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The problem with Kentucky and many other states is that the politicans raided the pension fund during good times to fund government operation, and then acts sur

The problem with Kentucky and many other states is that the politicans raided the pension fund during good times to fund government operation, and then acts surprised when it's facing a huge shortfall. So it's disingenuous to paint this as greedy teachers and public servants when it was grossly mismanaged on the state politician side. However that seems to be a certain faction's goal. In addition, Kentucky teachers have worked under the assumption of getting a pension because the state never extended social security to them. They worked with lower wages and no future social security with the promise of pension would be there for them, sometimes as their only retirement income. How can you go back and threaten this pension when teachers took these low paying jobs under that assumption? https://www.bondbuyer.com/news/bevin-citing-pension-pressure-proposes-budget-that-cuts-70-programs https://www.bondbuyer.com/news/bevin-citing-pension-pressure... https://www.courier-journal.com/story/news/education/2018/03/20/kentucky-teachers-pension-reform-social-security/438031002/ https://www.courier-journal.com/story/news/education/2018/03...

TAForObvReasons 9y ago
"move fast and break things". Seriously though, short-sightedness and disregarding externalities like other people's lives is endemic in all areas of life. Sad world we live in.
oflannabhra 9y ago
Yes, I totally agree that the problem does not come from teachers. The problem comes from decades of shortsightedness of lawmakers. I only mentioned teachers because of their response, which is largely irrational. No ones benefits are being taken, the state is just ending a program that is unsustainable. The private sector did this decades ago. What happens if the state government goes bankrupt? That is not outside the realm of possibility with the current crisis.
- SolaceQuantum 9y ago
  If what the parent above you said is true and teachers are not on social security then the reform of pensions does indeed harm them.
  - justin66 9y ago
    It works this way in a number of other states. Ohio teachers (perhaps only some, I'm not sure) give up their social security in order to collect from the state teacher's pension fund, regardless of whatever they've already paid into social security. Seems a little crazy, although until very recently the pension fund appeared to be doing quite well. (they just suspended a cost of living increase for the first time ever, which is not the worst thing in the world, but I certainly am curious as to why their fund's performance has been so mediocre as of late)

TAForObvReasons 9y ago

"move fast and break things". Seriously though, short-sightedness and disregarding externalities like other people's lives is endemic in all areas of life. Sad world we live in.

oflannabhra 9y ago

Yes, I totally agree that the problem does not come from teachers. The problem comes from decades of shortsightedness of lawmakers. I only mentioned teachers because of their response, which is largely irrational. No ones benefits are being taken, the state is just ending a program that is unsustainable. The private sector did this decades ago. What happens if the state government goes bankrupt? That is not outside the realm of possibility with the current crisis.

SolaceQuantum 9y ago
If what the parent above you said is true and teachers are not on social security then the reform of pensions does indeed harm them.
- justin66 9y ago
  It works this way in a number of other states. Ohio teachers (perhaps only some, I'm not sure) give up their social security in order to collect from the state teacher's pension fund, regardless of whatever they've already paid into social security. Seems a little crazy, although until very recently the pension fund appeared to be doing quite well. (they just suspended a cost of living increase for the first time ever, which is not the worst thing in the world, but I certainly am curious as to why their fund's performance has been so mediocre as of late)