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New York City Joins The “Imminent Bankruptcy” Club
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Thread: New York City Joins The “Imminent Bankruptcy” Club

  1. #1
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    Default New York City Joins The “Imminent Bankruptcy” Club

    The “public pension crisis” is the kind of subject that’s easy to over-analyze, in part because there are so many different examples of bad behavior out there and in part because the aggregate damage these entities will do when they start blowing up is immense.

    But most people see pensions as essentially an accounting issue – and therefore boring – so it doesn’t pay to go back to this particular well too often. Still, New York City’s missing $100 billion can’t be ignored:

    New York City Owes Over $100 Billion for Retiree Health Care

    (Bloomberg) – New York City faces future health costs for its retired workers of $103.2 billion, an increase of $40 billion over a decade. It has about $5 billion set aside to pay the bill.

    The so-called “other post-employment benefits” liability was disclosed in New York’s comprehensive annual financial report released by the city comptroller’s office Wednesday. The city’s $98 billion unfunded liability for retiree health care exceeds the city’s $93 billion of bond debt and $48 billion pension-fund shortfall.

    “The numbers are huge,” said Maria Doulis, a vice president at the Citizens Budget Commission, a budget watchdog group funded by the business community. “If you’re looking at the big three liabilities, this is the one that’s problematic, because there’s nothing set aside to address this and there’s absolutely no strategy on the part of the city.”

    New York, the most populous U.S. city, has almost 300,000 current employees and is responsible for more than 230,000 retirees and their beneficiaries. City employees with 10 years of service qualify for free retiree health care.

    The city’s post-employment benefits include health insurance, Medicare Part B reimbursements, and welfare fund contributions. Medicare Part B covers doctors’ services that are received from a federally approved facility or a medical practice. Welfare funds are administered by unions and provide supplemental benefits such as prescription drug, vision and dental coverage.

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    Lightbulb no true leadership shows

    New York needs the balls to create a state run single payer insurance agency which regulates the prices charged for procedures and medicines is the obvious answer.
    Remove the insurance companies from the picture, and that would help everyone but the banksters who own and run the Big Pharma and insurance scammers.
    "I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone
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  3. #3
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    Default

    Quote Originally Posted by silverheartbone View Post
    New York needs the balls to create a state run single payer insurance agency which regulates the prices charged for procedures and medicines is the obvious answer.
    Remove the insurance companies from the picture, and that would help everyone but the banksters who own and run the Big Pharma and insurance scammers.
    Maybe, but that has nothing to do with the city being $100 Billion underfunded in their health care fund for retirees with ten years service and coverage for life that they can't provide. Just one more fine example of what a socialist government is like. Promising huge benefits to its workers it can't begin to keep. One more City going down the tubes and the government will be on the hook for part and those happy retirees will be left high and dry for the rest.
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    Default not care and share rather fear and greed motivates corrupt politicians

    Quote Originally Posted by valerb View Post
    Maybe, but that has nothing to do with the city being $100 Billion underfunded in their health care fund for retirees with ten years service and coverage for life that they can't provide. Just one more fine example of what a socialist government is like. Promising huge benefits to its workers it can't begin to keep. One more City going down the tubes and the government will be on the hook for part and those happy retirees will be left high and dry for the rest.
    Socialist government is redundant.
    What government isn't socialist?
    There is nothing unique about NYC except its size.

    I offer solutions, and you Vale as usual offer nothing.
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    Quote Originally Posted by silverheartbone View Post
    Socialist government is redundant.
    What government isn't socialist?
    There is nothing unique about NYC except its size.

    I offer solutions, and you Vale as usual offer nothing.

    I can't argue about the greed and corruption, but when you run your city like a socialist government on top of the greed and corruption you end up like Greece or a lot sooner.

    Your solution didn't address a $100 Billion Dollar shortfall. Is it stolen money, misappropriated, bad investing or simply never invested at all because it was for promises that could not be kept betting on unrealistic figures in the future?

    Instituting the one payer system is not going to address the NYC problem as it's promises made that can't be fullfilled by replacing it with another more radical socialist government system.

    Manditory prices and fees for everything sounds great, but you can end up like Cuba. I know it's perfect until no doctors or anyone else wants to work in the health field as it is a lousy paying field.

    We sure need something better than we have; but it has to be realistic to maintain a sound healthcare industry, which doesn't have to include private insurance companies, as far as I'm concerned.

    It's just your ideas of eliminating anything are always the extreme as in we don't need banks, they just steal our money. We shouldn't use bank or credit cards, they just support the banks. I believe you were also parroting the left wing nuts awhile back by suggesting we should use the post office for banking services as they are not for profit.

    I for one do not want to have my money controlled by my local post office which might be five or ten miles away for government cost savings or my government controlled pharmacy the same distance where I might have to stand in line for an hour to pick up my medication.

    Plus the one payer system was already tried, it was called Obama care and it was a disaster for everyone but the poor.

    The only logical one payer system that people can stomach is one that is only for those that can afford to pay their fair share of the expense, not another one that relies on others to pay more to cover those that can only afford to pay a lesser amount or no amount at all.

    All that is doing is replacing Medicaid with everyone else directly supporting those that can't afford to pay or refuse to pay by not working or scamming the system out of not paying anything when they are making the money but under the table so they pay nothing.

    It's called Medicare for all, just another way of saying Obama Care rather you like it or not.

    PS not everyone is happy with what Obama did to the Health care system, millions had what was referred to a golden insurance plans and they were going to get penalized for having better insurance coverage so employers dropped those plans in favor of a lessor plan that didn't cause penalties.

    I'm in a one payer system called Medicare and I pay through the nose for full coverage just incase I run into one of these dreaded illnesses that ends up costing tens of thousands of actual billable Dollars and not wanting to get stuck paying 20% of that tab.

    And it is not any better than the lowest paying customer other than how much each of us will have to pay out of our pocket for any services during the year.

    No exceptions for services not covered by medicare, No exceptions for a sky high drug that is new and the only one that will work that the drug plan will not cover or only covers at 50% if at all.

    It's bad enough being old and on a plan like Medicare, but the younger people do not and should not be subjected to the same kinds of limitations put on us for services.

    We can and often do say for one reason or another, screw it, it's just not worth the cost anymore either financially for physically.
    Last edited by valerb; 8th November 2018 at 03:53.
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