Loy's Blog » U S Congress http://www.loybanks.com/blog Political and Personal Issues Thu, 05 Jan 2012 13:07:49 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Privileged Classes – U. S. House and Senate Members http://www.loybanks.com/blog/privileged-classes-u-s-house-and-senate-members/ http://www.loybanks.com/blog/privileged-classes-u-s-house-and-senate-members/#comments Mon, 18 Jan 2010 01:51:13 +0000 admin http://www.loybanks.com/blog/?p=293 Members of Congress have a generous pension plan that for all intents and purposes insulates them from stock market fluctuations that currently threaten the retirement accounts of most of the rest of us.

U. S. House and Senate members are offered a defined-benefit pension backed by the U. S. Treasury and largely protected from market forces. According to The Associated Press, defined-benefit plans are rare, available to only 5%of private sector employees.

In fact, 46% of the private sector is offered no workplace pension of any kind, not even 401(k)s that are so at risk in today’s market and certainly not the guaranteed benefits available to Congress.

It’s no surprise that government and public employed pensions at many levels fare better than most. However, members of Congress are at the top of the heap of this privileged class of Americans.

Our federal representatives and senators are eligible after five years for full pension benefits at age 62. Better yet, those with 20 years in office can get full pensions at 50, younger than most people who really work for a living.

A full congressional pension starts at 80 %, adjusted annually for inflation, of the average of the highest three years of salary – currently $169,300 a year for the rank and file and $188,100 a year for the Senate and House majority and minority leaders.

House Speaker Nancy Pelosi rakes in the highest congressional salary, $217,400 a year, on which she continues to build her retirement nest egg. Figure her pension would start at nearly $174,00 pear, plus annual inflation thereafter, except it probably will rise higher by the time she leaves Congress.

On top of all that, members of Congress may choose to invest in 401(k) or similar retirement accounts that are not backed by the Treasury. But unlike the rest of us, these optional retirement funds are just gravy for Congress, whose members still can count on guaranteed pensions.

As the AP put it, “Despite the financial crisis…Congress has made no effort to revisit its unusually sweat retirement deal.”

Remember that when these members of the ruling class in Washington say they feel your pain or they promise to go after the pensions of greedy corporate executives who led companies to the brink of financial disaster.

How about Congress? It’s part of the privileged class that bears responsibility for what ails the nation.

We LOVE you so.. how about liking us on Facebook?.. Powered By Facebook Like Post Plugin]]> Members of Congress have a generous pension plan that for all intents and purposes insulates them from stock market fluctuations that currently threaten the retirement accounts of most of the rest of us.

U. S. House and Senate members are offered a defined-benefit pension backed by the U. S. Treasury and largely protected from market forces. According to The Associated Press, defined-benefit plans are rare, available to only 5%of private sector employees.

In fact, 46% of the private sector is offered no workplace pension of any kind, not even 401(k)s that are so at risk in today’s market and certainly not the guaranteed benefits available to Congress.

It’s no surprise that government and public employed pensions at many levels fare better than most. However, members of Congress are at the top of the heap of this privileged class of Americans.

Our federal representatives and senators are eligible after five years for full pension benefits at age 62. Better yet, those with 20 years in office can get full pensions at 50, younger than most people who really work for a living.

A full congressional pension starts at 80 %, adjusted annually for inflation, of the average of the highest three years of salary – currently $169,300 a year for the rank and file and $188,100 a year for the Senate and House majority and minority leaders.

House Speaker Nancy Pelosi rakes in the highest congressional salary, $217,400 a year, on which she continues to build her retirement nest egg. Figure her pension would start at nearly $174,00 pear, plus annual inflation thereafter, except it probably will rise higher by the time she leaves Congress.

On top of all that, members of Congress may choose to invest in 401(k) or similar retirement accounts that are not backed by the Treasury. But unlike the rest of us, these optional retirement funds are just gravy for Congress, whose members still can count on guaranteed pensions.

As the AP put it, “Despite the financial crisis…Congress has made no effort to revisit its unusually sweat retirement deal.”

Remember that when these members of the ruling class in Washington say they feel your pain or they promise to go after the pensions of greedy corporate executives who led companies to the brink of financial disaster.

How about Congress? It’s part of the privileged class that bears responsibility for what ails the nation.

We LOVE you so.. how about liking us on Facebook?..

Powered By Facebook Like Post Plugin

]]> http://www.loybanks.com/blog/privileged-classes-u-s-house-and-senate-members/feed/ 0 Adjusting To Tough Economic Times – Vote The Bastards Out Of Office! http://www.loybanks.com/blog/adjusting-to-tough-economic-times-vote-the-bastards-out-of-office/ http://www.loybanks.com/blog/adjusting-to-tough-economic-times-vote-the-bastards-out-of-office/#comments Mon, 23 Feb 2009 12:03:28 +0000 admin http://www.loybanks.com/blog/?p=8 Adjusting to tough economic times
When a company falls on difficult times, one of the
things that seems to happen is they reduce their staff and
workers. The remaining workers need to find ways to continue
to do a good job or risk that their job would be eliminated
as well. Wall street, and the media normally congratulate
the CEO for making this type of “tough decision”,
and his board of directors gives him a big bonus.
Our government should not be immune from similar
risks.

Therefore: Reduce the House of Representatives from
the current 435 members to 218 members and Senate members
from 100 to 50 (one per State). Also reduce remaining staff
by 25%.

Accomplish this over the next 8 years. (two steps /
two elections) and of course this would require some
redistricting.

Some Yearly Monetary Gains Include:

$44,108,400 for elimination of base pay for congress.
(267 members X $165,200 pay / member / yr.)

$97,175,000 for elimination of the above people’s
staff. (estimate $1.3 Million in staff per each member of
the House, and $3 Million in staff per each member of the
Senate every year)

$240,294 for the reduction in remaining staff by 25%.

$7,500,000,000 reduction in pork barrel ear-marks
each year. (those members whose jobs are gone. Current
estimates for total government pork earmarks are at $15
Billion / yr)

The remaining representatives would need to work
smarter and would need to improve efficiencies.  It might even
be in their best interests to work together for the good of
our country?

We may also expect that smaller committees might lead
to a more efficient resolution of issues as well. It might
even be easier to keep track of what your representative is
doing.

Congress has more tools available to do their jobs
than it had back in 1911 when the current number of
representatives was established. (telephone, computers, cell
phones to name a few)

Note:
Congress did not hesitate to head home when it was a
holiday, when the nation needed a real fix to the economic
problems. Also, we have 3 senators that have not been doing
their jobs for the past 18+ months (on the campaign trail)
and still they all have been accepting full pay. These facts
alone support a reduction in senators & congress.

Summary of opportunity:

$44,108,400 reduction of congress members.

$282,100, 000 for elimination of the reduced house
member staff.

$150,000,000 for elimination of reduced senate member
staff.

$59,675,000 for 25% reduction of staff for remaining
house members.

$37,500,000 for 25% reduction of staff for remaining
senate members.

$7,500,000,000 reduction in pork added to bills by
the reduction of congress members.

$8,073,383,400 per year, estimated total savings.
(that’s EIGHT BILLION DOLLARS, just to start!)

Big business does these types of cuts all the time.

If Congresspersons were required to serve 20, 25 or
30 years (like everyone else) in order to collect retirement
benefits there is no telling how much we would save. Now
they get full retirement after serving only ONE term.

IF you are happy how the Congress spends our taxes,
then just delete this message. IF you are NOT at all happy,
then I assume you know what to do.

Vote the bastards out of office!
We LOVE you so.. how about liking us on Facebook?.. Powered By Facebook Like Post Plugin]]> Adjusting to tough economic times
When a company falls on difficult times, one of the
things that seems to happen is they reduce their staff and
workers. The remaining workers need to find ways to continue
to do a good job or risk that their job would be eliminated
as well. Wall street, and the media normally congratulate
the CEO for making this type of “tough decision”,
and his board of directors gives him a big bonus.
Our government should not be immune from similar
risks.

Therefore: Reduce the House of Representatives from
the current 435 members to 218 members and Senate members
from 100 to 50 (one per State). Also reduce remaining staff
by 25%.

Accomplish this over the next 8 years. (two steps /
two elections) and of course this would require some
redistricting.

Some Yearly Monetary Gains Include:

$44,108,400 for elimination of base pay for congress.
(267 members X $165,200 pay / member / yr.)

$97,175,000 for elimination of the above people’s
staff. (estimate $1.3 Million in staff per each member of
the House, and $3 Million in staff per each member of the
Senate every year)

$240,294 for the reduction in remaining staff by 25%.

$7,500,000,000 reduction in pork barrel ear-marks
each year. (those members whose jobs are gone. Current
estimates for total government pork earmarks are at $15
Billion / yr)

The remaining representatives would need to work
smarter and would need to improve efficiencies.  It might even
be in their best interests to work together for the good of
our country?

We may also expect that smaller committees might lead
to a more efficient resolution of issues as well. It might
even be easier to keep track of what your representative is
doing.

Congress has more tools available to do their jobs
than it had back in 1911 when the current number of
representatives was established. (telephone, computers, cell
phones to name a few)

Note:
Congress did not hesitate to head home when it was a
holiday, when the nation needed a real fix to the economic
problems. Also, we have 3 senators that have not been doing
their jobs for the past 18+ months (on the campaign trail)
and still they all have been accepting full pay. These facts
alone support a reduction in senators & congress.

Summary of opportunity:

$44,108,400 reduction of congress members.

$282,100, 000 for elimination of the reduced house
member staff.

$150,000,000 for elimination of reduced senate member
staff.

$59,675,000 for 25% reduction of staff for remaining
house members.

$37,500,000 for 25% reduction of staff for remaining
senate members.

$7,500,000,000 reduction in pork added to bills by
the reduction of congress members.

$8,073,383,400 per year, estimated total savings.
(that’s EIGHT BILLION DOLLARS, just to start!)

Big business does these types of cuts all the time.

If Congresspersons were required to serve 20, 25 or
30 years (like everyone else) in order to collect retirement
benefits there is no telling how much we would save. Now
they get full retirement after serving only ONE term.

IF you are happy how the Congress spends our taxes,
then just delete this message. IF you are NOT at all happy,
then I assume you know what to do.

Vote the bastards out of office!

We LOVE you so.. how about liking us on Facebook?..

Powered By Facebook Like Post Plugin

]]> http://www.loybanks.com/blog/adjusting-to-tough-economic-times-vote-the-bastards-out-of-office/feed/ 0