Govt ignores role in Fund debacle

As retirees, we diligently paid our dues in hopes that someday, as we head into our twilight years, we would receive a portion of our contributions. But politicians played the Ponzi Scheme year-round since 1979 with our contributions spending it defying the very intent of contributions, including a generous 3 percent per year for being legislators, a housing program that had to be shut down, junkets and membership on the board without background or clue about investment, among others.

The new law dubbed “uncertain variable” derailing the integrity of the Fund is really the rights of every retiree to sue the fund when our interests are on the verge of ruination by the illustrious board and its horde of legal eagles, including consultants. For several administrations, employer’s contribution weren’t paid the Fund. This pile of purposeful negligence, including the current administration, has piled up into a tall debt of some $300 million.

What we see today is the price of purposeful negligence at the expense of retirees and Fund members, victims to negligence and unbridled spending habits of the various boards over the last decade. As a retiree, I’d like to bring substantive matters to court, i.e., refusal of the administration to remit its dues to ensure the solvency of the Fund. It’s my due process rights to keep dazed politicians without real leadership from sending the Fund into permanent insolvency for omission of fiduciary responsibilities.

In brief, if I can’t trust the governor-appointed board’s decision then I’d like to reserve as a member to sue. Too, the court is mindful that it isn’t supposed to entertain frivolous suits. But the due process rights of any individual can’t be denied arbitrarily.

Blame the demise of the fund entirely on politicians who have made self-interest their agenda as to drive it to the ground. We now see bankruptcy descending on the Fund after years of the government failing to own-up to its responsibility and one too many parties and feeding off a hog’s back.
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Family household incomes have either remained flat for nearly a decade or have gone south as austerity is slapped against employees in both sectors.

It’s mind-boggling the moronic level of the feud between Kilili and Fitial. It’s about “credit robbing”. However the adolescent intramural excuse, it doesn’t change the fact that most of our folks here are in dire financial straits who needed this form of help, today!

The impending opening of the Disneyland of Unemployment here makes it more the reason to stay focus on this matter. It could make-up for zero or work hour reduction on family household incomes though steak and lobster would remain pipe dream menus for most families even with SNAP.

Reportedly, food stamp rolls declined by 0.5 percent in June to a still-high 45.2 million, the U.S. Department of Agriculture said last Friday. It was the first decline since October 2008 and likely reflects declining disaster assistance to states like Alabama rather than improvements in household finances.

“As we continue to create jobs and grow the economy, we anticipate that participation in SNAP will decline, which is everyone’s goal,” the USDA said in a statement. “However, future participation in SNAP will likely be impacted by state natural disaster requests as American families continue to recover from recent storms.”

“Food stamp rolls exploded during the downturn, which began in late 2007. Even after the recession came to its official end in June 2009, families continued to tap into food assistance as unemployment remained high and those lucky enough to find jobs were often met with lower wages as a result of work hour reductions.

“States also made changes to make it easier for residents to tap into the program, such as waiving requirements that limited the value of assets food stamp recipients could own.” Let’s do it, it’s the right thing to do and we promise not to sniff for that sumptuous steak and lobster!

A measure filed by Rep. Joseph Deleon Guerrero to cut rebates on a graduated basis is a constructive vehicle to address the Retirement Fund from sinking into bankruptcy, permanently.

It may not be the perfect measure but a piece of legislation that ought to stir more ideas how to cushion the fund from crashing into the sea of omission by Republican administrations who thought walking quietly in the tulip garden of neglect would absolve them from misfeasance and malfeasance in office.

Cutting the rebate per income bracket is a good start and grateful too that it avoids completely ridding it from taxpayers. You can argue both sides of the equation solidly, i.e., why do away with rebates at this juncture. But then, you have to give consumers their share in order to spend and support the local economy.

It’s comforting to know someone of Guerrero’s caliber could work under stressful conditions and still emerge with constructive measures. He’s determined to begin rebuilding what most political air heads have seen fit to ignore. At least, I find him my last ray of hope among an entrenched bunch.

He uses the traditional wisdom basket as he listens intently and begins his sober thought process. I admire his cool-headed confidence and calm disposition. It’s a rare trait where Guerrero outshines all his colleagues.

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Buddy Magoo was laughing his heart out the other day. Pressed to share the laugh, he related, “Eh, the lady came into CUC and told her friend that she’s there to pay her Ulithi Bill’. I said try “perhaps” or “indoubatably,” war words from two high school dropouts bluffing each other on their English vocabulary. Seeesuzzzz!