UBC Carpenters Local 747 Syracuse, NY Worry About Retirement Funds
www.news10now.com Carpenters Worry About Retirement Funds Updated: 01/12/2009 09:46 PM By: Giselle Phelps ONONDAGA COUNTY, NY — Stanley Miller and Joe Lotito are retired carpenters. Both spent more than 30 years on the job. Just a few days before Christmas, they each got a letter in the mail, saying withdrawals from their union’s annuity fund were temporarily frozen. Money both men were using that to get by each month. “It’s going to create hardship. We’ve already talked about it, my wife and I. I might have to go back to work. Find a job. Right now ain’t a good time to be looking for a job,” said Lotito. “I had like almost 000 left in there. I had it worked out so that it would probably last another 10 years,” said Miller. Miller and Lotito joined other members of Local 747 for a meeting at their union hall Monday, hoping to get answers from Patrick Morin. He’s the Business Manager for the Empire State Regional Council of Carpenters, the group that invested with Bernard Madoff. The retired carpenters in the union are still receiving their pensions. They just got their latest payments on January 1st, but they’re still worried. “We certainly hope and pray that all of a sudden we don’t get letters saying there will be no more pension checks,” said Miller. “I’m almost anticipating getting a letter before the end of the month saying, guess what, you’re going to get one third of what you were getting,” Lotito. Our cameras were not allowed inside the union meeting. But …
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A clip from majority.fm — see also a brief post to accompany this video at http excerpted below.. The President of the United States believes that the fully self-funding Social Security program contributes to the deficit and the debt. He said as much just the other day on NPR. He believes it so much that he wants to prove it to you by selling a you a tax compromise, which will, for the first time since I’ve been alive anyway, actually cause Social Security to contribute to the deficit. His compromise includes a 2% Social Security tax “holiday” which will be made up from General Fund revenues… You follow that? He is messing with the self-funding mechanism of Social Security, the political and fiscal bedrock of this incredibly successful program, to provide a tax cut which could just as easily come from the General Fund like Bush’s famous rebate checks. I don’t trust him with my retirement insurance, do you? majority.fm
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Question by weezy: Is the market too weak right now to invest in a target retirement fund?
I heard that the market fluctuates so much that it never really matters when you invest; esp. since funds are so low, its better to buy while its cheap. Therefore, I have k to invest in a 2045 target retirement fund within my roth ira so i wanted to know if i should wait for the market to pick up, or if i should start investing now and let the market play out?
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Answer by Sharon T
Now! Why wait until prices are higher?
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there is no pony,,,, watch?v=aT5vKA22_Mw
Hey Stanley , Things have a tendency to come back around to bite you dont they, . serves you right i hope they took all your money.
The majority of voters, including many who foolishly voted for him, now reject the tax and spend, failed era of Obamaism.
@JBBlitz Yeah, we see what side your bread is buttered on. You’ve got all the money you need, and h___ with those other people who don’t have that. They aren’t real anyway, eh? You have a sociopathic problem.
@JBBlitz Yeah, we see what side your bread is buttered on. You’ve got all the money you need, and h___ with those other people who don’t have that. They aren’t real anyway, eh? You have a sociopathic problem.
@JBBlitz What is reliable about a retirement system that depends on the stock market? I’ve seen so many private companies go bankrupt in my life, I’d be hard put to choose any one of them that I’d trust to even be there in the future. And besides, social security is also a disability insurance system.
People need to be aware that there has been no cost of living increase 2 years running, on social security, and on veterans compensation benefits. They claim no inflation, but Canadians ARE getting COLAs, even as their dollar exceeds US dollar. Funny money math.
@OolTube02 I think it may be the Joker.
Cutting gov spending will mean more people out work meaning even lower demand for products and services meaning lower economic activity which means more private sector layoffs which means lower revenues for government.
The circle of republican economics.
Can you do color coded map of America to show % of wealth and/or income of 2% richest Americans substituting sq miles for $
@JBBlitz Not ready to go all the way back to the good old days yet, are we? Baby steps…
@JBBlitz The problem is, the Republicans want to steal it from your kids and to give it to the rich even more than the Democrats. They’re both into corporate welfare — the only difference is, the Dems got into power by lying about it to their voters. You have no party left that won’t rob you blind to feed the plutocracy.
Sucks to be you guys…
@JBBlitz You mean the same way that the tax cuts created jobs, that private health insurance lowered costs of treatment (compared to all other developed countries), and there will absolutely positively be no reckless gambling with your investments, requiring a massive bailout? And as for higher taxes, that’s horrible! You might have to live through another ’90s — or ’80s or ’70s or ’60s or ’50s, in which you paid more taxes but actually had a job and your house wasn’t in foreclosure…
@OolTube02 thats your ideas not mine
@therealcharismatron But at least now it is clear that Obama is the opposition, not an ally. At least now the lines are clear. In many ways the past two years were much more frustrating, when progressives thought the man was on their side even while nothing was getting done. Now at least they know why. He was always a plutocratic sleeper cell and all his great rhetoric was just bullshit and a scam…
@JBBlitz And let’s rescind women’s right to vote and re-introduce slavery while we’re at it…!
At this point I’m wondering whether Obama isn’t the Manchurian President. Has anyone ever held a queen of diamonds card up to his face and observed what happens…?
freaking socialist thieves don’t want to fix the problem, they want to steal our kids money, which is sad. Democrats = Thieves
@captcrais101 I didn’t say that to her because of her calling Obama a centrist. I said that because it seems like she can’t criticize or handle criticisms of Obama. I hate people like that, especially now. Like Bill Maher said, “He’s the president, not your boyfriend.” He also said we need to be faithful to ideas, not political figures.
@JBBlitz you are an absolute fucking moron.
@JBBlitz THAT IS SUCH BULLSHIT!! SOCIAL SECURITY IS NOYT CONNECTED TO THE DEBT YOU FOX NEWS IDIOT!!!
@captcrais101 goverment social security is a bad idea
@siksastaka o she is a millionare don’t worry
Privatize social security will create jobs, lower cost of retirement, make sure there will be money left for the kids and a reliable system that will not have goverment recklessly spending. if we don’t do this, our taxes will double to pay for it from 7-15 to 15-30 or there won’t be any money left.
@KOMC4444 Calling Obama a Centrist does not mean she is in love with him. He is a phony. So are the republicans.
@JBBlitz Yeah great idea. Give Social Security to wallstreet. That is a dumb idea.
@JBBlitz Yes, I hope they turn it over to Wall Street and your Grandma has to eat cat food soon, and you will eat it later.