New Year's changes in Social Security benefits for retirees

If you are retired and receiving a public pension (like STRS or PERS in Ohio) you couldn't "double dip" and also get your social security benefits. That has just changed. All the details are not worked out yet, and I have no idea how retroactive it will be. Retirees' associations have been battling this for over 40 years, but of course if Biden signed the bill he'll get the credit. To look it up check out government offset, or windfall--they are 2 different laws.

https://www.ssa.gov/pubs/EN-05-10045.pdf?

https://www.ssa.gov/policy/docs/program-explainers/windfall-elimination-provision.html?

There is a tomorrow, and someone has to pay for it

"In 2021, Social Security spent $57 billion more than it collected in dedicated tax revenue and interest on its trust funds. The trustees expect this gap will widen over the next decade, quickly depleting the program’s trust funds until its runs out of money in 2035. At that point, the program’s income will cover only 80 percent of benefits promised to recipients."

 
This is an informative article. If you're looking at retirement with SS benefits to supplement your pension in 10-15 years, you definitely should be paying attention. I have a state teacher's pension so I don't get SS (that would be double-dipping). Did you know that? Nor am I be eligible for spousal benefit if my husband died first. G.W. Bush had planned to work on fixing this but with 9-11 and the war he got sidetracked and I don't think any president since then has even mentioned it. Now with raging inflation, you may need to adjust your spending and saving.

The Social Security Trust Funds | PolicyEd

Methodists: Don't miss your exit!

Dr. Warren Lathem, a retired UMC pastor and husband of a blogger friend, writes on Facebook, (1) Warren Lathem | Facebook :

"Atlanta drivers know if you wait until the last minute to try to cross 6 lanes of traffic to get to your exit, you are likely to either miss the opportunity and wait for the next one, or get run over by a delivery truck. Therefore, we have learned to get prepared to exit long before the exit appears.

 
The UMC made a provision for churches to disaffiliate (exit) from the UMC taking their property and all assets without any liability for future unfunded UMC pension benefits. It is described in paragraph 2553 of the current (2019) Book of Discipline.

 
However, this provision has an expiration date: December 31, 2023. There are costs involved, specifically paying the church’s share of the unfunded pension liability (the conference has to provide that number) and any unpaid current year apportionments plus one more year apportionments. Various other bishops and Conference Boards of Trustees have added other requirements, some quite onerous.

 
The paragraph 2553 of the 2019 General Conference made provision for disaffiliation by a local church and was ruled constitutional in 2021 by the Judicial Council. This meant disaffiliation could be processed beginning in 2022. Seventy churches in North Georgia completed the process and were approved/ratified for disaffiliation at the June, 2022 Annual Conference.
The remaining churches wishing to disaffiliate have a very narrow window. They must complete the church decision making process and ask for a church conference to be scheduled January 1- February 28, 2023. The North Georgia Conference must vote on whether to ratify the local church disaffiliation agreement which is scheduled for May 31, 2023. No further opportunity for ratification is presently planned.

 
In order to meet this deadline it is imperative churches act now. The Annual Conference has published very specific procedures which must be followed exactly to be able to successfully execute this process. A sixteen page disaffiliation package has been prepared to help churches navigate this laborious process. The packet is available via email on request.

 
Please do not believe the speculation that there is no need to do anything before the 2024 General Conference. Also do not believe the speculation that the 2024 GC will make the process easier and less costly. Indications across the church reveal an agenda to thwart the process of disaffiliation. For example, one bishop has declared no churches will be allowed to disaffiliate until after the 2024 GC. Another has required churches to surrender 1/2 of their assets in addition the Disciplinary requirements. Further, the centrists and progressives who were involved in the negotiations which resulted in the Protocol for Separation have withdrawn their support for the legislation in the 2024 GC. The NGA bishop has declared, “The Protocol is dead.”

 
There is not sufficient evidence to believe the 2024 GC will adopt a new version of Paragraph 2553 nor make leaving less onerous, if even possible. Many have speculated they will, but this a very unlikely outcome.

 
Therefore, I believe you will have one opportunity: Annual Conference 2023. If you miss the exit, you will have probably made a very costly mistake.

 
In order to avoid missing the exit, you must begin moving toward it now, not later. Now. No one knows how many NGA churches will seek to disaffiliate in 2023. It could be hundreds. The exit ramp is fast approaching and the exit lane will fill quickly. You need to move toward it quickly.

 
Please do not let conference leaders, centrist/progressive clergy, or other church members convince you there is no hurry. The time is now.

 
There are folks available to speak with you, your church leadership, your church or a group of churches to help with understanding the current situation and the necessary process to successfully get through this exit.

 
In many churches there has been little or no discussion of the whole matter forcing the decision. Often that may be the natural state of inertia in many of the congregations of the UMC. Or it may be a theological misalignment of the pastor and the congregation. Further, it may be the fear of conflict in the congregation. Now is the time to face the fears and the consequences. Time is of the essence.

 
Disclosure: after 50 years of ministry in the UMC I transferred to the Global Methodist Church. It was in some ways a very sad and difficult decision. However, it was for missional reasons, first, then doctrinal and theological reasons. I believe we have a great missional future together. Our Wesleyan heritage is one of outwardly focused mission. It’s time to pursue it again.

warrenlathem@gmail.com

He also wrote:  Warren Lathem: North Georgia Ripple Effects - Juicy Ecumenism

"Interestingly, the reasons churches are discussing leaving almost always have nothing to do with human sexuality, the high-profile issue at the General Church level. They are talking about a misalignment of mission, decades of ineffective pastoral leadership, the misuse (in their opinion) of their apportionment dollars, the forced closing of local churches, the seizing of local church assets, and a desire for a viable future which appears to no longer be possible in the UMC. They have watched their children leave to go to effective orthodox churches, often independent or loosely aligned with an association of churches. They have observed the sometimes slow and sometimes rapid exit of their contemporaries to other vital churches in their community. They have observed the politically driven actions of the leadership of the conference in hiding or withholding information that for years was readily available to local churches. They have had to receive and pay the salaries of District Superintendents who have little experience and often no serious effective experience. Some of them have had a new DS assigned and have never met them in over two years! Many discuss the all-consuming institutionalism of the denominational leadership while experiencing either benign neglect or open hostility from that same leadership to the needs of the ministry of the local church. Now many of these most faithful United Methodists gather in sanctuaries for worship, look around and see fewer than 50% of the folks who were there just a few years ago. Some will say this is simply the result of Covid. Certainly some of it is. However, in most churches this downward trend in attendance stretches over multiple years and pastors. They never see a believer’s baptism. Confirmation classes have fewer than five or none at all. They are threatened if they do not pay their annual apportionment in full. They are not included in any district or conference decisions, not even consulted. So they want out with their assets to continue ministry in a more effective way. They may not be sure what that looks like, but they know what is current reality is not working."

Trick or treat

 

Elizabeth Warren wants your wealth

The Democrat candidates are "monkey say monkey do" and they climb on the socialism clown wagon daily. O'Rouke wants your 2nd amendment rights destroyed, Elizabeth Warren wants your retirement savings destroyed with her "Accountable Capitalism Act." They all have a blood lust for the unborn and fragile. You need to speak up. Old people don't have income, they have wealth. . . to support them in their old age. Our progressive tax system already takes huge amounts of our money. Congress is profligate spenders and once they get ahold of your pensions, they won't let go.

Seventy-two percent of the value of all domestically held stocks is owned by pension plans, 401(k)s and individual retirement accounts, or held by life insurance companies to fund annuities and death benefits. This wealth accumulated over a lifetime and benefits all Americans. . . 
Socialism always destroys wealth; it doesn’t redistribute it. Unfortunately, this great truth is far from self-evident. Whether current and near-retirees will stand up and fight for their retirement savings will effectively gauge the survival instinct of our country, and our willingness to preserve the economic system that built it.  Phil Gramm, Wall St. Journal. Sept. 10, 2019

No, it’s not Obama’s economy

The recession was over in June 2009, but the reason the workers didn't see a lot of change was the government intervention, so there wasn't real progress. Business owners who could just waited it out--didn't expand, didn't hire, and cut their labor force. Others went under if they didn't have lobbyists and friends in the party. One of the worst programs I thought was "cash for clunkers." It was a give away to the car companies, and it seriously damaged lower income people who needed transportation to get to work or find work--they were the ones who would buy those clunkers that were being destroyed. It was also a give away to the green lobbyists and the mortgage industry because so many people had to finance those new cars even with government handouts. On a graph, it looks like economic growth, but really solid growth happened after Obama was out of office and unable to terrorize business.

It's no wonder Democrats focus on "infested" as a racist word (Elijah Cummings), or Trump's tax returns (Gavin Newsome). Low unemployment, low inflation, low mortgage rates, shrinking credit card debt, higher savings rates, higher consumer confidence, and for me, I'm making more with my 403-b than I when I worked. And there are millions and millions of retirees having the same experience with their 401-k, pensions and savings--even those who hate Trump.

The next step for the Democrats is to deliberately sabotage the economy and the American people in order to get Trump and their power back.

https://www.forbes.com/sites/chuckdevore/2019/03/11/trumps-policy-magic-wand-boosts-manufacturing-jobs-399-in-first-26-months-over-obamas-last-26/#7f5e1d6d20a6

Book review “Nomadland by Jessia Bruder

This Friday the Lakeside Women's Club book review is "Nomandland; surviving America in the 21st century" by Jessica Bruder. (2017) I'm about 1/3 finished, but I get the drift. Convince the readers there's something terribly wrong with the USA instead of the poor decisions, divorces, childhoods and investments of selected people interviewed for the book. So far, although the "great" recession of 2008 is noted as a cause for the white collar workers, the underlying factors in many of these cases are divorce, and/or an unhappy, abusive childhood that also included divorce, disruption, and frequent moves. I've been skimming or reading books like this for 4 decades. And since the so-called War on Poverty and the disintegration of households of married couples and families, the discussion doesn't get more positive, but the journalists/fabulists don't seem to catch on.

We first met nomad retirees in 2003 in Glacier Park. They were quite happy with their lives, moving with the tourism industry, northwest in the summer and south in the winter. According to Bruder, this movement has drastically increased as boomers hit retirement age, the internet glamorized it, and Amazon and other suppliers began to encourage a new migrant class of elder workers in RVs, vans and campers.

However, since the 1950s, our culture has glamorized the freedom of the open road, living off the grid, and personal liberty without family responsibilities in our films, theater, TV, literature or even neighborhood gossip. We shouldn't be surprised if a tiny percentage tried to grab this fading brass ring on a merry go round and found it a struggle of clunker RVs and difficult physical labor in warehouses.

So readers have a rich stew of anecdotes sprinkled with statistics about the history of retirement (it's a relatively recent concept). The reader can blame evil capitalists, bad government programs, Amazon, shrinking pensions, and overall malaise.

I'm shocked, shocked that aliens are flooding our borders. They need to read sad best sellers and then they would stay home.

Who determines that healthcare is too high?

According to the Bureau of Labor Statistics, the average American family earned $74,664 (before taxes) and spent $57,311 across various expense categories in 2016.  [not sure what is “family”—probably means household—doesn’t give number of people] 

1. Taxes 2. housing 3. transportation 4. food 5. pensions and insurance 6. Entertainment and contributions 7.  health care

Taxes are the biggest chunk. $18,900 each year, and then housing, $18,886. “Following housing costs, transportation ($9,049), food ($7,203), and pensions and personal insurance ($6,831) topped the list for the biggest ticketed items on most Americans' budgets. For the majority of people who prefer not to cook, the cost of dining out could add up big. The occasional luxury experience may not seem like a big drain on the average budget, but entertainment, cash contributions, and apparel and services accounted for nearly $7,000 (over 10 percent) of most Americans' annual expenses.”  Health care was $4,612. That said, health care increased almost 67% between 2006 and 2016, 8 years of which Obama was taking over our health insurance choices.

https://www.creditloan.com/blog/how-the-average-us-consumer-spends-their-paycheck/

Make your New Year's Resolution about your finances

I know there are some who think Medicare is "free" healthcare, and believe all Americans should have it rather than the ragged, poorly thought out and sketchy Obamacare (these unnamed would be Democrats/Progressives) or private insurance. But it's not free. First, all my working years I paid into it (I'm not eligible for Social Security, although I did pay into it in a number of non-state jobs, so there's a special deduction for state employees). Second, I get a "Medicare reimbursement" with my monthly pension, which is then taxed. My "free" health insurance costs over 13% of a very small pension.  If I were single, or even if I hadn't invested 15% of my income in addition to my pension deduction every month I worked, I would be in desperate circumstances. Many women my age had a shorter work career, at a lower salary range due to career choices, and will be single longer than men. So make your New Year's resolution to put more into retirement. You'll need it for your health insurance, which by then will be single payer government owned, and horribly expensive.

According to the work of Harvard University's Malcolm Sparrow, fraud could account for as much as 20 percent of total federal health care spending, which would be considerably higher than what the government's figures indicate.

 

http://www.forbes.com/sites/merrillmatthews/2012/05/31/medicare-and-medicaid-fraud-is-costing-taxpayers 

 

 http://www.cato.org/publications/congressional-testimony/waste-fraud-abuse-government-health-care

Marriage equality? Then why are so many not getting married?

I know a lot of men and women who live together, some in my age group,  who don't believe "marriage equality" works for them. (There are over 1300 laws concerning marriage--benefits, rights and protections.) Why? Usually it's money. She has alimony, or he has his deceased wife's pension. Or one is still married to someone else with whom they own property and they don't want to give lawyers a third of it. I've even known couples where the "new unit" is taking care of the disabled or demented spouse of one of them, but there is no divorce, only death in the future (although that too might be financial--remember Terry Schaivo?). Or they are covered by insurance from the previous spouse.

The second reason is probably children--the adult children. Rather than settle for being a step-mom, she'd rather be his "partner," and avoid the family squabbles. The third reason is they've been "burned" by the laws 2, 3, or 4 times, and won't risk marriage again--sometimes that's financial.

Fourth, is lack of commitment--living together is OK, but marriage is just too far out and restrictive to be considered. One of Obama's more famous avoiders of marriage in his administration is Cass Sunstein, who dumped his live-in Chicago lawyer girl friend of many years who helped his career and who believed his drivel that marriage wasn't for him to marry and procreate with the half-his-age, sexy babe Samantha Power who held out for a ring and a date.

I thought of one more--but have only heard this excuse once. I met him at the coffee shop.  His parents divorced when he was a child and both have remarried numerous times, so he isn't marrying his long time girlfriend, ever.

“the loose arrangements can result in messy legal problems if the couple splits or one partner dies suddenly. Lawyers tell stories of couples who lived together for years in a property owned by one partner. When the owner died, children claimed the property and evicted the survivor.”

http://www.nytimes.com/2014/04/26/your-money/welcoming-love-at-an-older-age-but-not-necessarily-marriage.html?_r=0

http://marriage.about.com/cs/cohabitation/a/cohabseniors.htm

Follow the money—or the votes

Seniors are not hurting.

"Sen. Tom Harkin (D., Iowa) has introduced legislation to increase Social Security benefits and build a government-run supplemental saving plan. Sen. Elizabeth Warren (D., Mass.) has so captivated progressives with her demands to raise Social Security payments that she is touted as a potential presidential candidate in 2016."

What this country needs is jobs for young people, not pandering to senior citizens. Today's retirees have been warned since their 30s that Social Security won't be there for them, and most of the couples I know have 5 or 6 streams of income, from a 403-b, or 401-k, or private investments, or annuities, or IRAs, or veterans' pension, or Social Security. There are divorced women living in “committed relationships” still getting financial support from the husband that ran off with his secretary 30 years ago. If they married, they’d lose that. 

Politicians know seniors vote. Especially Democrats.

Now I’m a capitalist

                       

I was looking at a red t-shirt that said, "Capitalist."  Most of my professional life I worked for the government: University of Illinois, Ohio State University, State of Ohio, and OhioNet ( state and federal grant money). I had a few jobs working in the free market economy when I was between "real" jobs, and of course, I was my husband's only staff for 20 years. So I have a state teacher's pension (not Social Security--can't have both). That sort of qualifies me as a capitalist, because pensions are invested in businesses/stock market/ real estate/ etc. While I was working, I socked away as much as was allowed in TIAA-CREF and IRAs (the stock market). For now those businesses and fat cats that are regularly maligned by this administration are doing well and paying me for investing my money—as a capitalist.

http://www2.ucsc.edu/whorulesamerica/power/pension_fund_capitalism.html

http://www.statecapitalist.org/category/pension/

http://www.giaging.org/documents/NIRS_Report_12-10-13.pdf

Pensions for Revolutionary War Soldiers—Monday Memories

While filling in gaps in the genealogy database I came across a transcribed document on the Internet from 2011, not available the last time I looked.  It was the Pension application for Jacob Williford, my 4th great grandfather, born in 1755 in North Carolina and died in Grainger County, Tennessee in 1839.  The application was for the 1832 Act of Congress on Pensions for war veterans.  Obviously, he was up a bit in years by then—being 77 years old.  His application was successful and he received $60/year from 1833 to his death six years later.  Because there were a number of pension acts by the federal government, I haven’t located information if he’d qualified under a previous one, nor did I find any mention of a wife (blank spot in the database).

Swore under oath (pension application  S1737   fn15NC   1832) 

“That he enlisted in the service of the United States under the following named officers and served as herein stated to wit Col. Benjamin Axum [Benjamin Exum] commanded the Regiment and Capt. Axum Phillips commanded the Company to which he belonged. He states that he entered the service in Edgecombe County in the State of North Carolina and rendezvoused at Tarborough in said State. He states that he entered the service in the month of June in the year 1780 and that he left the service in the month of September of the same year.”

He states that he served in this tour 3 months. He states that he was discharged in Hillsboro in the State of North Carolina at the expiration of his said term of service but that he has lost it long since. He states he marched from Tarborough and joined General Gates in the State of South Carolina and was attached to his Army when he was defeated but was not in the engagement in consequence of sickness but was left with the baggage wagons.

He states that after the defeat of General Gates he was taken prisoner by the Tories and was rescued by a company of Light horse -- that the Tories dispersed when the light horse came up. He states that Col. or General Lee and Col. William Washington commanded the Dragoons. He states that he volunteered he thinks in the month of June in the year 1781 and joined a Company at Halifax under Capt. Orphy Thomas and served a while under him and was then transferred to the Company commanded by Capt. Benjamin Coleman a Continental Capt., and marched under him to the County of Onslow near Wilmington and from thence we marched to Duplin County in North Carolina from thence we marched to Kingston [sic, Kinston] I think in Dobbs County where I was discharged by Capt. Coleman. He states that in this tour he served 3 months. He states further that he has lost his discharge given him by Capt. Coleman.

He states that he left the service in the month of September in the year 1781 and that after he returned home he heard of the surrender of Lord Cornwallis. “

The pension requirements, begun in 1776 for those disabled by the war, changed often, and by 1820 they had to show proof of need but not disability. The requirements were loosened as the veterans aged, particularly for the widows.  At first, pensions were only given to the widows if they had been married before the man left the service, but eventually, when there were very few left (1878), a widow could receive benefits no matter when they married and if the man served as few as 14 days! 

Pensions enacted by Congress for Revolutionary War Veterans

Tennesseeans in the Revolutionary War

Battle of King’s Mountain Roster:  There is a Jacob Williford in the roster, but no way to know if this is him and the dates don’t line up, however, he seemed a little unsure of the dates himself.

Retiree confidence levels change since the Bush years

Some people forget that G W Bush also inherited a recession. The percent of retirees in 2001 who felt very confident or somewhat confident that they had saved and invested sufficiently for retirement ranged from 74% in 2001 to 79% in 2007. In 2008, that dropped to 64% and then to 60% in 2011 as the recession ground on despite a massive influx of federal funding. Link to Research. The gloom and doom in the business community is palpable as they are hit by more and more taxes and uncertainty about health care. Expansion is mostly out of the question, unless you're a petroleum driller in North Dakota. This affects those of us who live on retirement incomes whether Social Security, or defined benefit plans or our own savings/investments. Obviously, two things jump out about those years--the current recession that started in 2007 changed the investing mix and caused retirees to reevaluate their retirement plans and spending, and the baby boomers began entering the retirement demographic.

Those of us who were born before or during WWII whose fathers fought in that war and whose parents were teen-agers or young adults during the Great Depression have a different attitude than baby boomers about saving and sufficiency. We also have benefited from stronger family safety nets and we know the difference between “wants vs. needs." The value gap will expand for Gen-Xers who were accustomed to even more “stuff” replacing spiritual and familial values. In the 1940s and 1950s even children whose parents never took them to church heard Biblical admonitions on values and thrift in school before the Supreme Court ended it in the 1960s. "Don't store up treasures here on earth, where moths eat them and rust destroys them, and where thieves break in and steal. Store your treasures in heaven, where moths and rust cannot destroy, and thieves do not break in and steal.” Matt 6:19-20

Unions support felons getting their pensions

"Outrage is stirring over a California law permitting state and government workers who commit crimes to continue receiving pensions. Under the law, if the worker commits a felony in the course of public duty, they are still eligible to collect pension money. On America’s Newsroom, Martha MacCallum brought up the case of a teacher convicted on 23 counts of lewd behavior who still receives $4,000 from the state.

John Fund, senior editor of American Spectator spoke out against the law. He said, “Normally I can understand that a pension is something you earned on the job and your right to keep it, but there are some crimes that are so outrageous committed while you’re on the job, that you should forfeit them.”

He thinks California should change its law and says Gov. Jerry Brown is trying to change it so that new employees who commit a horrible crime will have to forfeit them. Government employee unions say this is a right that cannot be taken away."
California state employees still get pensions in prison

Did You Know--OAA

27 states had old age programs before the passage of the Social Security Act in 1935. They were known as OAA, Old Age Assistance. However, they were restricted to the poor and were temporary which SS isn't. Working Paper, Cohen

A Tsunami Approaches: The Beginning of the Great Deconstruction

I obviously was in the wrong public service profession. My teacher's pension, Ohio's STRS, is almost exactly the same as my husband's Social Security--a little less, for 24 years of service, and I'm not eligible for the SS spousal benefit if something happens to him, nor even my own Social Security payout.

"By 2010, the general public received a series of shocks. The first shock was the jobless recovery of the Great Recession that cost 8 million jobs. Most of the job losses occurred in the private sector yet the majority of the $800 billion Stimulus Bill went to “save and create” public sector employment.

The second shock was learning that civil servants earned twice that of private workers. According to the Bureau of Economic Analysis, Federal workers received average pay and benefits of $123,049 while private workers made $61,051 in total compensation.

The third shock was revelation of incredible retirement plans doled out by politicians since 1999. In 2002, California passed SB 183 that allowed police and safety workers to retire after 30 years on the job with 3% of salary for each year of service, or 90% of their last year’s pay. During the Great Recession, fireman began retiring with $150,000 pensions at age 52 despite a life expectancy approaching 80. In Orange County CA, lifeguards, deemed safety workers, retired with $147,000 annual pensions. The Orange County sheriff, recently convicted of witness tampering, will receive $215,000 annually while in jail. Bob Citron, the Treasurer of Orange County who pushed the county into bankruptcy in the 1990s, receives a pension of $150,000 per year. A tsunami of anger and resentment is building.

Keep bailing, folks. Looks like the public sector pension plans are going to have a melt down.

A Tsunami Approaches: The Beginning of the Great Deconstruction | Newgeography.com

U of I students protest tuition hikes

Sorry guys. The state legislature owes the pension funds. Unions have a lot more clout than students. This is not a pretty picture. Terry Savage of the Sun Times reports:

"Under Gov. Blagojevich the state borrowed $10 billion to make required pension contributions, with some of the borrowings to be invested in the stock market. The belief was that stock market investment returns would beat the 5 percent cost of interest on the bonds, helping to fill the gap between promises and reality. Unfortunately, the stock market didn't cooperate.

Then in January 2009, this column highlighted the growing budget deficits and late payments to state providers, such as nursing homes, pharmacies, day care centers and other providers. We called it the "Coming Pension Wars" -- as the state and municipalities are forced to raise taxes or cut services to pay the promised pensions, along with current bills. In just the last year, the situation has become even more dire.

In November 2009, the state's Pension Modernization Task Force sent its recommendations to Gov. Quinn. The Task Force concluded that Illinois' unfunded pension liability exceeds $61 BILLION! And that number is growing exponentially."

So it's students against the unions. What to do? What to do!

Emperor has no clothes: Pensions are short cash :: CHICAGO SUN-TIMES :: Terry Savage

Illinois is broke

Illinois Airs Plan on Deficit - WSJ.com

Students and Workers Unite?

California college students are protesting a tuition hike of 32% brought about by the compensation packages won from the state by the public employees unions. Apparently the 1999 California Democrat-controlled legislature thought the Dow would forever go up, sort of like the housing prices, and it made promises to unions it now can't keep without stealing from the young. In one decade pension costs went up 2000% and revenue 24%. What incentive is this for students to go to college if they can get huge pensions doing maintenance for the state? And what evidence is there that members of the California legislature ever went to college if their math skills and understanding of economics are so poor?

UC Tuition Hikes and Public Employee Pensions - WSJ.com

Worst recession since. . . Carter

But they don't say it that way, do they? Sometimes you hear, twenty-six years, or even "the 1930s." FDR is never blamed for the Great Depression even though it dragged out another 10 years after he took office. Presidents Obama and Reagan both inherited a recession. Reagan's was much worse because he also got inflation in the deal.

"At the end of World War II, from 1945 to 1946, there was a very sharp drop in U.S. output (12.1 percent) as the war economy began its transition to a civilian economy. The deepest and longest-lasting recession the United States has experienced since then began in 1980, when Jimmy Carter was president (the gross domestic product dropped 9.6 percent in the second quarter of that year) and did not end until fourth-quarter 1982, almost two years into the Reagan presidency. There were positive quarters during this almost three-year period, resulting in what is known as a double-dip recession, but GDP did not return to the 1979 level until well into 2003. Unemployment peaked at 10.6 percent in the fall of 1982.

As can be seen in the accompanying chart, both President Reagan and President Obama inherited an economy suffering from a year of no growth, along with rising unemployment. (The numbers are almost identical.) But Mr. Reagan faced a far direr situation in that inflation was in the double digits and the prime interest rate was at 20 percent. In contrast, Mr. Obama inherited an economy in which inflation was falling (in fact, inflation has been close to zero for this year) and interest rates were very low.

A situation in which the number of jobs available is falling is bad enough, but if inflation is also destroying purchasing power, the misery is compounded. In the 1960s, economist Arthur M. Okun created the Misery Index by adding the unemployment rate to the inflation rate. In the 1976 presidential race, Jimmy Carter frequently attacked President Ford for allowing the Misery Index to reach 13.57, even though it was lower when Mr. Ford left office than what he had inherited from the Nixon years. Ironically, four years later, when President Carter was running against Ronald Reagan, the Misery Index reached a record high of 21.98. Mr. Carter had no defense and lost the election. The Misery Index dropped by more than 10 points during the Reagan presidency, the single largest improvement during any president's tenure in the last half-century." Richard W. Rahn, Cato Institute

However, if you are the one unemployed, it's 100% not 10%, and if your retirement funds have been decimated, a 10,000 Dow will take a lot of years to make up what you've lost. And whether or not you voted for the current president, in your heart you know that raising taxes is not the way to grow the economy because it's never worked before. And if you know that, and still support him, then you really don't care that people are suffering.