GlockTalk.com
Home Forums Classifieds Blogs Today's Posts Search Social Groups



  
SIGN-UP
Notices

Glock Talk
Welcome To The Glock Talk Forums.

 
  
Reply
 
Thread Tools Display Modes
Old 09-30-2012, 03:49   #21
bdcochran
Senior Member
 
Join Date: Sep 2005
Location: Los Angeles
Posts: 2,644
response - what exactly is underfunding

underfunded
— adj
having or provided with insufficient funding

Examples:

1. You come to the end of the month and it is time to make the rent payment. You look at how much money you set aside for the rent, ask your sister for another loan and receive it, you raid the piggy bank - and you are still short.

or

2. a retirement or pension fund looks at the value of its investments, how old the people are who may retire, figure out how many will die before they retire, how much it will have to pay each month to each person when he/she retires (all this is the work of a person called an actuary). Then you estimate the rate of return you expect to receive on your investments until the day of reckoning (like the 7.75% annual return that I showed you - and which the retirement fund managers are not currently earning on the investments). If your figures come up short, you are underfunded.

3. Remember the old joke about the guy who falls off the Empire State Building - gee I just passed the 35th floor and I am not dead yet! Same thing applies to funding of retirement benefits, an insurance company having money in the bank to pay health care claims as they roll into the company, you paying your bills as they come due. The problem is that people don't understand that they are in trouble years in advance if they do not do the proper funding. Your Congress voted to take the social security reserves and spend them for current programs many years ago. Few people outside of actuaries got their panties in a wad because the concept of underfunding is not understood until the bills come due.
This applies to phds as well. I have a relative who retired two years ago, spent $75,000 on a daughter's wedding this year (and he borrowed for it), his wife is retiring next year, he cosigned for $250,000 on another daughter's student loans, just refinanced his house, and is driving 200 miles roundtrip to a football game with a friend next weekend. And, he was sweating the refinance of his house because he wouldn't be able to make the current payments if the refinancing wasn't done.
bdcochran is offline   Reply With Quote
Old 09-30-2012, 06:22   #22
quake
Senior Member
 
quake's Avatar
 
Join Date: Aug 1999
Location: Arkansas, USA
Posts: 8,027
Quote:
Originally Posted by bdcochran View Post
...This applies to phds as well. I have a relative who retired two years ago, spent $75,000 on a daughter's wedding this year (and he borrowed for it), his wife is retiring next year, he cosigned for $250,000 on another daughter's student loans, just refinanced his house, and is driving 200 miles roundtrip to a football game with a friend next weekend. And, he was sweating the refinance of his house because he wouldn't be able to make the current payments if the refinancing wasn't done.
I think this is an all-too-common reality here in the US now. Basically, 'Kyle and Courtney' can't make their monthly commitments without adding to their debt via credit cards or refinancing something. Yet they're still at the restaurants, still buying (and financing) new vehicles, still buying the newest iphones, and wouldn't consider life without 400 tv channels. Basically acting the way congress does.

Same illogical stupidity; different primarily in that while Kyle and Courtney have mortgaged their own family's future to pay for their immediate gratification, congress has - and continues to - mortgage my family's future to pay for other people's immediate gratification.

Not that I'm bitter or anything...
__________________
"The best a man can hope for is a chance to prove that the good lord didn't make a mistake putting him here in the first place." - Will Sonnett

"Only problem with women my own age, is they're so damn old." - my dad at 89...
To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures.
quake is offline   Reply With Quote
Old 09-30-2012, 09:27   #23
bdcochran
Senior Member
 
Join Date: Sep 2005
Location: Los Angeles
Posts: 2,644
Quake and my first cell phone

Quake isn't bitter.

I'm not bitter either.

For years I couldn't fathom the following:

1. how people on food stamps would yack on a cell phone and then put the groceries in an SUV.
2. how the recovering drug addict who made a living collecting empty liquor bottles behind the bar had the money to have a cell phone.

I was truly puzzled. My first cell phone lasted 7 years. When the second one started having problems I bought a battery off ebay and priced a used cell phone of the same model at $14.

Then I read about Obama phones and how 1 million residents of Ohio have Obama phones. Hey, I thought that the federal payments for phone service was for rural Americans who were indigent.

No, I am not bitter, just awestruck at how a good project can go so wrong. Maybe we should hire people to do a study about how government should work, you know a brain pool, a series of czars (oops, I forgot, FDR pioneered the brain trust who successors now drain us).
bdcochran is offline   Reply With Quote
Old 09-30-2012, 09:59   #24
B.Reid
Senior Member
 
B.Reid's Avatar
 
Join Date: Jun 2005
Location: Montana
Posts: 2,285
This is what Government unions will do to this country, I feel that most places have more Police than are needed anyway. They should not have police doing office work, that could be done by clerks.
__________________
Embrace the apocalypse!

Earth has always been a dangerous place to live. Be prepared!
B.Reid is offline   Reply With Quote
Old 09-30-2012, 11:08   #25
quake
Senior Member
 
quake's Avatar
 
Join Date: Aug 1999
Location: Arkansas, USA
Posts: 8,027
Quote:
Originally Posted by bdcochran View Post
...Maybe we should hire people to do a study about how government should work...
It's not complicated topic, and not at all new either. Old as the history of the human race.

What politicians should do:
Quote:
Provide justice for the needy and the fatherless; uphold the rights of the oppressed and the destitute. Rescue the poor and needy; save them from the power of the wicked.”
From Psalm 82


What politicians tend to do:
Quote:
If you see oppression of the poor and perversion of justice and righteousness in the province, don’t be astonished at the situation, because one official protects another official, and higher officials protect them. The profit from the land is taken by all...
From Ecclesiates 5


Politicians are supposed to protect the weak and administer equal (blind) justice, but America has, in the last few decades, done what most nations have historically done - we've allowed "politician" to become a class of its own; a tribe basically. And tribes inherently put the needs of tribe members before the needs of anyone else. So rather than protect the people and rules they've sworn to protect, politicians - being their own tribe - instead protect other politicians, and get protected by higher-up politicians when necessary.

Basic tribal/human tendency, completely understandable & predictable. It's also avoidable, but avoidance takes vigilence & moral fortitude by the masses that is often easily overcome by "bread and circuses" as they say.

Not complicated, not even surprising; just disheartening & frustrating.
__________________
"The best a man can hope for is a chance to prove that the good lord didn't make a mistake putting him here in the first place." - Will Sonnett

"Only problem with women my own age, is they're so damn old." - my dad at 89...
To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures.
quake is offline   Reply With Quote
Old 09-30-2012, 11:41   #26
PaulMason
Senior Member
 
Join Date: Feb 2010
Posts: 1,640
Quote:
Originally Posted by railfancwb View Post
When Chrysler and GM were on the ropes, they went through an Obamaruptcy. The unions got their pensions and much of the companies, the bondholders got baths. Think California and other government employee unions won't get similar preferential treatment?
Yes, I can see something similar happening.
PaulMason is offline   Reply With Quote
Old 09-30-2012, 11:50   #27
PaulMason
Senior Member
 
Join Date: Feb 2010
Posts: 1,640
Quote:
Originally Posted by bdcochran View Post

Hey, I thought that the federal payments for phone service was for rural Americans who were indigent.
http://www.snopes.com/politics/taxes/cellphone.asp

Maybe they should be called Reaganphones?

Last edited by PaulMason; 09-30-2012 at 11:51..
PaulMason is offline   Reply With Quote
Old 10-04-2012, 10:16   #28
pugman
Senior Member
 
pugman's Avatar
 
Join Date: May 2003
Location: Wisconsin
Posts: 6,156
The only thing which shocked me about this article was the fact it was Camden and not Detriot.

I'm 42..turning 43 in 11 days. Within my lifetime the fed will collapse (In all honesty, I have a $1,000 standing bet its within five years).

Some educated estimates put the advertised national debt at $30 trillion within four years with an Obama victory - not that I think Romney will save us. By this point unfunded liabilities could exceed $250 trillion dollars - this is a number you generally only hear astronomers talk about

Stay Alert, Focus on your B's and get ready...its going to be a bumpy ride
__________________
Now when asked when I think things will change I answer "The next time Thomas (aka the fed) robs Peter (aka the 53%) to pay Paul (aka the 47%) and Peter pulls a gun...things will change"
pugman is offline   Reply With Quote

 
  
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump




All times are GMT -6. The time now is 06:44.




Homepage
FAQ
Forums
Calendar
Advertise
Gallery
GT Wiki
GT Blogs
Social Groups
Classifieds


Users Currently Online: 992
283 Members
709 Guests

Most users ever online: 2,244
Nov 11, 2013 at 16:42