Almost every generation of Americans is dissatisfied with the current state of affairs, and when you think about how each group's expectations are working out these days, it begins to make sense. In Texas there has been a 'much to do' with regards to school financing. Threatened teacher layoffs, schools shutting down, and the list continues on and on and on..................
For many years this writer and several others have expressed concerns about the spending by local school districts without regards to where the money actually comes, and now the 'proof is in the pudding' and is starting to be revealed for the whole state to see. Lavish athletic facilities, performance halls, etc. were built all in the name of providing a better education for students. When in reality school districts of all levels were throwing taxpayer funds down a 'rat hole' in hopes that students would achieve a better education. Educating is not just a matter of money! Sure it helps; however, it only helps when it is used properly during the process of education.
A recent investigation into the spending habits of the Dallas ISD produced some interesting educational spending results. If the Dallas ISD has a problem determining how taxpayer money should be spent then every school district in the state most likely has the same problem for they all come from the same mold.
"Amid hardship protests, DISD spends lavishly" was the most recent editorial title from the Dallas Morning News. From a period beginning in 2006 through December 2010 the investigation uncovered $1.7 million for T-shirts and promotional trinkets. The DISD is like all school districts in the state for it has a captive audience; therefore, what is being promoted? When did school districts feel the need to compete for students?
Teachers and administrators for the DISD dined on rib-eye steaks while discussing teacher layoffs and budget cuts. When money gets tight at my house we discuss our budget cuts over a bowl of beans and cornbread. The investigative report has determined that the DISD mishandled, misspent, whatever you want to call it $81 million in taxpayer funds from 2006-2010. $81 million = 1,527 teaching positions within the DISD. Perhaps teachers should be conducting audits of their own school districts rather than spending time in Austin complaining about unfairness. Illegitimate expenditures undermine the legitimate concerns associated with the hardships that teachers and students will experience over the next two years. However, all school employees are only as good as their leader and in most cases their leaders were the biggest wasters of taxpayer funds. A case of 'monkey see, monkey do" is the necessary order of the school business in this state.
One additional example of bad decision making by the DISD (and countless other districts most likely) took place on June 7, 2011 when the district paid $2,406 to rent a ballroom at the Hilton Anatole and multi-media equipment for a district meeting. Are all the DISD school facilities filled with summer school students? With all the technology money handed out in the form of grants over the past ten years one would think that the DISD would have ample multi-media equipment available for such a meeting. Then again the $1.7 million spent on T-shirts most likely caused the technology staff to be laid off.
Thursday, June 23, 2011
Sunday, May 22, 2011
Ideas have consequences
Prepare yourself.
While traveling recently to visit relatives I attended a coffee shop round table within this fine community with a relative who is a daily regular participant. It was interesting that their issues were similar as the other round tables I have attended. However, some how the discussion got turned into a thought provoking exercise about what is a life worth. The discussion was centered around a gentleman I assumed that most seated knew or had known. Perhaps he had been a participant in the past. The discussion centered around many topics with regards to the worth of a life.
In summary the value of a life relates to how much we are willing to pay to try to sustain one, it really does not as it plays out in the real world, unless you have an unlimited amount of money, which most of us, much less the government or insurance companies, don't have. Rather than ask how much are we willing to pay, the real question is, "How much can we afford?"
Ideas have consequences. Prepare yourself.
While traveling recently to visit relatives I attended a coffee shop round table within this fine community with a relative who is a daily regular participant. It was interesting that their issues were similar as the other round tables I have attended. However, some how the discussion got turned into a thought provoking exercise about what is a life worth. The discussion was centered around a gentleman I assumed that most seated knew or had known. Perhaps he had been a participant in the past. The discussion centered around many topics with regards to the worth of a life.
In summary the value of a life relates to how much we are willing to pay to try to sustain one, it really does not as it plays out in the real world, unless you have an unlimited amount of money, which most of us, much less the government or insurance companies, don't have. Rather than ask how much are we willing to pay, the real question is, "How much can we afford?"
Ideas have consequences. Prepare yourself.
Wednesday, May 18, 2011
John C. Calhoun
While on vacation I took the opportunity to read some about Mr. Calhoun. The South Carolina politician had some interesting thoughts regarding majority rule versus consensus rule.
Mr. Calhoun pointed out that American federalism had an apparent flaw in that the federal government could not be the final judge of its own powers. Citizens had to be able to defend themselves when national majorities in Congress violated Constitutional limits with the complicity of the executive and judicial branches of the national government. If the seperation of powers and checks and balance system is not in working order then citizens have a right to defend themselves against the federal government.
"Calhoun reasoned that because the people of the states gave their consent to the Constitution through the state ratification process, they, not the national government, were sovereign. Thus, the people of the states possessed the legal authority to protect both themselves and American liberty by declaring unconstitutional acts of Congress null and void within their respective states."
Perhaps Mr. Calhoun is correct in his assessment. If so health care reform should be a non-event.
Mr. Calhoun pointed out that American federalism had an apparent flaw in that the federal government could not be the final judge of its own powers. Citizens had to be able to defend themselves when national majorities in Congress violated Constitutional limits with the complicity of the executive and judicial branches of the national government. If the seperation of powers and checks and balance system is not in working order then citizens have a right to defend themselves against the federal government.
"Calhoun reasoned that because the people of the states gave their consent to the Constitution through the state ratification process, they, not the national government, were sovereign. Thus, the people of the states possessed the legal authority to protect both themselves and American liberty by declaring unconstitutional acts of Congress null and void within their respective states."
Perhaps Mr. Calhoun is correct in his assessment. If so health care reform should be a non-event.
Saturday, May 14, 2011
Appraisal homework
Conducting research on appraisal techniques used by local Central Appraisal Districts v. licensed real estate appraisers and real estate professionals produces a common theme............flawed cost-based assessments are a common cause of unlawfully high property taxation. These flawed methods of assessment require property owners to fight annually for correct assessments.
It appears to be a fact that CAD appraisers impose excessive, flawed assessments because they often employ error-prone appraisal methods in the interest of expediency. At one of the local coffee shop round tables a local gentlemen who has completed extensive homework on Central Appraisal District issues stated "the technique of mass appraisals is a flawed system and penalizes property owners. Property owners have to review their valuations each and every year are they might end up paying more property taxes than they should. The system of mass appraisal is not perfect, and property owners must remain vigilant with their valuation reviews each year."
Based upon this gentleman's comments it appears that on the surface the possibility of conspiracy does exist between taxing entities and Central Appraisal Districts. After all who stands to lose if appraised values should decrease? Not the taxpayer!
It appears to be a fact that CAD appraisers impose excessive, flawed assessments because they often employ error-prone appraisal methods in the interest of expediency. At one of the local coffee shop round tables a local gentlemen who has completed extensive homework on Central Appraisal District issues stated "the technique of mass appraisals is a flawed system and penalizes property owners. Property owners have to review their valuations each and every year are they might end up paying more property taxes than they should. The system of mass appraisal is not perfect, and property owners must remain vigilant with their valuation reviews each year."
Based upon this gentleman's comments it appears that on the surface the possibility of conspiracy does exist between taxing entities and Central Appraisal Districts. After all who stands to lose if appraised values should decrease? Not the taxpayer!
Monday, May 9, 2011
Healthy diet
9 out of 10 Americans describes his or her diet as healthy. Surely these healthy diets have nothing to do with the reason the United States has the highest percentage of obese people in the world.
If it is not the diet then a lack of outside time?
One thing is known for sure McDonald's has been recording record profits throughout the recession. Big Macs and fries must be the new healthy diet for Americans. These same folks are the one's not complaining about the increased costs of medical services. Why? They don't pay for medical care. Taxpayers pick up their medical care tab.
We pay day care for working parents that are considered in the poverty category. Guess we should start picking up the tab for a gym membership to work on the obese problem.
If it is not the diet then a lack of outside time?
One thing is known for sure McDonald's has been recording record profits throughout the recession. Big Macs and fries must be the new healthy diet for Americans. These same folks are the one's not complaining about the increased costs of medical services. Why? They don't pay for medical care. Taxpayers pick up their medical care tab.
We pay day care for working parents that are considered in the poverty category. Guess we should start picking up the tab for a gym membership to work on the obese problem.
Thursday, May 5, 2011
Never ends
Income taxes were due on April 18, 2011 this year due to some holiday celebrated in Washington, D.C., and most thought that was a welcomed relief. However, on April 16, 2011 most of you got that timely notice of Assessed Values for property tax purposes. Like the ole' saying "only two things are for certain in this world - Death and Taxes".
One just never seems to get used to the ideas of death and taxes. Be glad when the Tea Party Patriots takes over and reduces all the unnecessary spending by all levels of government. Don't get me wrong for most don't resent paying taxes. Most understand that the money is crucial to supporting local police, fire fighters, schools and government operations. However, a bureaucrats idea of how to efficiently spend funds is much different than that of those paying the tax assessments. For example, do schools really need to provide bus services to able body students who have two legs, two feet, and have been taught how to walk? A bus picking up a student within six blocks of the school is wasteful spending in the taxpayers mind. Spending $900 on a hammer is wasteful as well.
If you read the local rag then you have read how the local taxing entities may have to reimburse Pilgrim's approximately $800,000 for money they collected and have already spent. Sounds like the credit card crisis all over again, just different participants. Don't forget that if the Camp Central Appraisal District is not successful in their suit they (taxpayers are the they in this case) are out legal fees for the defense and if they end up in the lost column then they (YOU) will have to reimburse Pilgrim's for their legal expenses. TAXPAYERS are the real losers not the taxing entities nor the Camp Central Appraisal District.
In the real world someones head would be on the chopping block! Then again perhaps someone has a severance clause contained within their work contract. The City of Pittsburg paid off one of the former city manager's when the city decided they no longer need the individuals services. It is only TAXPAYER money! Who gives a hoot?
Into the 'Wild Blue Younder'..................
One just never seems to get used to the ideas of death and taxes. Be glad when the Tea Party Patriots takes over and reduces all the unnecessary spending by all levels of government. Don't get me wrong for most don't resent paying taxes. Most understand that the money is crucial to supporting local police, fire fighters, schools and government operations. However, a bureaucrats idea of how to efficiently spend funds is much different than that of those paying the tax assessments. For example, do schools really need to provide bus services to able body students who have two legs, two feet, and have been taught how to walk? A bus picking up a student within six blocks of the school is wasteful spending in the taxpayers mind. Spending $900 on a hammer is wasteful as well.
If you read the local rag then you have read how the local taxing entities may have to reimburse Pilgrim's approximately $800,000 for money they collected and have already spent. Sounds like the credit card crisis all over again, just different participants. Don't forget that if the Camp Central Appraisal District is not successful in their suit they (taxpayers are the they in this case) are out legal fees for the defense and if they end up in the lost column then they (YOU) will have to reimburse Pilgrim's for their legal expenses. TAXPAYERS are the real losers not the taxing entities nor the Camp Central Appraisal District.
In the real world someones head would be on the chopping block! Then again perhaps someone has a severance clause contained within their work contract. The City of Pittsburg paid off one of the former city manager's when the city decided they no longer need the individuals services. It is only TAXPAYER money! Who gives a hoot?
Into the 'Wild Blue Younder'..................
Monday, May 2, 2011
What a day for the US of A
Took a thirty day vacation, and low and behold on my return enemy number one is no more. Regardless of who wants to take credit......makes no difference.....thanks goes to all involved over the last ten plus years.
Just because the number one is dead means number two is not capable; therefore, we must remain at the ready.
Just because the number one is dead means number two is not capable; therefore, we must remain at the ready.
Wednesday, March 30, 2011
School superintendent pay raises
Don't know that I agree completely with the intent of this bill; however, it could be used to send a message to school boards who fail to properly adhere to the wishes of the taxpayers. I certainly understand the frustrations of taxpayers with regards to school administrator pay. Sponser of HB 3312 Representative Stefani Carter (R-Dallas) stated “I also have a real problem when the chiefs of staff for the superintendents of some of our largest school districts, as in Dallas ISD, are making more money than the chief of staff for the President of the United States. We need to cut back in administration or our teachers and children will suffer.” "Carter also noted that this month the Duncanville school board voted to raise superintendent base salary from $197,415 to $230,000 a year, even though the state’s substantial shortfall will likely leave the Duncanville Independent School District with a $6 million shortfall for the 2011 – 2012 school year." Grant a pay raise and the school district has not come to a decission with regards to the number of teachers to be laid-off. Only by a school board in Texas. The pay raise appears to cover the salary for at least one teacher. I do believe a school could run without a superintendent; however, without teachers is another matter.
House Bill 3312 would require any proposed salary increase for superintendents to be placed on the ballot of the regular election of trustees for approval by a majority of the voters in that district.
Representative Carter also introduced House Bill 3625 which would create a task force to review and analyze how public school districts may be made more efficient through reorganization and consolidation. Bring it on with regards to consolidation. There will be heavy opposition to this bill from many fronts. However, it is times public schools in Texas reorganized. This includes elimination of region service centers which is a place for retired school superintendents to hang out and draw additional pay checks at taxpayers expense. Region Service Centers were needed in the old model of operation; however, the new model of on-line content reduces their capacity to serve efficiently.
FINANCIAL ARMAGEDDON we do not need.
House Bill 3312 would require any proposed salary increase for superintendents to be placed on the ballot of the regular election of trustees for approval by a majority of the voters in that district.
Representative Carter also introduced House Bill 3625 which would create a task force to review and analyze how public school districts may be made more efficient through reorganization and consolidation. Bring it on with regards to consolidation. There will be heavy opposition to this bill from many fronts. However, it is times public schools in Texas reorganized. This includes elimination of region service centers which is a place for retired school superintendents to hang out and draw additional pay checks at taxpayers expense. Region Service Centers were needed in the old model of operation; however, the new model of on-line content reduces their capacity to serve efficiently.
FINANCIAL ARMAGEDDON we do not need.
Monday, March 28, 2011
Bringing 3-D reality to the screen
Amount Massachusetts has allocated since 2000 to decrease class size and increase teacher pay: $1,200,000,000
"Historical illiteracy is a threat to the health of the republic. Our ignorance of the key events and basic concepts of the nation's development is a matter of statistical fact, and despite years of warnings we continue to show little interest in how the past determines contemporary choices."
Spend, Spend, Spend........ was not one of the key events nor one of the basic concepts with regards to our nation's nor state's development. School districts in this state are now faced with bringing the excess of 3-D spending over the past many years to a reality. The lavish life-style must now be scaled back to conform to reality.
Over the past several weeks there have been a number of quotes from various individuals working to protect the rights of school districts to spend, spend, and spend your money. They say the evil taxpayer is working to put school districts out of business and put people out of a job. Not the case - for the taxpayer knows that this will do more harm than good. However, the taxpayer does want accountability and reality considered in every spending decision.
"We say to businesses all over the state, 'Come to Texas but leave your kids because we don't want to fund them?'" Frisco ISD board member Richard Beaver wins Bone Head award for this quoted statement in the Dallas Morning News a few weeks back. Evidently Mr. Beaver fails to comprehend that if a business is already in Texas they don't need to relocate to Texas, and their children are already here and the associated funds are being spent on their education.
"We need a dedicated statewide resource to fund public education......". This quote comes to you from John Fullinwider a parent of a student in the Dallas ISD. Mr. Fullinwider is also a teacher in the DISD system. Someone should check his credentials......Texas has a dedicated statewide resource that is supplemented by local property taxes. It is true the state has cut back on their percentage; however, the burden shifted to local property owners has broken their backs and they have closed their pocketbooks due to excess spending on sports complexes, indoor golf training facilities, F-350 King Ranch transportation for transportation directors, etc. School officials call these items prudent spending in tough times.
Mr. Fullinwider goes on to say "Let this designated state resource pay for the entire foundational school program of all school districts." This came real close to winning the Bone Head award. The state already funds the basics of an "entire foundational school program for all school districts." Bringing 3-D to reality and understand that some school districts have more property values than others. Having higher property values allows a district to provide beyond the foundational. Here lies the problem and the reason Mr. Fullinwider did not win the Bone Head Award for educational stupidity. Mr. Fullinwider has suggested a policy debate about what goes into the basic foundational school program. Should the expense of a charter bus to an athletic contest be a part of the basic foundational school program? These are the types of spending issues that school officials need to debate. Bringing 3-D to reality!
For every teacher employed by a school district in this state there is likely one additional staff person on the payroll as well. Are all these staff people really needed? Bringing 3-D to reality!
The OECD recently presented data at a conference for governors that shows nations with powerhouse schools put a greater premium on quality teachers rather than smaller classes. It was also noted that nations with strong school systems attract, select and develop excellent teachers. This sure sounds a lot like the way things operate in the world of real business. Recruit, select and develop to create excellence. Are we asking schools in Texas to become Fortune 500 companies? You can't qualify for the list, but you can follow the examples and learn from how the Fortune 500 operate. You want to know how to run an efficient school? Mentor with any struggling small business owner. Bringing 3-D to reality!
Schools are not going away - just need to restructure. Many a company has taken on bankruptcy in order to restructure and come back to life. Over the past two years there have been several examples, i.e. General Motors, Six Flags, Pilgrim's Pride, etc. All these and many more have managed a come back.
3-D to reality!
"Historical illiteracy is a threat to the health of the republic. Our ignorance of the key events and basic concepts of the nation's development is a matter of statistical fact, and despite years of warnings we continue to show little interest in how the past determines contemporary choices."
Spend, Spend, Spend........ was not one of the key events nor one of the basic concepts with regards to our nation's nor state's development. School districts in this state are now faced with bringing the excess of 3-D spending over the past many years to a reality. The lavish life-style must now be scaled back to conform to reality.
Over the past several weeks there have been a number of quotes from various individuals working to protect the rights of school districts to spend, spend, and spend your money. They say the evil taxpayer is working to put school districts out of business and put people out of a job. Not the case - for the taxpayer knows that this will do more harm than good. However, the taxpayer does want accountability and reality considered in every spending decision.
"We say to businesses all over the state, 'Come to Texas but leave your kids because we don't want to fund them?'" Frisco ISD board member Richard Beaver wins Bone Head award for this quoted statement in the Dallas Morning News a few weeks back. Evidently Mr. Beaver fails to comprehend that if a business is already in Texas they don't need to relocate to Texas, and their children are already here and the associated funds are being spent on their education.
"We need a dedicated statewide resource to fund public education......". This quote comes to you from John Fullinwider a parent of a student in the Dallas ISD. Mr. Fullinwider is also a teacher in the DISD system. Someone should check his credentials......Texas has a dedicated statewide resource that is supplemented by local property taxes. It is true the state has cut back on their percentage; however, the burden shifted to local property owners has broken their backs and they have closed their pocketbooks due to excess spending on sports complexes, indoor golf training facilities, F-350 King Ranch transportation for transportation directors, etc. School officials call these items prudent spending in tough times.
Mr. Fullinwider goes on to say "Let this designated state resource pay for the entire foundational school program of all school districts." This came real close to winning the Bone Head award. The state already funds the basics of an "entire foundational school program for all school districts." Bringing 3-D to reality and understand that some school districts have more property values than others. Having higher property values allows a district to provide beyond the foundational. Here lies the problem and the reason Mr. Fullinwider did not win the Bone Head Award for educational stupidity. Mr. Fullinwider has suggested a policy debate about what goes into the basic foundational school program. Should the expense of a charter bus to an athletic contest be a part of the basic foundational school program? These are the types of spending issues that school officials need to debate. Bringing 3-D to reality!
For every teacher employed by a school district in this state there is likely one additional staff person on the payroll as well. Are all these staff people really needed? Bringing 3-D to reality!
The OECD recently presented data at a conference for governors that shows nations with powerhouse schools put a greater premium on quality teachers rather than smaller classes. It was also noted that nations with strong school systems attract, select and develop excellent teachers. This sure sounds a lot like the way things operate in the world of real business. Recruit, select and develop to create excellence. Are we asking schools in Texas to become Fortune 500 companies? You can't qualify for the list, but you can follow the examples and learn from how the Fortune 500 operate. You want to know how to run an efficient school? Mentor with any struggling small business owner. Bringing 3-D to reality!
Schools are not going away - just need to restructure. Many a company has taken on bankruptcy in order to restructure and come back to life. Over the past two years there have been several examples, i.e. General Motors, Six Flags, Pilgrim's Pride, etc. All these and many more have managed a come back.
3-D to reality!
Friday, March 25, 2011
If the need should arise
I was traveling the back roads of the fine state of Arkansas a few days ago. While there I stopped for a visit with some relatives of which I have not seen in a few years. It was a rural community and my cousin took me for breakfast early and I got to meet the locals who gathered at a round table and drink coffee. For a bit felt kinda like at the other round tables I visit from time to time.
The topic of government spending came up and it appears this local community is in the same financial shape as most governmental entities these days. The community is running short on revenue. The solution per the consensus of the table is do like everyone else and cut the expenses. "Quit trying to dig into my pocket" was the comment by one local. Then as I continued to set and listen another local entered the doors and grabbed a cup of coffee and he proceeded to fill the other cups full around the table. He piped right in on the conversation and gave his two bits worth, and it went something like this (wished I had a tape recorder that day):
"Don't need no law enforcement - well equipped to handle such matters if the need should arise.
Don't need no highways, roads, subsidized transportation, etc. - got two feet to meet the need if it should arise. Don't need no parks and recreation facilities - go the woods if the need should arise. Don't need no welfare programs - grow my own if the need should arise. Don't need no public education system - educate my own if the need should arise. Don't need no government programs - create my own if the need should arise. Don't need no military - militia will form if the need should arise. Don't need no judicial system - can judge if the need should arise. Matter of fact if the need should arise I can probably handle most anything if the need should arise."
It is a little crude; however, there is some truth in the simpleness of the message. As always each has to come to his or her own conclusions. Probably would not go poking around the gentleman's vegetable garden.
The topic of government spending came up and it appears this local community is in the same financial shape as most governmental entities these days. The community is running short on revenue. The solution per the consensus of the table is do like everyone else and cut the expenses. "Quit trying to dig into my pocket" was the comment by one local. Then as I continued to set and listen another local entered the doors and grabbed a cup of coffee and he proceeded to fill the other cups full around the table. He piped right in on the conversation and gave his two bits worth, and it went something like this (wished I had a tape recorder that day):
"Don't need no law enforcement - well equipped to handle such matters if the need should arise.
Don't need no highways, roads, subsidized transportation, etc. - got two feet to meet the need if it should arise. Don't need no parks and recreation facilities - go the woods if the need should arise. Don't need no welfare programs - grow my own if the need should arise. Don't need no public education system - educate my own if the need should arise. Don't need no government programs - create my own if the need should arise. Don't need no military - militia will form if the need should arise. Don't need no judicial system - can judge if the need should arise. Matter of fact if the need should arise I can probably handle most anything if the need should arise."
It is a little crude; however, there is some truth in the simpleness of the message. As always each has to come to his or her own conclusions. Probably would not go poking around the gentleman's vegetable garden.
Wednesday, March 23, 2011
Broke, Busted and Fed Up
8.25% Sales Tax
3.7% Property Tax
12% Fuel Tax
26% Income Tax
1% Franchise Tax (Yes, you pay for it in the higher costs associated with purchased items)
9-15% Sin Tax
10% Insurance Tax
???
???
???
While attending a coffee shop round table last week in a neighboring community I learn that according to a recent report on CNBC a popular business network reported that 51% of those working are now working for YOU the taxpayers. 51% of those currently on payrolls now work for a governmental entity in the United States (calculating correctly that only leaves 49% of those employed working for private industry). One can see with all the taxes listed above taxpayers have no more money to pay the governmental payrolls. Taxpayers need to lay-off workers so they can feed their families, pay their mortgages, etc. Taxpayers don't like the lay-offs anymore than the government employee; however, we can't afford to keep you on OUR payroll.
"There is not sufficient return on the taxpayers investment for all the not so intelligent decisions (the choice of words was more colorful) made by our employees, so in the best interest of all the doors should be closed. Governmental entities have achieved their desired goal of making us all equals in that no one earns an income and we all struggle to survive. The only folks getting rich today are the ones being paid by the government to work and not work."
"I'll bet I am a better survivor than they for I know hard work. Noting came easy and I worked hard for everything they made me give up. If I catch'um in my vegetable garden helping themselves to my veggies cause their hungry and don't know how to work then they need to be prepared to receive salted buckshot in their 'hind end'. Even with us both broke and down-n-out I will still have more, because I know how to work hard to earn it. Don't let me catch'um sneaking around in my garden patch cause these ain't the good old days of yesteryear."
The quote was from a not to happy local round table participant. Don't know who 'they' is, but if I were on a payroll of a governmental entity I would not be sneaking around in any of the local garden patches. Salted buckshot has got to stinggggggggggg!
3.7% Property Tax
12% Fuel Tax
26% Income Tax
1% Franchise Tax (Yes, you pay for it in the higher costs associated with purchased items)
9-15% Sin Tax
10% Insurance Tax
???
???
???
While attending a coffee shop round table last week in a neighboring community I learn that according to a recent report on CNBC a popular business network reported that 51% of those working are now working for YOU the taxpayers. 51% of those currently on payrolls now work for a governmental entity in the United States (calculating correctly that only leaves 49% of those employed working for private industry). One can see with all the taxes listed above taxpayers have no more money to pay the governmental payrolls. Taxpayers need to lay-off workers so they can feed their families, pay their mortgages, etc. Taxpayers don't like the lay-offs anymore than the government employee; however, we can't afford to keep you on OUR payroll.
"There is not sufficient return on the taxpayers investment for all the not so intelligent decisions (the choice of words was more colorful) made by our employees, so in the best interest of all the doors should be closed. Governmental entities have achieved their desired goal of making us all equals in that no one earns an income and we all struggle to survive. The only folks getting rich today are the ones being paid by the government to work and not work."
"I'll bet I am a better survivor than they for I know hard work. Noting came easy and I worked hard for everything they made me give up. If I catch'um in my vegetable garden helping themselves to my veggies cause their hungry and don't know how to work then they need to be prepared to receive salted buckshot in their 'hind end'. Even with us both broke and down-n-out I will still have more, because I know how to work hard to earn it. Don't let me catch'um sneaking around in my garden patch cause these ain't the good old days of yesteryear."
The quote was from a not to happy local round table participant. Don't know who 'they' is, but if I were on a payroll of a governmental entity I would not be sneaking around in any of the local garden patches. Salted buckshot has got to stinggggggggggg!
Monday, March 21, 2011
Stuck-pig squeals
Economic recession has eroded tax bases, leading to under-funding and historic deficits. Listen carefully and you hear a key word over and over - 'discretionary.' Discretionary spending it the part of any budget that can be negotiated. Why should budgets be negotiated? Start at zero every year and there is nothing to negotiate. Give instructions to spend the money as they would their own, then again this has proven to be a bad idea. After all our current recessionary state is due to folks spending what they did not have.
After generations of spending nonexistent money, individuals and governmental entities from coast to coast are facing financial truths. Many lacked the necessary financial skills thus the current situation. Rampant spending has hurled us all into debating the financial crisis that should have never existed if spending had been controlled at all levels. Governments got use to spending what they did not have. Several school districts in this state floated bond elections that paid for items like uniforms, electronic devices, books, maps, band instruments, etc. The bond election became the 'credit card' for a number of school districts in this state. The life of most of these items will be exhausted by the time the bond is paid off. Exactly like a consumer 'credit card'.
After all this spending taxpayers have finally said enough! However, modest budget-cutting suggestions are condemned by those who have grown used to government bloated. The public school lobby is a live and well walking the halls of the state house in Austin. You hear the stuck-pig squeals of the public schools of this state who have no intention of weaning themselves from taxpayer-funded largess. Budget cutting discussions in Wisconsin had teachers abandoning kids and classrooms to swirl in anger at the Wisconsin statehouse. Caused sympathetic doctors to write phony medical excuses for the teachers so they would not be in violation of their collective bargaining agreements with regards to their absences from the classroom.
Permanently reshaping the financial landscape in taxpayers favor is something that has to happen if we wish a more vibrant future.
After generations of spending nonexistent money, individuals and governmental entities from coast to coast are facing financial truths. Many lacked the necessary financial skills thus the current situation. Rampant spending has hurled us all into debating the financial crisis that should have never existed if spending had been controlled at all levels. Governments got use to spending what they did not have. Several school districts in this state floated bond elections that paid for items like uniforms, electronic devices, books, maps, band instruments, etc. The bond election became the 'credit card' for a number of school districts in this state. The life of most of these items will be exhausted by the time the bond is paid off. Exactly like a consumer 'credit card'.
After all this spending taxpayers have finally said enough! However, modest budget-cutting suggestions are condemned by those who have grown used to government bloated. The public school lobby is a live and well walking the halls of the state house in Austin. You hear the stuck-pig squeals of the public schools of this state who have no intention of weaning themselves from taxpayer-funded largess. Budget cutting discussions in Wisconsin had teachers abandoning kids and classrooms to swirl in anger at the Wisconsin statehouse. Caused sympathetic doctors to write phony medical excuses for the teachers so they would not be in violation of their collective bargaining agreements with regards to their absences from the classroom.
Permanently reshaping the financial landscape in taxpayers favor is something that has to happen if we wish a more vibrant future.
Friday, March 18, 2011
Paying for the sins of government leadership
Inept is term that comes to mind when listening to the issues in Wisconsin. What fools would give collective bargaining rights to public employees?
In 1906 and 1907 a report was conducted in Boston that detailed mismanagement in the city's government. The report is just as true today and applies not just to Wisconsin, but other governmental entities as well.
The report blamed the mayor and alderman (one could fill-in the blank with school board, commissioner's court, etc.) who, the report said, "appointed department heads who lacked technical qualifications, and employees, therefore, had no incentive to perform efficiently themselves." This appears to be the case in most governmental entities since they adhere to the 'good ole boy' code of employment and promotion. In the case of Wisconsin the bad teachers get to stay on board due to a clause in their collective bargaining agreement that prevents one from being dismissed from their job for in ability to perform.
Things really come to light when governmental entities (Texas school districts) have deficits, have exercised poor judgment with regards to financial investments and financial budgeting, and have unfunded pension liabilities. Lack of funds to pay for public sector pensions is becoming a lighting rod for angry taxpayers suspicious or mistrusting of government, their employees and union representatives.
Why are taxpayers so angry? First, pension deficits can be huge and significantly add to a budget deficit. Second, the decisions to challenge pension payments often involve public safety employees and teachers (taxpayers hate coming out against these groups of employees in most cases for they know the value of the service provided). Third, the most divisive, few retiring from private sector employment have a defined benefit pension like the public sector and are wondering why they have to pay for someone else's retirement. Most private sector employees have to pay for their own retirements.
In the 'old' days a good retirement plan offset lower wage paying jobs. However, in this day and age the low wage paying jobs in the public sector pay more than the wage paying jobs of the private sector. To help understand the retirement discontent by taxpayers perhaps a dollar and cents comparison is in order: average government worker is promised $2.85 per hour worked from his or her retirement plan, while the average private sector worker with a pension receives only $0.41 per hour worked. Public workers in Wisconsin have a sweet deal. Most of them put less than 1% of their pay into their pensions and 6% of the cost of health insurance premimums. Who is going to be on the lake fishing while enjoying retirement? Thus the disconnect and the discontent on behalf of taxpayers. Then you get a scenario like in Wisconsin and it all comes to light and taxpayers really get 'heart burn'. Especially when they realize there is a $2.44 difference in retirement benefit pay. Pension warfare is alive and well and politicians will be forced to deal with the issue now that taxpayers have taken their heads out of the sand.
In another report about public sector employment it was stated "many seem to be employed in the public sector because they were not strong leaders and do not have the leadership skills to make it into similar positions with private companies." The report was not addressing the public sector employees as individuals without necessary skills, merely pointing out the possible fact existed that governmental entities don't have the most capable individuals employed. The report might be on to something. Private industry seems to have more capability to solve problems with limited resources than public entities with the same available resources. One would think by now issues regarding education, public safety, etc. would be solved.
Public v. Private is a great debate.........
In 1906 and 1907 a report was conducted in Boston that detailed mismanagement in the city's government. The report is just as true today and applies not just to Wisconsin, but other governmental entities as well.
The report blamed the mayor and alderman (one could fill-in the blank with school board, commissioner's court, etc.) who, the report said, "appointed department heads who lacked technical qualifications, and employees, therefore, had no incentive to perform efficiently themselves." This appears to be the case in most governmental entities since they adhere to the 'good ole boy' code of employment and promotion. In the case of Wisconsin the bad teachers get to stay on board due to a clause in their collective bargaining agreement that prevents one from being dismissed from their job for in ability to perform.
Things really come to light when governmental entities (Texas school districts) have deficits, have exercised poor judgment with regards to financial investments and financial budgeting, and have unfunded pension liabilities. Lack of funds to pay for public sector pensions is becoming a lighting rod for angry taxpayers suspicious or mistrusting of government, their employees and union representatives.
Why are taxpayers so angry? First, pension deficits can be huge and significantly add to a budget deficit. Second, the decisions to challenge pension payments often involve public safety employees and teachers (taxpayers hate coming out against these groups of employees in most cases for they know the value of the service provided). Third, the most divisive, few retiring from private sector employment have a defined benefit pension like the public sector and are wondering why they have to pay for someone else's retirement. Most private sector employees have to pay for their own retirements.
In the 'old' days a good retirement plan offset lower wage paying jobs. However, in this day and age the low wage paying jobs in the public sector pay more than the wage paying jobs of the private sector. To help understand the retirement discontent by taxpayers perhaps a dollar and cents comparison is in order: average government worker is promised $2.85 per hour worked from his or her retirement plan, while the average private sector worker with a pension receives only $0.41 per hour worked. Public workers in Wisconsin have a sweet deal. Most of them put less than 1% of their pay into their pensions and 6% of the cost of health insurance premimums. Who is going to be on the lake fishing while enjoying retirement? Thus the disconnect and the discontent on behalf of taxpayers. Then you get a scenario like in Wisconsin and it all comes to light and taxpayers really get 'heart burn'. Especially when they realize there is a $2.44 difference in retirement benefit pay. Pension warfare is alive and well and politicians will be forced to deal with the issue now that taxpayers have taken their heads out of the sand.
In another report about public sector employment it was stated "many seem to be employed in the public sector because they were not strong leaders and do not have the leadership skills to make it into similar positions with private companies." The report was not addressing the public sector employees as individuals without necessary skills, merely pointing out the possible fact existed that governmental entities don't have the most capable individuals employed. The report might be on to something. Private industry seems to have more capability to solve problems with limited resources than public entities with the same available resources. One would think by now issues regarding education, public safety, etc. would be solved.
Public v. Private is a great debate.........
Wednesday, March 16, 2011
Earned Income Tax Credit
For years I have been hearing about this class shifting government program, so the other day when I was having my tax forms filled out at one of the local tax prep operations I decided to ask some questions about the EIC.
First question I asked of the tax prep individual is why the EIC box was not checked off on my form, and the answer "You do not qualify". Fair enough answer, but I wanted to know why I did not qualify. So I ask why do I not qualify? "You are retired". I then asked what if I am unemployed? "You might qualify if you had earned income". What is earned income? Received no real answer, so I hit the IRS website in search of an answer. Real winner here for I am more confused as to what earned income is now than before.
Any how the Earned Income Tax Credit program was first floated by the Nixon administration. Ronald Reagan dubbed it "the best pro-family, the best job creation measure to come out of Congress." Mind you both of these guys were from the conservative party known as Republican.
EIC is nothing more than a program to transfer wealth in this country. A bridge between the have and have nots one might say. In 2007, the U.S. Treasury paid out $49 billion to 25 million taxpayers. I dug deeper into what might happen with one who files a tax form for 2010 and this will be a possible result:
A single mother of two making $16,000 a year gets a $5,000 tax refund; if she earns $25,000 her windfall is $3,200. In either case it is a flat out gift to her from other taxpayers who earned higher wages. Absolutely a transfer of wealth program. Along with the additional benefits available to qualify for and most likely received I am poorer than she in the end.
Anyone need to put a retired person on their payroll? Guess I need to make $1.00 to qualify for EIC.
First question I asked of the tax prep individual is why the EIC box was not checked off on my form, and the answer "You do not qualify". Fair enough answer, but I wanted to know why I did not qualify. So I ask why do I not qualify? "You are retired". I then asked what if I am unemployed? "You might qualify if you had earned income". What is earned income? Received no real answer, so I hit the IRS website in search of an answer. Real winner here for I am more confused as to what earned income is now than before.
Any how the Earned Income Tax Credit program was first floated by the Nixon administration. Ronald Reagan dubbed it "the best pro-family, the best job creation measure to come out of Congress." Mind you both of these guys were from the conservative party known as Republican.
EIC is nothing more than a program to transfer wealth in this country. A bridge between the have and have nots one might say. In 2007, the U.S. Treasury paid out $49 billion to 25 million taxpayers. I dug deeper into what might happen with one who files a tax form for 2010 and this will be a possible result:
A single mother of two making $16,000 a year gets a $5,000 tax refund; if she earns $25,000 her windfall is $3,200. In either case it is a flat out gift to her from other taxpayers who earned higher wages. Absolutely a transfer of wealth program. Along with the additional benefits available to qualify for and most likely received I am poorer than she in the end.
Anyone need to put a retired person on their payroll? Guess I need to make $1.00 to qualify for EIC.
Monday, March 14, 2011
Robust and complacent thinking
The robust economy of the 90s and early 2000s provided no incentive for efficiency and cost savings in the maintenance of our governmental entities. As things 'hummered' along the tax money rolled into the vaults as fast as it could be collected. Once in the vault it was used to create niche projects, programs, etc. rather than address the issues related to maintenance of what was already up and running.
Without any regard for the fact that one day things may not be as robust Texas schools and governmental entities felt comfortable with their customary ways and lacked motivation to think outside the box and demand more for less. The good times brought with them a less-than-disciplined and less-than-efficient approach to asset and financial management. It's like these folks thought the funds would always be in the vault and the vault would continue to fill.
The robust days of past are gone and no one knows for sure when and if they will return. Time for all these governmental entities and schools to learn from a key lesson of the Great Depression - do more with less. The individuals who pay the taxes to keep your doors open have had their world turned upside down, and now it is time for your world to experience the same. After all it is only fair since you only exist at the expense of taxpayers.
In a recent editorial in the local rag by One Man's Opinion it appears as if the writer feels he is receiving a good return on his tax dollars with regards to education spending. It is the writers right to have such an opinion; however, one would be willing to bet that One Man has been in the workforce for a while and he has not worked along side a high school ONLY graduate in some time. Then again perhaps he has been given an opportunity to work along side one of the exceptional and this could cloud one's opinion of the system as a whole.
Several polls have been published and it depends upon which you encounter; however, the one most striking at a dinner conversation the other night while in Seattle was regarding a poll that stated only 30% of high school graduates were college ready. Wished I had asked what organization was responsible for the poll for this writer has seen polls that show college readiness ranging from 40% to 60%. Most if not all know that polling is a manageable exercise to achieve whatever end result one may desire.
Before you buy off and take sides on the budget cut debates perhaps one should consider the complacent thinking theory. Individuals became complacent in their thinking with regards to their individual budgets when things were robust. The powers that be have informed us that this is one of the main reasons for our economic downfall. Individuals lived on credit and the bills came due and many could not pay. Stimulus funds equalled credit extended to schools and governmental entities and two years later the bills have come due.
Robust has a tendency to make one complacent - it is historical.
Without any regard for the fact that one day things may not be as robust Texas schools and governmental entities felt comfortable with their customary ways and lacked motivation to think outside the box and demand more for less. The good times brought with them a less-than-disciplined and less-than-efficient approach to asset and financial management. It's like these folks thought the funds would always be in the vault and the vault would continue to fill.
The robust days of past are gone and no one knows for sure when and if they will return. Time for all these governmental entities and schools to learn from a key lesson of the Great Depression - do more with less. The individuals who pay the taxes to keep your doors open have had their world turned upside down, and now it is time for your world to experience the same. After all it is only fair since you only exist at the expense of taxpayers.
In a recent editorial in the local rag by One Man's Opinion it appears as if the writer feels he is receiving a good return on his tax dollars with regards to education spending. It is the writers right to have such an opinion; however, one would be willing to bet that One Man has been in the workforce for a while and he has not worked along side a high school ONLY graduate in some time. Then again perhaps he has been given an opportunity to work along side one of the exceptional and this could cloud one's opinion of the system as a whole.
Several polls have been published and it depends upon which you encounter; however, the one most striking at a dinner conversation the other night while in Seattle was regarding a poll that stated only 30% of high school graduates were college ready. Wished I had asked what organization was responsible for the poll for this writer has seen polls that show college readiness ranging from 40% to 60%. Most if not all know that polling is a manageable exercise to achieve whatever end result one may desire.
Before you buy off and take sides on the budget cut debates perhaps one should consider the complacent thinking theory. Individuals became complacent in their thinking with regards to their individual budgets when things were robust. The powers that be have informed us that this is one of the main reasons for our economic downfall. Individuals lived on credit and the bills came due and many could not pay. Stimulus funds equalled credit extended to schools and governmental entities and two years later the bills have come due.
Robust has a tendency to make one complacent - it is historical.
Friday, March 11, 2011
Budget cuts - Questions
Who should take care of people in need? Should it be the 'the government,' or charitable organizations, or 'the neighborhood'?
And if these entities decline to accept the obligations you have defined for them, what then?
And if these entities decline to accept the obligations you have defined for them, what then?
Sunday, March 6, 2011
More stimulus trivia
Of the American Recovery and Reinvestment Act two years ago, approximately $100 billion went to schools. Folks that is $100 BILLION, and not one school can show much of a return on the federal dollars invested on education under the act. Anyone ever hear the term 'black hole'? Public schools are a 'black hole'.
The Texas Education Agency has conducted random audits of the funds received by local districts and has determined that most of the funds were not misused. Kind of hard to misuse funds when they had no real targets to hit in the first place. In 2009 one school district in Texas apparently hired 290 additional employees with stimulus funds. It is now 2011 and the same school district recently approved a reduction in force plan of 290 employees. This particular school district in 2009 received $105 million of the $100 billion of stimulus funds.
Texas received $6.42 billion in stimulus funds. It appears that a great deal of the stimulus funds received by Texas was used for educator in-service training opportunities at some really nice resorts.
We wonder why teacher lay-offs are a possibility.
The Texas Education Agency has conducted random audits of the funds received by local districts and has determined that most of the funds were not misused. Kind of hard to misuse funds when they had no real targets to hit in the first place. In 2009 one school district in Texas apparently hired 290 additional employees with stimulus funds. It is now 2011 and the same school district recently approved a reduction in force plan of 290 employees. This particular school district in 2009 received $105 million of the $100 billion of stimulus funds.
Texas received $6.42 billion in stimulus funds. It appears that a great deal of the stimulus funds received by Texas was used for educator in-service training opportunities at some really nice resorts.
We wonder why teacher lay-offs are a possibility.
Thursday, March 3, 2011
Public v. Private and SOB stories
This was forwarded to me recently and I found it interesting. Individuals have to come to their own conclusions with regards to the public v. private issue. I like the way whoever wrote the piece emphasis "MAY POSSIBLY" for at this point no one really knows what the outcomes will truly be. I am willing to bet it may not be as bad as most are predicting with regards to state funding. Notice I stated state funding for the federal government funding that schools have come to depend is a whole separate matter.
"Our GOVERNMENT SCHOOLS have been giving us non-stop ... SOB STORIES ... about their ... IMMINENT BUDGET CUTS ... . I thought they were administered by Professionals who got the BIG BUCKS to make the tough decisions ... ???
EVERY DAY the public is told:
(1) How many Government School teachers ... "MAY POSSIBLY" ... get laid-off and
(2) How many Government school buildings ... "MAY POSSIBLY" ... be closed and
(3) How many Government School students ... "MAY POSSIBLY" ... be ruined for life ... .
PLEASE compare this CRY BABY BEHAVIOR with the HEROIC BEHAVIOR of our PRIVATE SCHOOL employees ... . I have NOT heard one SOB STORY from our Private School employees, and they are living in the same depressed economy."
"Our GOVERNMENT SCHOOLS have been giving us non-stop ... SOB STORIES ... about their ... IMMINENT BUDGET CUTS ... . I thought they were administered by Professionals who got the BIG BUCKS to make the tough decisions ... ???
EVERY DAY the public is told:
(1) How many Government School teachers ... "MAY POSSIBLY" ... get laid-off and
(2) How many Government school buildings ... "MAY POSSIBLY" ... be closed and
(3) How many Government School students ... "MAY POSSIBLY" ... be ruined for life ... .
PLEASE compare this CRY BABY BEHAVIOR with the HEROIC BEHAVIOR of our PRIVATE SCHOOL employees ... . I have NOT heard one SOB STORY from our Private School employees, and they are living in the same depressed economy."
Wednesday, March 2, 2011
State Senator Kevin Eltife needs to hear from you
Our State Senator, Kevin Eltife (R-Tyler), told the Houston Chronicle last week that it is "crazy" to expect lawmakers to balance the budget with spending cuts.
Must be a lot of crazy people in Texas: a new poll says voters by a margin of 2-to-1 expect the budget to be balanced with spending cuts.
Are you one of them? Maybe you want to call Sen. Eltife with your thoughts: (512) 463-0101.
But before you call, what your state senator wants to do gets even worse. Sen. Eltife went on to tell the Chronicle that not only should the state raid the rainy day fund -- something Gov. Rick Perry and other responsible leaders have said shouldn't be on the table -- but he also is advocating for "more revenue" flowing into the treasury. That can only mean he wants to find new ways into your wallet.
No wonder Kevin Eltife has refused to sign the Taxpayer Protection Pledge.
As Andrew Kerr reminds us, though, Sen. Eltife is used to calling people "crazy" and "insane" when they are actually being fiscally responsible. Two years ago it was Sen. Eltife who wanted the state to accept heavily stringed unemployment insurance funds from President Obama as part of the stimulus. Republican leaders rejected those efforts. Apparently Sen. Eltife is only hearing from people who want to spend the taxes -- not pay them.
He needs to hear from the two-thirds of Texans who want sensible budget policy: a balanced budget through cuts, not new taxes. You can reach Sen. Eltife's office at (512) 463-0101.
For Texas,
Michael Quinn Sullivan
Must be a lot of crazy people in Texas: a new poll says voters by a margin of 2-to-1 expect the budget to be balanced with spending cuts.
Are you one of them? Maybe you want to call Sen. Eltife with your thoughts: (512) 463-0101.
But before you call, what your state senator wants to do gets even worse. Sen. Eltife went on to tell the Chronicle that not only should the state raid the rainy day fund -- something Gov. Rick Perry and other responsible leaders have said shouldn't be on the table -- but he also is advocating for "more revenue" flowing into the treasury. That can only mean he wants to find new ways into your wallet.
No wonder Kevin Eltife has refused to sign the Taxpayer Protection Pledge.
As Andrew Kerr reminds us, though, Sen. Eltife is used to calling people "crazy" and "insane" when they are actually being fiscally responsible. Two years ago it was Sen. Eltife who wanted the state to accept heavily stringed unemployment insurance funds from President Obama as part of the stimulus. Republican leaders rejected those efforts. Apparently Sen. Eltife is only hearing from people who want to spend the taxes -- not pay them.
He needs to hear from the two-thirds of Texans who want sensible budget policy: a balanced budget through cuts, not new taxes. You can reach Sen. Eltife's office at (512) 463-0101.
For Texas,
Michael Quinn Sullivan
Monday, February 28, 2011
Texas v. California education spending
Someone forward this piece to me so I do not know who is to receive the credit; however, the numbers are staggering.
"As it turns out Texas has more public school employees than any state in the nation. California has 1.6 million more students than Texas, but has 1,225 fewer schools, and a jaw-dropping 52,090 fewer total education personnel. While we would hope that most of our public school employees would consist of those folks who actually teach, only 51% of Texas public education employees are teachers.
Even more astounding is the fact that total Texas public school expenditures have increased 335% since 1987. While we would hope that such vast increases in spending would improve student performance, an examination of the NAEP (National Assessment for Educational Progress) results reveal that Texas student test scores have remained stagnant or have actually decreased during this period.
Many Texas school districts are claiming they will have to close schools due to budget cuts, and yes, some probably will. However, many of these districts, and the state education industry as a whole, have not applied their respective budgets appropriately. Cutting amounts of state spending on education will force closer examination of how those 'education' dollars are spent. In so doing, we need to remember that our public education system does not exist to provide jobs and pensions for all comers, but was established to provide educational opportunities to all children."
"As it turns out Texas has more public school employees than any state in the nation. California has 1.6 million more students than Texas, but has 1,225 fewer schools, and a jaw-dropping 52,090 fewer total education personnel. While we would hope that most of our public school employees would consist of those folks who actually teach, only 51% of Texas public education employees are teachers.
Even more astounding is the fact that total Texas public school expenditures have increased 335% since 1987. While we would hope that such vast increases in spending would improve student performance, an examination of the NAEP (National Assessment for Educational Progress) results reveal that Texas student test scores have remained stagnant or have actually decreased during this period.
Many Texas school districts are claiming they will have to close schools due to budget cuts, and yes, some probably will. However, many of these districts, and the state education industry as a whole, have not applied their respective budgets appropriately. Cutting amounts of state spending on education will force closer examination of how those 'education' dollars are spent. In so doing, we need to remember that our public education system does not exist to provide jobs and pensions for all comers, but was established to provide educational opportunities to all children."
Friday, February 25, 2011
The government created the pain for education
Remember the stimulus? It is coming back to cause problems with education funding issues. It appears that schools used stimulus funds over the past couple of years to shore-up financial short falls that should have appeared over the past two years in school budgets. ISDs used the stimulus funds to pay for educational improvements, such as summer school programs and HIRING more teachers.
Guess many ISDs failed to read the fine print with regards to the federal stimulus funds having an expiration date. Yes, the funds came with an expiration date! One wonders if school administrators informed these newly hired teachers that the job may not be permanent since the position was subject to continued federal stimulus funding.
Funds do run out from time to time! Most likely every school district in this state can find a way to keep the certified teachers employed and on the payrolls. However, some sports programs and coaches may have to be reassigned, removed from the payrolls, etc.
Priority spending is the name of the game. Do they provide a TAKS exam for football, basketball, cheer leading, golf, tennis, band, etc.?
Guess many ISDs failed to read the fine print with regards to the federal stimulus funds having an expiration date. Yes, the funds came with an expiration date! One wonders if school administrators informed these newly hired teachers that the job may not be permanent since the position was subject to continued federal stimulus funding.
Funds do run out from time to time! Most likely every school district in this state can find a way to keep the certified teachers employed and on the payrolls. However, some sports programs and coaches may have to be reassigned, removed from the payrolls, etc.
Priority spending is the name of the game. Do they provide a TAKS exam for football, basketball, cheer leading, golf, tennis, band, etc.?
Tuesday, February 22, 2011
Lil' more on the education spending front
Per an article in the Dallas Morning News Superintendent Michael Hinojosa stated that the majority of the DISD budget is payroll costs. Payroll costs for the DISD is a LARGE amount of the budget, 82 percent. I would hope that the payroll cost numbers include items like insurance, sick pay, retirement contributions, etc. If not then how does the DISD pay the utility bills?
You have heard many rumors about budget reductions from school districts. Each public school district is independent, and each district is in a very different financial position and manages decision-making differently. Do not assume what you hear about other districts is relevant to all school districts.
You will hear about proposed reductions at the state level and proposed legislative action that may impact schools. At the state level nothing is final until it has been through several rounds of sub-committee and committee hearings, and considered by the House of Representatives, the Senate, and the Governor.
Don't believe anyone from either side at this point as to what will be the final outcome, for no one knows at this point and June is a few months out.
Use the Ronald Reagan method of 'trust but verify'.
You have heard many rumors about budget reductions from school districts. Each public school district is independent, and each district is in a very different financial position and manages decision-making differently. Do not assume what you hear about other districts is relevant to all school districts.
You will hear about proposed reductions at the state level and proposed legislative action that may impact schools. At the state level nothing is final until it has been through several rounds of sub-committee and committee hearings, and considered by the House of Representatives, the Senate, and the Governor.
Don't believe anyone from either side at this point as to what will be the final outcome, for no one knows at this point and June is a few months out.
Use the Ronald Reagan method of 'trust but verify'.
Wednesday, February 16, 2011
Full of hot air
All teachers in the State of Texas should be good fans of the bosses who lead them down the education pathways within each of their school districts. Be willing to bet that most school boards think they have winners in the Super seats as well.
Interesting that these Super Leaders have been down to Austin to testify before the various committees on education that they want have enough money to conduct the business of education if the legislature decides to cut the education funding over the next two years. They have been filling the room with 'hot air' about how the school districts in Texas will have to lay-off teachers, decrease pay for current teachers, furlough personnel, etc. in order to meet the financial requirements of the education system.
After reviewing some of the testimony and reading the various metro daily papers is it not odd that a single Super Leader has suggested that perhaps I the Super Leader need to cut my pay instead of the drastic measures of laying-off, etc. Must be some of that personal greed coming out from within the Super Leaders. It is also interesting to note that not one Super Leader has suggested that the local districts are a little heavy in the 'middle' management area, i.e. assistant principals, curriculum directors, department heads, district communication officer, student development staff, etc.
This piece from Empower Texans is timely:
http://www.empowertexans.com/issues/superintendent_salaries_are_a_statewide_problem
Superintendent Salaries Are A Statewide Problem provides some very insightful issues with regards to how Super Leaders have chosen the route of personal greed, and school boards have allowed the greed to be common within the education system.
Folks, it is your money that is being used to create and cause such a problem. Let the folks in Austin know that your pocketbook is short on funds and you don't have the luxury of a greed problem. The teachers need to revolt and demand that some of those Super Leader funds come their way in place of taking a reduction in pay. After all is the money not better spent on those who actually do the work?
Your Super Leaders are filling you full of 'hot air'!
Interesting that these Super Leaders have been down to Austin to testify before the various committees on education that they want have enough money to conduct the business of education if the legislature decides to cut the education funding over the next two years. They have been filling the room with 'hot air' about how the school districts in Texas will have to lay-off teachers, decrease pay for current teachers, furlough personnel, etc. in order to meet the financial requirements of the education system.
After reviewing some of the testimony and reading the various metro daily papers is it not odd that a single Super Leader has suggested that perhaps I the Super Leader need to cut my pay instead of the drastic measures of laying-off, etc. Must be some of that personal greed coming out from within the Super Leaders. It is also interesting to note that not one Super Leader has suggested that the local districts are a little heavy in the 'middle' management area, i.e. assistant principals, curriculum directors, department heads, district communication officer, student development staff, etc.
This piece from Empower Texans is timely:
http://www.empowertexans.com/issues/superintendent_salaries_are_a_statewide_problem
Superintendent Salaries Are A Statewide Problem provides some very insightful issues with regards to how Super Leaders have chosen the route of personal greed, and school boards have allowed the greed to be common within the education system.
Folks, it is your money that is being used to create and cause such a problem. Let the folks in Austin know that your pocketbook is short on funds and you don't have the luxury of a greed problem. The teachers need to revolt and demand that some of those Super Leader funds come their way in place of taking a reduction in pay. After all is the money not better spent on those who actually do the work?
Your Super Leaders are filling you full of 'hot air'!
Sunday, February 6, 2011
Crying over spilled milk
They raised taxes to build the lavish football stadium, but are now considering cutting teachers due to a budget shortfall. Education does not have a priority problem...................
http://www.nytimes.com/2011/01/30/sports/30allen.html
http://www.nytimes.com/2011/01/30/sports/30allen.html
Thursday, February 3, 2011
Harry Reid: Obama Should 'Back Off' on Earmark Ban
Obama appears to have heard the people; however, Senator Reid still sees no issue with earmarks. Matter of fact he stated that earmarks will not increase government spending. In his 'little' brain he believes earmarks are a fine way to spend taxpayer funds. He fails to get that if you stop spending period then maybe you might be able to stop the runaway train. The folks in Nevada have a real winner speaking on their behalf.
"President Obama stressed earmark elimination in his State of the Union address Tuesday night, but the message didn't hit home with one of his closest allies, Harry Reid.
In an interview with "NBC Nightly News," the Senate majority leader said Obama should "back off" on the idea.
Reid called Obama's statement that he would veto any legislation sent to him with earmarks included an "applause line" and "absolutely wrong. . . . The president has enough power; he should back off and let us do what we do.
"Specifically, that means he and other lawmakers "have a constitutional obligation to do congressionally directed spending. I know much more about what's needed in Elko, Nevada . . . than some bureaucrat back" in Washington. "Short term, [the president] may win this battle, but it's going to be short term. This is a line he's been flinging out for a long time. It means nothing to [reduce] the debt."
The Nevada Democrat said banning earmarks doesn't save the cash-strapped government money because the funds will be spent regardless -- earmarks simply direct them.
He also said opposing the president won't cause a rift between himself and a political ally. "He's been around a while, I've been around a while. Just because he's wrong on this doesn't mean he's not right on most everything else. . . . Banning earmarks hurts people who are in need, whether it's a university, a city, a struggling business of some kind. These are the kinds of things that we are obligated to try to help. . . We have three branches of government, and I don't want the executive branch messing with my territory." "
Tom Kavanagh
Morning Editor - Politics Daily AOL
"President Obama stressed earmark elimination in his State of the Union address Tuesday night, but the message didn't hit home with one of his closest allies, Harry Reid.
In an interview with "NBC Nightly News," the Senate majority leader said Obama should "back off" on the idea.
Reid called Obama's statement that he would veto any legislation sent to him with earmarks included an "applause line" and "absolutely wrong. . . . The president has enough power; he should back off and let us do what we do.
"Specifically, that means he and other lawmakers "have a constitutional obligation to do congressionally directed spending. I know much more about what's needed in Elko, Nevada . . . than some bureaucrat back" in Washington. "Short term, [the president] may win this battle, but it's going to be short term. This is a line he's been flinging out for a long time. It means nothing to [reduce] the debt."
The Nevada Democrat said banning earmarks doesn't save the cash-strapped government money because the funds will be spent regardless -- earmarks simply direct them.
He also said opposing the president won't cause a rift between himself and a political ally. "He's been around a while, I've been around a while. Just because he's wrong on this doesn't mean he's not right on most everything else. . . . Banning earmarks hurts people who are in need, whether it's a university, a city, a struggling business of some kind. These are the kinds of things that we are obligated to try to help. . . We have three branches of government, and I don't want the executive branch messing with my territory." "
Tom Kavanagh
Morning Editor - Politics Daily AOL
Monday, January 31, 2011
The sky is not falling
When families have a shortfall, they determine where to cut spending, and likely the first cuts are not on essentials like food and shelter.
The educrats are at it again..............spouting stuff like if the state cuts their funds they will have to lay off teachers. If you are in the business of educating students you will only cut the essentials as a last option. I would think teachers fall into the category of being considered essential! Most ISD's have one non-teacher for every teacher. (That is according to the ISD Snapshots of information provided to the Texas Education Agency by ISD’s.) Some ISD's have expensive aides on the payroll filling the role of coaches (some are unable to attain certification credentials for various reasons, mainly not being able to pass the required certification test). Some individuals are classified as teachers when they are in fact not teachers. These individuals are on emergency certification certificates.
It is time to see how many of these education leaders have chosen the field of education for the love of education or the love of money. A number of Texas ISD Superintendents make more than $250,000 a year, base salary? Why not stipulate that superintendents cannot make more than the Governor.
ISD's need to set spending priorities and not just continue to threaten to cut teachers when they should be dramatically cutting other overhead. ISD's are fat and building athletic facilities, buying land, etc. are part of the fat priority problem. $60 million stadiums have a tendency to put a sour taste in the mouths of those who are required to pay the bills for such extravagance. It is really not about the cost of the actual structure it is about the associated long term costs of maintaining the structure(s). These are costs that taxpayers have to fund each and every year as long as they are still breathing air on the face of this earth. They will foot the bill through property taxes, business taxes, sales taxes, etc.
They sky is not falling!
The educrats are at it again..............spouting stuff like if the state cuts their funds they will have to lay off teachers. If you are in the business of educating students you will only cut the essentials as a last option. I would think teachers fall into the category of being considered essential! Most ISD's have one non-teacher for every teacher. (That is according to the ISD Snapshots of information provided to the Texas Education Agency by ISD’s.) Some ISD's have expensive aides on the payroll filling the role of coaches (some are unable to attain certification credentials for various reasons, mainly not being able to pass the required certification test). Some individuals are classified as teachers when they are in fact not teachers. These individuals are on emergency certification certificates.
It is time to see how many of these education leaders have chosen the field of education for the love of education or the love of money. A number of Texas ISD Superintendents make more than $250,000 a year, base salary? Why not stipulate that superintendents cannot make more than the Governor.
ISD's need to set spending priorities and not just continue to threaten to cut teachers when they should be dramatically cutting other overhead. ISD's are fat and building athletic facilities, buying land, etc. are part of the fat priority problem. $60 million stadiums have a tendency to put a sour taste in the mouths of those who are required to pay the bills for such extravagance. It is really not about the cost of the actual structure it is about the associated long term costs of maintaining the structure(s). These are costs that taxpayers have to fund each and every year as long as they are still breathing air on the face of this earth. They will foot the bill through property taxes, business taxes, sales taxes, etc.
They sky is not falling!
Friday, January 28, 2011
Interesting numbers
Median income of U.S. men who are single, childless, 20 something, and live in city: $26,000
Of Women: $28,000
It appears females have over taken the males!
Percentage change in the average value of an American home since 2006: minus 25%
Changes between 1929 and 1933: minus 25.9
Appears we are statistically on track with regards to economic set backs!
Estimated number of pigs that could be bought with the money diverted in 2010 to congressional earmarks: 108,200,000
That is a bunch of bacon!
Median income in New York's 14th, the country's wealthiest congressional district: $60,099
Median income in New York's 16th, the courntry's poorest: $17,995
Distance between the two, in miles: 0.75 - less than a mile
Guess the rich and poor get along together!
Estimated value of the bulletproof-car market in Mexico: $90,000,000
Required travel equipment these days down south!
Of Women: $28,000
It appears females have over taken the males!
Percentage change in the average value of an American home since 2006: minus 25%
Changes between 1929 and 1933: minus 25.9
Appears we are statistically on track with regards to economic set backs!
Estimated number of pigs that could be bought with the money diverted in 2010 to congressional earmarks: 108,200,000
That is a bunch of bacon!
Median income in New York's 14th, the country's wealthiest congressional district: $60,099
Median income in New York's 16th, the courntry's poorest: $17,995
Distance between the two, in miles: 0.75 - less than a mile
Guess the rich and poor get along together!
Estimated value of the bulletproof-car market in Mexico: $90,000,000
Required travel equipment these days down south!
Tuesday, January 25, 2011
The Gospel of Wealth
An essay by Carnegie in 1889 about the transfer of wealth was not supportive of socialism. Carnegie stated "we didn't need socialism to solve our problems; philanthropy is "the true antidote for the temporary unequal distribution of wealth, the reconciliation of the rich and the poor.....""
Carnegie argued that the "duty of the man of wealth" was
"to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community - the man of wealth thus becoming the mere trustee and agent for his poorer brethren......"
A recent study by Barclays Wealth confirmed that "American philanthropists tend to understand their giving in a context in which the state is either absent or irrelevant". Philanthropists have a better understanding as to what and who should be helped as opposed to the redistribution of wealth method practiced by local, state and national governments.
The rich really do have a heart they just get no 'pat on the back'!
Carnegie argued that the "duty of the man of wealth" was
"to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community - the man of wealth thus becoming the mere trustee and agent for his poorer brethren......"
A recent study by Barclays Wealth confirmed that "American philanthropists tend to understand their giving in a context in which the state is either absent or irrelevant". Philanthropists have a better understanding as to what and who should be helped as opposed to the redistribution of wealth method practiced by local, state and national governments.
The rich really do have a heart they just get no 'pat on the back'!
Saturday, January 22, 2011
And we thought they were conservative
"Let’s take Leo Berman, firebrand conservative state rep. from House District 6 in Tyler, as the example. A story in the Tyler Morning Telegraph details how Mr. Berman, along with Senator Eltife, plans to introduce legislation for no other purpose than allowing a tax increase."
It appears that Rep. Berman and Senator Eltife have no issue with raising the hotel/motel tax to meet the needs to the spend thrift city of Tyler. Eltife the former Mayor of Tyler used to claim how he championed all good things; however, he forgets to mention that he did most of the championing on the backs of taxpayers. Eltife has always supported issues considered non-taxpayer friendly. Eltife always sided with the taxpayer funded lobbyist organizations like the TASB, TAC, and his favorite the TML. Go figure this senator to be a conservative just not of the fiscal nature!
http://www.empowertexans.com/node/1529
It appears that Rep. Berman and Senator Eltife have no issue with raising the hotel/motel tax to meet the needs to the spend thrift city of Tyler. Eltife the former Mayor of Tyler used to claim how he championed all good things; however, he forgets to mention that he did most of the championing on the backs of taxpayers. Eltife has always supported issues considered non-taxpayer friendly. Eltife always sided with the taxpayer funded lobbyist organizations like the TASB, TAC, and his favorite the TML. Go figure this senator to be a conservative just not of the fiscal nature!
http://www.empowertexans.com/node/1529
Wednesday, January 19, 2011
Modern government finance
Modern governments have only three methods of finance: taxation, debt, and inflation. All three encompass the problems associated with wealth redistribution, in that resources are expropriated from private hands for the use of government.
Taxation is a transfer of wealth forced on present generations. Debt is a wealth transfer forced on future generations. Inflation is the preferred method of redistribution for all get to participate. Inflation is a rise in prices. A rise in prices is equal to an increase in tax revenues, i.e. higher wages more income taxes collected, and higher prices more sales tax revenue, etc. Thus you see why inflation is the preferred method of debt finance. People often do not make the connection between the increase in prices and the increases in tax revenues.
FDR had a close advisor by the name of Harry Hopkins and his alleged motto was: "Spend-Spend-Spend; Tax-Tax-Tax; Elect-Elect-Elect."
Motto has at least held true in the past!
Taxation is a transfer of wealth forced on present generations. Debt is a wealth transfer forced on future generations. Inflation is the preferred method of redistribution for all get to participate. Inflation is a rise in prices. A rise in prices is equal to an increase in tax revenues, i.e. higher wages more income taxes collected, and higher prices more sales tax revenue, etc. Thus you see why inflation is the preferred method of debt finance. People often do not make the connection between the increase in prices and the increases in tax revenues.
FDR had a close advisor by the name of Harry Hopkins and his alleged motto was: "Spend-Spend-Spend; Tax-Tax-Tax; Elect-Elect-Elect."
Motto has at least held true in the past!
Saturday, January 15, 2011
Upshur County
Anyone been keeping up with Upshur County elected officials? What a mess the county has gotten itself into. County Judge, one Commissioner, and Sheriff all indicted on charges. Something to do with a gentlemen who attended a meeting of the commissioner's court with his mouth taped shut. County Judge suspended by Judicial Review Board pending outcome of indictment.
We all knew politics in Upshur County was a little on the wild side ever since commissioner's used to hold boxing matches amongst each other on the courthouse steps.
We all knew politics in Upshur County was a little on the wild side ever since commissioner's used to hold boxing matches amongst each other on the courthouse steps.
Friday, January 14, 2011
Governmental entities fight to keep what they have
With the Texas Ledge about to convene the governmental entities concede they're just trying to keep what they have, and that presents a problem. In reality they should have nothing for it all belongs to the people.
Communities and governmental entities of all sizes across Texas are looking to shield their budgets and turf from the Texas Ledge. Bureaucrat Duncanville City Manager Kent Cagle said "we expect them to come after our revenue on all sorts of fronts." He refers to the Texas State Legislature. Perhaps Mr. Cagle needs to be reminded that the revenue of which he speaks belongs to the citizens of Duncanville.
Items that governmental entities have on their agenda for the coming legislative session include:
1) Appraisal/revenue caps - Cities and counties strongly oppose any proposal to limit increases on property appraisals or taxes collected in association to those appraisals.
2) Development authority - Counties want the right to regulate and assess fees in undeveloped areas.
There are many more......................
Communities and governmental entities of all sizes across Texas are looking to shield their budgets and turf from the Texas Ledge. Bureaucrat Duncanville City Manager Kent Cagle said "we expect them to come after our revenue on all sorts of fronts." He refers to the Texas State Legislature. Perhaps Mr. Cagle needs to be reminded that the revenue of which he speaks belongs to the citizens of Duncanville.
Items that governmental entities have on their agenda for the coming legislative session include:
1) Appraisal/revenue caps - Cities and counties strongly oppose any proposal to limit increases on property appraisals or taxes collected in association to those appraisals.
2) Development authority - Counties want the right to regulate and assess fees in undeveloped areas.
There are many more......................
Wednesday, January 12, 2011
1/3 don't graduate at all
"As former Florida Gov. Jeb Bush noted in the keynote address Dec. 1 at his Foundation for Excellence in Education, right now only one-third of U.S. students graduate from high school ready for college or careers.
Another third don’t graduate at all, and another third require remedial work either in college or the workplace. “Those numbers are shameful,” he said.
And they are dangerous to the country’s future, as demonstrated by the latest report of the Program for International Student Assessment, which ranked U.S. students 23rd in the world in science, 32nd in math and 17th in reading.
The U.S. trailed all its major competitors and trading partners in Europe and Asia, notably in advanced regions of China.
Scott Gordon
Gordon told the House Committee on Education and Labor, of 20,000 students who enter first grade each year, only 3,000 are likely to graduate from college."
Another third don’t graduate at all, and another third require remedial work either in college or the workplace. “Those numbers are shameful,” he said.
And they are dangerous to the country’s future, as demonstrated by the latest report of the Program for International Student Assessment, which ranked U.S. students 23rd in the world in science, 32nd in math and 17th in reading.
The U.S. trailed all its major competitors and trading partners in Europe and Asia, notably in advanced regions of China.
Scott Gordon
Gordon told the House Committee on Education and Labor, of 20,000 students who enter first grade each year, only 3,000 are likely to graduate from college."
Monday, January 10, 2011
Nearly 1 in 4
Latest information from the Education Trust and the U.S. Army conclude that nearly one-fourth of the students who try to join the U.S. Army fail its entrance exam. 25% cannot answer basic math, science and reading questions. We have dumped boat loads of taxpayer money into our famous public education system in hopes of producing a better product and now the U.S. Army says they can't use the product.
Enlistment test basic math question:
"If 2 plus X equals 4, what is the value of X?"
Do you have what it takes to pass the enlistment exam?
President Obama appointed Arne Duncan as Secretary of Education when he took office and Mr. Duncan recently said "Too many of our high school students are not graduating ready to begin college or a career - and many are not eligible to serve in our armed forces."
The system of public education is in sad shape and no one knows how to fix the problem. The career bureaucrats within the public school education system have destroyed a once productive part of our society. Tim Callahan of the Professional Association of Georgia Educators stated "It's surprising and shocking that we are still having students who are walking across the stage who really don't deserve to be and haven't earned that right."
Is it really that shocking? Who is responsible for passing students when they don't deserve to pass? The individuals with the 'red' pens who issue the final grades for students in the education system. Perhaps we have the wrong individuals working in the education system! Is there no shame in passing a student that did not earn the right to pass? It appears that the folks currently working within the education system don't see the bigger picture. If the U.S. Army has concluded that 25% can't pass the entrance exam then folks we have a problem with feature threats and our ability to be ready to defend ourselves against future aggressors. Our protectors can't read; therefore, they can't operate the resources involved in defense.
Here is a real twist - in another recent poll a majority of parents believe schools have improved since they were in school and that their children are getting a better education than they did. Wonder if those parents ever had to take the same exam as those trying to enlist today? I would be will to bet that those parents can read and do basic math. After all we have had an adequate defense to date! Oh, I would be willing to bet that the parents who took place in this poll have not one clue if their child is actually involved in the learning process. Just because he/she knows how to punch a few keys on a keyboard does not equate to learning, and those good grades placed on the report card are more than likely inflated. Pass them on.........................
Enlistment test basic math question:
"If 2 plus X equals 4, what is the value of X?"
Do you have what it takes to pass the enlistment exam?
President Obama appointed Arne Duncan as Secretary of Education when he took office and Mr. Duncan recently said "Too many of our high school students are not graduating ready to begin college or a career - and many are not eligible to serve in our armed forces."
The system of public education is in sad shape and no one knows how to fix the problem. The career bureaucrats within the public school education system have destroyed a once productive part of our society. Tim Callahan of the Professional Association of Georgia Educators stated "It's surprising and shocking that we are still having students who are walking across the stage who really don't deserve to be and haven't earned that right."
Is it really that shocking? Who is responsible for passing students when they don't deserve to pass? The individuals with the 'red' pens who issue the final grades for students in the education system. Perhaps we have the wrong individuals working in the education system! Is there no shame in passing a student that did not earn the right to pass? It appears that the folks currently working within the education system don't see the bigger picture. If the U.S. Army has concluded that 25% can't pass the entrance exam then folks we have a problem with feature threats and our ability to be ready to defend ourselves against future aggressors. Our protectors can't read; therefore, they can't operate the resources involved in defense.
Here is a real twist - in another recent poll a majority of parents believe schools have improved since they were in school and that their children are getting a better education than they did. Wonder if those parents ever had to take the same exam as those trying to enlist today? I would be will to bet that those parents can read and do basic math. After all we have had an adequate defense to date! Oh, I would be willing to bet that the parents who took place in this poll have not one clue if their child is actually involved in the learning process. Just because he/she knows how to punch a few keys on a keyboard does not equate to learning, and those good grades placed on the report card are more than likely inflated. Pass them on.........................
Sunday, January 2, 2011
Is $300,000 enough
Wells Fargo Retirement Survey has a lot of troubling news for wannabe retirees:
Among those ages 50 to 59, retirement savers predict that they'll need $300,000 for their retirement nest eggs, but the typical 50-something saver has just $29,000 set aside thus far. Wells Fargo estimates that $29,000 would produce about $190 per month for retirees -- far less than they'll need.
Just don't see how $300,000 is enough to base a retirement. If you were able to get 10% a year return then you might have it made with hopefully your Social Security at full benefit. When was the last time you got 10% return on your conservative assets? Today if your really diligent you can find 4%. It is hard!
Looks like there is going to be a lot of poor folks in retirement. United States government to offer bailout funds for those coming up short..............guess we will have to wait and see.
Among those ages 50 to 59, retirement savers predict that they'll need $300,000 for their retirement nest eggs, but the typical 50-something saver has just $29,000 set aside thus far. Wells Fargo estimates that $29,000 would produce about $190 per month for retirees -- far less than they'll need.
Just don't see how $300,000 is enough to base a retirement. If you were able to get 10% a year return then you might have it made with hopefully your Social Security at full benefit. When was the last time you got 10% return on your conservative assets? Today if your really diligent you can find 4%. It is hard!
Looks like there is going to be a lot of poor folks in retirement. United States government to offer bailout funds for those coming up short..............guess we will have to wait and see.
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