmart's profit margin is only about 3%.

Government doesn't care about programs being sustainable as long as they generate votes and loyalty.

They don't even care about votes or loyalty when it comes to stealing our money. They don't even try to hide it anymore.
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#18 User is offline   Martin 

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Posted 06 November 2019 - 01:12 PM

View PostLadybird, on 06 November 2019 - 12:25 PM, said:

It's hard to find many private companies that still have pension plans.



Ladybird, defined benefit plans have many disadvantages. For one, it can take a long time to get vested for a significant amount of pension. With a defined contribution plan like a 401k, you are always vested for your own contributions and will vest 100% on the matching within five years. It is also easier and cheaper to operate a defined contribution plan. You must annually prove that the plan is not "top-heavy", with an undue proportion of benefits for the highly compensated. You do this by filing a Form 5500. With a pension plan, though, ERISA requires you to prove to the Department of Labor that you have funded the defined benefits, which requires an actuarial study. The cost of operating a pension plan weighs especially on small businesses since they have fewer employees among whom to allocate the cost. That is why small businesses nearly always operate defined contribution plans.


Most workers today who have defined benefit pensions are government workers. If Right Winger and SPT have gotten the shaft on their pensions from the state of Kentucky, the reason is that government pension plans are generally exempt from the Employee Retirement Income Security Act (ERISA).








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#19 User is offline   Martin 

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Posted 06 November 2019 - 01:24 PM

View PostNatural Selection, on 06 November 2019 - 12:36 PM, said:

That's because they're unsustainable. Many companies don't have a profit margin large enough to cover expensive luxuries like a pension plan. For example, Walmart's profit margin is only about 3%. Government doesn't care about programs being sustainable as long as they generate votes and loyalty.


Maybe Wal Mart does not have the margin "to cover expensive luxuries like a pension plan", but they sure do have the margin to cover a non-qualified deferred compensation plan for "certain individuals" who work for Wal Mart. They filed the details of the plan with the Securities and Exchange Commission in 2012.



https://www.sec.gov/...38366dex101.htm

You have to admit every employee to a 401k after a brief period of service. The 401k must not be "top heavy", with a disproportionate amount of benefits to the highly compensated. With non-qualified deferred compensation, though, you get to discriminate in favor of the highly compensated. But, beware, executives! The Wal Mart non-qualified deferred compensation plan is unfunded. No specific assets are set aside in trust, as with a pension plan or 401k, to pay those future benefits. You're counting on the company doing well enough in the future to pay them. If Wal Mart files for bankruptcy at some future date, you are S.O.L.

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#20 User is offline   Martin 

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Posted 06 November 2019 - 01:35 PM

View PostRock N, on 06 November 2019 - 12:49 PM, said:

They don't even care about votes or loyalty when it comes to stealing our money. They don't even try to hide it anymore.


One reason they don't even try to hide it anymore is that lately it has become more and more difficult to hide. The bankruptcies of some California cities and some towns in Illinois are the direct result of unbearable pension debt. Settling the teacher's strike in Chicago is going to cost the city most of its property tax increase of two years ago, which its largest in history. I'm sure elected officials like Bevins and Beshear care about votes, which decided which of them got to be Governor. The question is whose votes they need most. It does not sound as though they feel the need of yours.



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