RH Jones re: STRSers...pensions are on the minds of politicians all across this land!
From RH Jones, October 3, 2010
Subject: Fw: STRSers...pensions are on the minds of politicians all across this land!
John and all:
Here in Ohio most, retired teachers know that we have been cut (perhaps illegally) in our HC/Rx while the school district employers have not had an increase in their contribution rate in over 20-years. This has all happened during times of depreciation of value of the dollar which has put increasing downward pressure on the living standards of the OH STRS retired members. (See today's Beacon "Wall Street Week in Review" by Simon Johnson of Bloomberg News Pg.D2, 10/03/2010. http://www.ohio.com/news/top_stories/104229359.html )This has happened while some radical conservatists have recommended that we take a 1% cut in our simple COLA!
The above Simon Johnson article goes on to say that foreign governments "will surely diversify more of their reserves out of dollars. ... The dollar is, therefore, likely to depreciate against all floating currencies." John, and all, this says, in other words, that we will have depreciated dollars to spend; and, further, the recovery that we are now experiencing in Ohio and will accelerate creating even more jobs here at home. Foreign products will be made less affordable and American made products made more affordable. The article goes on to say that the impact on interest rates "will be minimal because the Fed will continue easing." This, I strongly believe, will create more public purchasing of big ticket, made in America, products by the general public.
The conclusion of these two moves by the Feds, mentioned above, will create jobs and move the economy forward; but, with already having our retiree STRS HC/Rx cut, and with many recommending fixing the OH STRS 30-year funding goals by legislatively cutting current retired teacher's simple COLA --- Gee, we can't keep up with inflation now --- will even make it harder for us to keep up while the general working population will be prospering. This leaves me to wonder why the STRS officials and others would want retired members to be left out? Who can we count on to fight in the various committees to return and to keep the Defined Benefits we had and were promised? Most certain is that Defined Compensations in 401 Ks will not be a solution; Outfits like GOP Gov Candidate Kasich's bankrupt Wall Street Lehman Brothers is not the answer. As always, the Defined Benefit system will continue to work for us, as we continue to monitor our STRS. The present OH Gov Strickland is the best candidate to maintain and return to us a healthy STRS Defined Benefit. Just a year and a half is not enough time to for the recovery to come into full swing. Gov Strickland has shown that he deserves two more years to accomplish fixing that which was 8-years, or more, the GOP had in the making.
That is my learned opinion,
RHJones, retired STRS teacher member.
From John Curry, October 1, 2010
Subject: STRSers...pensions are on the minds of politicians all across this land!
What follows is a pretty good summary of how some people in this country are trying to destroy our defined benefits type of retirement. Will we stand idly by and let them? Who are these pols and where are they from? Read on!
John
http://www.stateline.org/live/printable/story?contentId=517581
Subject: Fw: STRSers...pensions are on the minds of politicians all across this land!
John and all:
Here in Ohio most, retired teachers know that we have been cut (perhaps illegally) in our HC/Rx while the school district employers have not had an increase in their contribution rate in over 20-years. This has all happened during times of depreciation of value of the dollar which has put increasing downward pressure on the living standards of the OH STRS retired members. (See today's Beacon "Wall Street Week in Review" by Simon Johnson of Bloomberg News Pg.D2, 10/03/2010. http://www.ohio.com/news/top_stories/104229359.html )This has happened while some radical conservatists have recommended that we take a 1% cut in our simple COLA!
The above Simon Johnson article goes on to say that foreign governments "will surely diversify more of their reserves out of dollars. ... The dollar is, therefore, likely to depreciate against all floating currencies." John, and all, this says, in other words, that we will have depreciated dollars to spend; and, further, the recovery that we are now experiencing in Ohio and will accelerate creating even more jobs here at home. Foreign products will be made less affordable and American made products made more affordable. The article goes on to say that the impact on interest rates "will be minimal because the Fed will continue easing." This, I strongly believe, will create more public purchasing of big ticket, made in America, products by the general public.
The conclusion of these two moves by the Feds, mentioned above, will create jobs and move the economy forward; but, with already having our retiree STRS HC/Rx cut, and with many recommending fixing the OH STRS 30-year funding goals by legislatively cutting current retired teacher's simple COLA --- Gee, we can't keep up with inflation now --- will even make it harder for us to keep up while the general working population will be prospering. This leaves me to wonder why the STRS officials and others would want retired members to be left out? Who can we count on to fight in the various committees to return and to keep the Defined Benefits we had and were promised? Most certain is that Defined Compensations in 401 Ks will not be a solution; Outfits like GOP Gov Candidate Kasich's bankrupt Wall Street Lehman Brothers is not the answer. As always, the Defined Benefit system will continue to work for us, as we continue to monitor our STRS. The present OH Gov Strickland is the best candidate to maintain and return to us a healthy STRS Defined Benefit. Just a year and a half is not enough time to for the recovery to come into full swing. Gov Strickland has shown that he deserves two more years to accomplish fixing that which was 8-years, or more, the GOP had in the making.
That is my learned opinion,
RHJones, retired STRS teacher member.
From John Curry, October 1, 2010
Subject: STRSers...pensions are on the minds of politicians all across this land!
What follows is a pretty good summary of how some people in this country are trying to destroy our defined benefits type of retirement. Will we stand idly by and let them? Who are these pols and where are they from? Read on!
John
http://www.stateline.org/live/printable/story?contentId=517581
posted by Kathie Bracy at 2:42 PM
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