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Subject:  Re: Proposal to end public pensions Date:  7/11/2013  9:46 AM
Author:  jgc123 Number:  428462 of 536572

"You are naive to believe that pensions are any less "under the thumb of Wall Street."

Fair point. I stand corrected and rec your criticism of my post last night. In fact, it seems that Virginia, though fiscally less imbalanced than most states, was making unrealistic growth assumptions (7%) for their investments. I chose Virginia because they have my wife's pension:

I personally am estimating a total return on my investments over the next ten years of 4%, and that includes reinvested dividends which are yielding nearly 4%. So I appear to be more conservative in my investments than just about everybody.

"Social Security is not much better"

I disagree. Or rather, I hope you are wrong. My wife's state pension is under the thumb of Wall Street. My IRA is under the thumb of Wall Street and/or bonds. Her 403(B) is under the thumb of Wall Street.

Social Security ought to be a life raft upon which hard working people should be able to depend.
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