PBGC Multiemployer Program Continues on a Path Toward Insolvency

On August 6, 2019, the Pension Benefit Guaranty Corporation (PBGC) released its projections report for fiscal year (FY) 2018 and here are what Milliman considers the key takeaways as regards the financial condition of the Multiemployer Program.

  • “The Multiemployer Program is estimated to have a 99 percent likelihood of insolvency in FY 2025 and a 100 percent likelihood in FY 2026. The likelihood of insolvency does not vary greatly with the expected future use of suspension and partitions under MPRA.
  • About 125 of the 1,400 multiemployer plans that PBGC insures are in critical and declining status and have declared that they will be unable to raise contributions sufficiently to avoid insolvency over the next 20 years.”
  • Unless Congress takes action to improve the agency’s financial condition, benefits paid by the PBGC following its insolvency would be reduced to the level supported by current premium income. Based on Figure 4 of the report, PBGC insolvency could reduce financial assistance by 80% to 90%, resulting in a reduction in the maximum guaranteed benefit from $12,870 to roughly $1,300 to $2,600 per year.

The driving force behind that 2025 date is when the Central States Pension Fund (with the United Mine Workers UMWA (1974) Pension Plan preceding it) runs out of money, presuming no bailout in the interim.

69 responses to this post.

  1. Posted by PS Drone on August 12, 2019 at 11:03 am

    PBGC insolvency is only a precursor to Medicaid and then Medicare going BK followed by SS only covering 75% of its benefit payments from FICA revenue. And in this fiscal environment, the likes of IL, NJ, KY and other states are presuming some sort of federal “bailout” of their soon to be insolvent public sector pension plans? Good luck on that front.

    Reply

    • Posted by NJ2AZ on August 12, 2019 at 1:45 pm

      they’ll pay the bills

      just the dollars will be worth less

      or worthless

      Reply

      • Posted by stanley on August 12, 2019 at 4:37 pm

        It’s crazy. It is the way to stiff pensioners and the only way acceptable. It would make more sense to repeal the protection for pensions and have an honest and straightforward discussion of what is within reason and what must be whacked. Inflation is the ultimate domestic disease necessitated by dishonest men unwilling to own up to a trail of deceitful promises. It is what I would expect from a liberal.

        Kline-Miller makes more sense than the old inflation trickery.

        Reply

        • Posted by geo8rge on August 13, 2019 at 8:44 am

          “have an honest and straightforward discussion”

          There is currently no basis for that. Honeywell moving it’s HQ out and Amazon not coming in show it is not working. The current taxpayers’ position is taxes cannot be increased while the union position is nothing can be cut. Future taxpayers are probably the most important party, but they rarely take part in any discussions, they just don’t even consider moving to NJ, there is no possibility of discussions.

          The end may be nigh. It is looking like NJs one mega-project, The American Dream Mall, could be a very public fiasco as the idea behind the project was in part highly liquid foreigners traveling to NYC to spend money fast in a short period of time. The Chinese and Argentinian currency devaluation are a sign that might not work out. An amusing aside is The Mall of America MN was pledged as collateral for The American Dream Mall NJ. So I want all y’all to show your Jersey Strong(tm) and show up for the opening and buy lots of stuff.

          The Dream Begins October 25, 2019: Developers Triple Five Group bring their expertise in curating fantastical destinations to this diverse, inclusive community.
          https://www.americandream.com/experience/dream

          The most recent area addition, The Hudson Yards Mall, has gotten iffy reviews but doesn’t have any indoor year round snow features.

          Empty Storefronts Jolt NYC Council Into Action on Small Business
          https://www.bloomberg.com/news/articles/2019-08-12/vacant-nyc-storefronts-prompt-council-push-to-aid-small-business?srnd=styt

          Barney’s NY has filed (again?) for bankruptcy. Possibly indicating the demand for fancy business ware is down because of a decline in the need for fancy business people. The NYC and Beverly Hills stores remain open.

          Reply

  2. Posted by Eric on August 12, 2019 at 10:52 pm

    Inflating away the remaining value of the already decimated United States dollar makes no sense, since the overwhelming majority of the population of the U.S. does not have a defined benefit pension plan. The pitchforks would be soon coming after those in power if this were presented as a “solution.”
    Eric

    Reply

    • Posted by stanley on August 13, 2019 at 7:02 am

      It’s very unfortunate but there is no real alternative to the inflation solution. Expecting the courts to sort through a mass bankruptcy and discern who owned what would be totally hopeless.

      Reply

      • Posted by Rex the Wonder Dog! on August 13, 2019 at 8:31 pm

        Expecting the courts to sort through a mass bankruptcy and discern who owned what would be totally hopeless.
        BK Courts are VERY efficient, they could certainly sort out the cash shortfall….

        Reply

  3. Posted by Eric on August 13, 2019 at 7:14 am

    Stanley:
    What would people do, in the United States, if the value of the United States dollar were insufficient, in its worth, to purchase food, clothing, and shelter due to money printing?
    We would have quickly become Argentina. This result would befall pensioners and non-pensioners as well.
    The federal solution lies in the Supremacy Clause or Article VI for states like Illinois. States like New Jersey do not have this problem since there is no constitutional or contractual protection for pensions due to Berg v. Christie.
    Eric

    Reply

    • Oh stop. A decade from now we all still will be saying the sky is falling. And then a decade after that….
      Once path to progress becomes law, that’ll be the end of the whining.

      Reply

      • Posted by Tough Love on August 13, 2019 at 10:09 am

        The Path to Progress won’t work because it doesn’t “hard freeze” or include VERY material reductions in the value of future service pension accruals for all CURRENT workers.

        Reply

        • Wait ten years and then we will see….

          Reply

          • Posted by Tough Love on August 13, 2019 at 4:58 pm

            It will take 20 years to get rid of all the “moochers” …… and we won’t make it.

            And the replacement Plans REMAIN too generous.

          • So now you’re on a roundabout way wishing for the death of public employees? I.e “get rid of the moochers”.
            What a pathetic life you lead…disgusting. You should be fucking ashamed of yourself. Luckily for me, at 48 I am still in vigorous health and plan on exceeding your 20 year limit on being rid of the “moochers”.
            You really need to get laid. It may be all you get have being you don’t get a pension.
            You’ve been saying for ten years on here that the sky is falling. I dunno. My retired friends got their aug 1 paychecks. Lol. PFRS is separate and will be fine. Gaupo $125k on the horizon. Thanks loooosssssaaaa.
            Rotten person you are.

          • Posted by Tough Love on August 14, 2019 at 10:48 pm

            Quoting El Gaupo…………..

            “So now you’re on a roundabout way wishing for the death of public employees? I.e “get rid of the moochers”.”

            Wow, talk about putting YOUR word in my mouth.

            My ” 20 years to get rid of all the “moochers” comment meant that …….. in 20 more years, the REMAINING NJ Public Sector workers will all have the LOWERED pension formula/provisions. It had NOTHING to do with death …………. you ASSHOLE !

        • Lol….I know. I was just Messing with you. 😉

          Reply

          • Posted by Tough Love on August 15, 2019 at 10:44 pm

            No you weren’t. You were VERY clearly trying to make it appear that I stated something that I did not.

          • Nah. You fell for it. Hook line and sinker

          • Posted by Tough Love on August 16, 2019 at 11:10 am

            Your full it El gaupo……….

            You knew exactly what you were doing (re-read your whole comment ….. you ASSHOLE !), having pulled similar things before.

    • Oh stop. A decade from now we all still will be saying the sky is falling. And then a decade after that….
      Once path to progress becomes law, that’ll be the end of the whining.

      Reply

      • Posted by stanley on August 13, 2019 at 9:57 am

        ” A decade from now…” Pollyanna Constable!

        I can’t say that that won’t happen and maybe it will. However, debt levels and underfunded promises are much more serious than the 70s and inflation and a cycling economy were serious problems during the 70s (at least for some of us). It seems reasonable to me to think that working through our present difficulties will exceed the difficulty presented during the 70s. There are sure to be problems that aren’t presently obvious. And it doesn’t appear that there is significant intellectual support for the more sound changes–how would you feel about the town council whacking the terms that you work for? All over the system there are folks from judges to professors, politicians and bulb changers who are quite content thank you very much for the place that they now have at the trough. Do you think anyone is going to take the trough away? You boys are big and tough but reality is bigger!

        A world economy that needs 0% or negative interest rates to keep from tipping over is a very troubled economy. Predominantly, the intellectual support is for drastically increased foolishness.

        Reply

      • Posted by MJ on August 13, 2019 at 3:49 pm

        🙂 🙂 🙂

        Reply

    • Posted by PS Drone on August 13, 2019 at 9:37 am

      The Federal Gov’t. will/can never pay or repay what it currently owes much less fund the unrecorded 50-year net liabilities for Medicaid, Medicare and SS. As such, it will have no recourse but to print and monetize. So obviously the fiat $ will continue to decline in purchasing power. How much is anybody’s guess, but the fallout will be more difficult than anything our society has suffered through to date. Glad I will not be around for most of it.

      Reply

    • Posted by MJ on August 13, 2019 at 3:53 pm

      Eric, I thought that the Berg v. Christie outcome said that even though there is no NJ constitutional law protecting pensions, they are a promise but do not have to be fully funded? Is that correct?

      Reply

  4. Posted by Eric on August 13, 2019 at 10:30 am

    The bond market is currently yielding a negative interest rate for more than $15 trillion dollars in debt, and is growing daily. This is insane, and has never happened before in history. I do not think that anyone really knows how all of this will end. It is a far, far larger issue than any pension amount or the continuation of broken promises with the Banana Republic of New Jersey. I do think that the markets will hold together until Trump is re-elected. I think that Trump has always done the bidding of the “Deep State” regardless of the rhetoric, and I predict he will be re-elected. I am wrong often. Let’s see what happens. Focus upon what is done, not what is said.
    When I discuss specifics of the markets with a friend of mine, who spent a career on Wall Street, he told me that I am concentrating upon changing the light bulbs on the Titanic.
    He believes that things are far worse than many believe.
    Time will tell.
    Eric

    Reply

    • Posted by MJ on August 13, 2019 at 3:51 pm

      Oh Eric, I think the powers that be know how it will all end it is just a matter of when and what it will look like moving forward

      Reply

      • MJ. I am a conservative, especially with all the nonsense out there today. But you know as well as I do that if there ever is some sort of economic revolution etc. it will be the have nots being screwed enough that an AOC type gets in. We are not there yet, however, it is without a doubt a time where there is a huge divide between the have and the have nots. It’s not my pension they will be coming for it will be the rich people who will have accumulated too much for the masses to ignore. It happend at the end of the Gilded age and we saw SS formed and a few decades later Medicare. Sooner or later, if things aren’t tweaked enough to rebalance wealth enough to level the table a little more, there will indeed be a candidate that will get in that will change things. They won’t be interested in middle class pensions either. Think the tax plans put out there by these liberal wackos. Like Warren. If I were Darren Wilson(the Ferguson cop) I would sue her!!!! She called him a murderer in a tweet while essentially absolving Michael Brown. I cannot ever no matter what support someone who thinks like that. The man was cleared by both state and federal courts. Brown was not murdered. We all know that. I would sue her and Kamala Harris for stating otherwise. The dems are there own worst enemy and will lose because of attitudes like this. She already had the black vote. She just lost a lot of law and order type liberal light people.

        Reply

  5. Posted by Anonymous on August 13, 2019 at 11:18 am

    “presuming no bailout in the interim.”

    Is that a game changer?

    Reply

  6. Posted by Eric on August 13, 2019 at 4:38 pm

    MJ
    Yes, my friend from Wall Street would agree with you that there is a plan. However, I know that there are always unintended consequences.
    Negative bond yields, on trillions of dollars of debt, is something I never would have believed had I not lived through this.
    Institutions are forced to purchase this utter garbage knowing full well that the “investment” is guaranteed to lose money.
    Eric

    Reply

  7. Posted by Eric on August 13, 2019 at 5:39 pm

    MJ
    Berg v. Christie is a complete joke. I have tried, as a volunteer, to help retirees who face escalating nursing home costs each year, and were told by the State of New Jersey to depend upon their cost of living adjustments, in their pensions, to help defray these rising costs. All of these elderly people retired BEFORE the law had been changed in 2011, which removed the cost of living adjustment from all of the pensions. It did not matter that the statutory law, case law, employee handbooks etc. all guaranteed cost of living adjustments for these people, the New Jersey Supreme Court ruled against all of the existing law which was on “all of the books.” The State of New Jersey even published the handbooks guaranteeing the cost of living adjustments to the then retirees, with the logo, “we’ve Got You Covered.”
    Christie included a contractual right to funding the pension in this same law which was known as chapter 78. As a pensioner, a retiree had standing to file a suit alleging a breach of contract if the full contribution were not made. When Christie purposely failed to make the required payment into the pension system, as he promised, his attorneys stated that the New Jersey constitution contains a Debt Limitation Clause provision which enabled him to legally not make the full payment. Since the constitution, in the legal sense, is more powerful than a contractual right brought against the state’s financial interest, the New Jersey Supreme Court ruled that the pensioners have a contractual right to funding that is UNENFORCEABLE due to the debt limitation clause of the New Jersey Constitution. This is why Christie was “throwing gatorade” all over himself, as he campaigned for president, stating his new law was unconstitutional. He was elated.
    New Jersey never had a constitutional protection for its pensions. The State of Illinois does.
    The non-forfeitable right statute, in New Jersey, should have protected the then retirees, who had already been retired in 2011, as per Associate Justice Barry T. Albin’s dissenting opinion voiced over the politically corrupt majority. This is why Governor Murphy is equally viewed as a hypocrite since he left the state’s most vulnerable former public servants to rot.
    Remember, he is a Goldman Sachs alum.
    Eric

    Reply

    • Posted by MJ on August 13, 2019 at 6:03 pm

      Eric thanks for clarifying. It is hard to remember all of the idiotic scams through the years but hey I like El Gaupos idea….make your money in NJ then leave for a more tax friendly state. As more and more leave, the ones left will possibly be younger workers, more government dependent residents, illegals and I guess the government workers. Doesn’t seem to promising to me but what do I know?

      Reply

    • Posted by Tough Love on August 13, 2019 at 7:35 pm

      Eric,

      NJ’s Public Sector pensions START with a pension with a value 2 to 4 times greater than the lucky few Private Sector workers still accruing benefits in unfrozen DB pension Plans. The vast majority of Private Sector workers only get 401K plans with a “value” 1/5 to 1/10 as generous as PUBLIC Sector DB Plans. And Private Sector Pension Plans NEVER include annual COLA increases.

      So I’m sorry but cry me a river…………

      The whole structure is to pay PUBLIC Sector workers (via a combination of wages pensions and benefits) MUCH MUCH more than their Private Sector counterparts.

      Past cuts to that excess are a GOOD not bad thing….. and MORE, MUCH MORE is needed just to reach EQUAL PUBLIC/PRIVATE Sector total compensation.
      ——————————————

      P.S. I DON’T CARE what they were promised, because:
      (a) they were promised WAY too much, and
      (b) the Promises were granted by Elected Official BOUGHT with Public Sector Union BRIBES disguised as campaign contributions.
      ——————————————-

      Reply

      • And no one cares whether or not you think they are 2x4x etc. you’re a moron

        Reply

        • Posted by Tough Love on August 14, 2019 at 1:26 pm

          Actually ……….. based on what are likely hundreds of articles posted daily across the country ……… MANY MANY people care about the Public Sector pension mess, and the LARGE share of those MANY MANY that are Taxpayers responsible for PAYING for 80% to 90% of the total cost of these pension promises, while they likely do not care what I say, they are certainly FED-UP with the ludicrously excessive pensions & benefits granted* Public Sector workers and likely care as much as I do.

          It’s the “moochers” (now or expecting to be “feeding at the trough”) who don’t care … and creatively DON’T want things changed.

          * yes “granted” via the Public Sector Unions BRIBING our Self-interested Elected Officials with threats and campaign contributions.

          Reply

          • Hundreds of articles posted by the same 3 or 4 anti union groups that have been saying the same thing for 10 years now.

  8. Posted by MJ on August 13, 2019 at 6:06 pm

    Eric, thanks for clarifying. It seems that most make their money in NJ then move on. The younger workers will not be able to afford the taxes, etc combined with more government dependent folks, illegals, growing government workers. Just doesn’t sound very promising to me but what do I know?

    Reply

    • Posted by MJ on August 13, 2019 at 6:09 pm

      As far as the nursing homes, if one is fortunate enough to have a pension plus social security plus Medicare it seems the costs would be more than covered. After all, most of these senior establishments are for profit so they want a full house and I do believe they will work with the families to make sure they get every last penny so that the resident can stay. IDK what kind of life is that just sitting there waiting to die???? Sad sad sad

      Reply

  9. Posted by MJ on August 13, 2019 at 6:12 pm

    Oh one more question, I found out from a “friend” who works for the state that pensions are more of less about 30% funded…….can someone explain where the rest of the billions will be made up to at least get the funding levels at a reasonable percentage not to mention the health benefits that are equally not funded? Asking for a friend….

    Reply

  10. Posted by Eric on August 14, 2019 at 6:49 am

    MJ
    The pension plan and social security amounts, with the elderly people I have been assisting, are extremely modest. Also, the cost of a nursing home, on average, increases about 4% per year. This amount does not count any category of “additional care” needed when a resident needs “extra help” with getting dressed, going to the bathroom, taking medications etc.
    Governor Murphy could have helped these unfortunate people when he signed the S-5 bill into law which helped the police and fire pensioners “go out on their own” meaning to manage more of their own funds. Murphy did not do this.
    I have been helping one person who makes, with a New Jersey pension AND social security, $2,200.00 per month in total. In northern New Jersey a $9,000.00 per month nursing home fee is common, and increases, as I said, on average, about 4% per year.
    The State of New Jersey had told some of the families, I have worked with, to use their cost of living adjustments to help defray theses costs as I have stated in the previous posting. That is what made me annoyed about the state.
    Stephen Sweeney always states that “we have to keep our promises” to our pensioners.
    Chapter 78 was sponsored by Stephen Sweeney which removed the cost of living adjustments for these people who retired prior to its enactment.
    Does he think we are that dumb? Than again, he thought the n/60 to n/55 retirement formula modification referred to age. That is scary!
    Thanks,
    Eric

    Reply

    • Posted by Tough Love on August 14, 2019 at 8:39 am

      Speaking of n/60 and n/55, I didn’t see you mention the RETROSPECTIVELY applied pension INCREASE (for NJ government employees and teachers) from n/60 to n/55 in 2001. That alone was a forced Taxpayer “gift” of $4.2 Billion.

      The example ($2,000/mo total income) is sad, but there are without doubt far MORE Private Sector retirees in the SAME situation who got a great deal LESS (than PUBLIC Sector workers) in compensation for the same work.

      ——————————-

      While knowing won’t help this person, $2,000 is VERY low for both a NJ pension & SS. Re this person::
      (a) How many years were they in the NJ pension system
      (b) at what age did they retire
      (c) did they work full time or part time
      (d) what was their final salary
      (e) are they the retired NJ employee or a survivorship beneficiary (perhaps with a 50% pension share)

      Reply

    • Posted by MJ on August 15, 2019 at 6:02 am

      Eric, would you please clarify why Medicaid is not kicking in to pay for these nursing home costs? I’m not clear on the “modest” individuals you help but it is my understanding that Medicaid pays for everything as long as the facility accepts it and all facilities even private ones must provide so many Medicaid spots

      Reply

  11. Posted by MJ on August 14, 2019 at 10:00 am

    Sad all around for the old folks who don’t have a lot in retirement and need additional assistance or nursing home care…..in NJ I thought once all monetary and real estate assets were depleted the bill went to Medicaid which pays in full less any SS, pension, etc. so cost of living increases on the person’s pension would then be a moot point.

    What are we missing in Eric’s post about the nursing home person he assists?

    Reply

    • My father in law was sick with dialysis for years. $12,000 a visit three times a week. Who pay for that? Young healthy people. That’s who. It is part of having a civilized society I guess. You can always judge a society by how they treat the old and sick folks.

      Reply

      • Posted by Anonymous on August 14, 2019 at 1:45 pm

        E,

        I did not intend to demean your father in law in any way. Any part of my taxes that go for that is well spent, IMO. Our daughter’s mother in law was in the same spot.
        What I took from that was, when people complain about how health care costs have increased, and try to pin the blame on the government, or insurance industry, or big pharma, or the boogey man du jour, I say, what about the quality of today’s medicine? The first heart transplant was in 1967. Today, virtually anyone may receive one. Not to mention lungs, kidneys, knees, etc.
        When I was in high school, none of these was even an option, at any price.
        The only costs then, to the patient or to the taxpayers, were for palliative care or for crutches/wheelchair. I do not want to return to those times.

        Reply

        • Posted by NJ2AZ on August 15, 2019 at 11:56 am

          You hit the nail on the head.

          My great grandfather died in the 50s or 60s from cancer. His ‘treatment’ was the Dr dropping off some morphine once a week to keep him comfortable. Today, he would be in a hospital and the cost of treating (not necessarily curing) him would probably be seven figures.

          staving off the reaper is not cheap, and only gets more and more expensive the longer you keep at it.

          Reply

      • Posted by MJ on August 15, 2019 at 5:58 am

        E, may I ask why his health insurance did not cover these 12K expenses for his treatments? You stated previously that he was a union electrician so I’m guessing they had a pretty good health plan even in retirement?

        Reply

        • MJ. My father is a retired union electrician. My father in law was a hair dresser who owned his own business. He actually qualified for SS disability once he could no longer work. He passed at 63 and last worked when he was 55 or so. Leg amputated, the whole bit. I couldn’t believe his treatments cost $36-$48k a WEEK. All covered but passed on in higher premiums for all. Cost of doing business I guess.

          Reply

          • Posted by MJ on August 15, 2019 at 11:36 am

            E…thanks for clarifying. Despite the costs, that’s what SS and Medicare is supposed to do for all who work and pay into for most of their lives. Some will need more, some less in the hopes that it somehow balances out.

          • I agree. I’ll be happy to just have my health. I don’t care if Medicare was twice as much. The elderly in this country are cast aside as it is.
            Somebody’s pockets are getting lined. And it sure ain’t ours. Lol.

          • Posted by Tough Love on August 15, 2019 at 10:41 pm

            El gaupo…………

            Oh YOUR pockets sure ARE getting UNJUSTLY lined !

          • Lol. Lined maybe. Unjustly?? Not a chance.
            And get over yourself. I’m not gonna be one of the fat cats sista. Just someone who may have some more retirement security than others.
            You see the debacle in Philly? Soft on crime leadership. Again I ask what comparable job is there where you have someone who shot 6(!!) cops and community yells, pushes, laughs at, curses and throws things at they very people who are trying to protect them during an ACTIVE SHOOTER scene? Can you name one? And secondly, (you already didn’t sign up but…) would you or most really want to deal with that BS for a mediocre salary and NO pension? Cops would literally walk off the job. The US attorney is right—Krasner is a ducking disgrace. The man called the cops Nazis, racist etc. he has NO respect from the LEO community. Would you want to work for a boss like that after dealing with that?? Give me a comparable….please?
            Folks like you Stanley PS Drone etc are just anti Authority types who Just hate on Leo cause they have a pension but in reality do nothing to better there own communities! MJ gets it. Small price to pay. God help you if the jungle ever moved to the burbs!!!

          • Posted by Tough Love on August 16, 2019 at 9:19 am

            Eu gaupo,

            YOU get about $250K in total comp annually.

            For WHAT, you’re a NJ “bedroom community” Northern NJ Police Officer ?

            And you think that’s not “unjust” …………… really ?

            You town’s taxpayers would cut you compensation in a heartbeat IF they had ANY SAY in do so, and weren’t worried about your threats and bullying tactics.

          • Lol. And you would cut your butchers salary in a heartbeat if it meant you got the same meat for half price!!!! Such a loser you are. You think you’d get the same quality meat? You wouldn’t.
            And us bedroom community cops will always be well paid because our residents can afford it. And more importantly they DO NOT want there towns being infiltrated by the folks you saw in Philly.
            As the saying goes “fuck You….pay me”. Hahahahaha.
            Nobody looking to cut my salary baby.

          • Posted by Tough Love on August 16, 2019 at 8:40 pm

            El gaupo,

            Why would we want to cut the Private Sector Butcher’s compensation, it being VERY unlikely that he/she is overcompensated, while it’s 100% certain that you are …………. and by a HUGE amount.

            Why the Taxpayers don’t raise hell with being so “suckered” and financially ABUSED is amazing.

    • Posted by Anonymous on August 14, 2019 at 12:34 pm

      (In my best TJ voice…)

      “Old and sick people should pay their own medical bills, just like everyone else. The taxpayers have been ripped off too much already.

      GOT A PROBLEM WITH EQUAL?

      Reply

      • Posted by Tough Love on August 14, 2019 at 1:33 pm

        Wrongly stated.

        The RIGHT way is that PUBLIC Sector Workers/Retirees should not get a bribery/racketeering-sourced better deal in being able to pay for such expenses.

        Like El gaupo’s ludicrously excessive pension and FREE retiree healthcare. It’s absurd, to put it mildly.

        Reply

  12. MJ. Please bro. No worries. No offense taken….just saying that 10% of the folks use almost all the dough that the 90% pay for. There but for the grave of God go I.
    Love the TL imitation. She needs to be out in her place now and then. She is a hater and needs to be taught to lighten up. Kudos to you my friend. She apparently thinks that everyone but me should be able to earn whatever they can.

    Reply

  13. Posted by Eric on August 15, 2019 at 7:19 am

    MJ
    Medicaid may pay all of the bills IF the elderly person qualifies for medicaid. Medicaid is not only a financially based need BUT ALSO examines the physical abilities of the applicant.
    If the applicant is able to perform what are known as the “Activities of Daily Living” or ADLs, medicaid will REJECT the applicant from the program even if the applicant is indigent.
    Finally, the facility must have a medicaid bed available for the applicant. Current law only requires that the facility allocated and designated 10% of the rooms for medicaid residents.
    Facilities do not want to allocate rooms or beds to medicaid residents since the facilities are paid far less than “private pay” residents.
    Eric

    Reply

    • Posted by MJ on August 15, 2019 at 11:38 am

      Eric, thanks for clarifying. It’s not easy getting old I guess all we can hope is that we remain as mentally and physically sound as possible and be nice to our kids because they will in charge of our care in old age 🙂

      Reply

  14. Posted by Eric on August 15, 2019 at 2:24 pm

    MJ
    A very scary thought! The older I get, the nastier I become, since most want me dead anyway!
    Eric

    Reply

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