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Future Fund Proposal Forwarded

Minimum Wage Raise, Highlands TIF District Expansion Also Passed

March 9, 2014

WHEELING — On the final day of the regular session, the West Virginia Legislature voted to raise the state minimum wage over the next two years, set aside severance tax revenue for future projects......

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(6)

Ragnar

Mar-09-14 6:06 PM

Putting revenues into a future fund only makes sense if the future fund growth rate exceeds that of the pensions/liabilities.

Warren Buffett's Berkshire Hathaway insurance arm agreed to accept a cash payment of X amount in return for accepting asbestos liabilities from other companies up to something like $16 billion and with a time limit of 15-20 years away. The reasoning is that they could grow the sum of money they received faster than the annual asbestos payouts and still turn a profit.

Get someone with intelligence to invest the state funds in return for a 1% annual fee and grow those revenue streams faster than the liabilities.

The WV State Legislature is corrupt and incompetent and overly filled with teachers' union hacks and lawyers.

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PoorRichard

Mar-09-14 2:32 PM

Is Popeye running out of cheap spinach? You decide. Read “The Highlands: Runnin’ Out of Cheap Spinach?” Google the Highlands Gazette.

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dyingov

Mar-09-14 11:22 AM

You just don't "get it!" Total spending at the federal, state and local level (tax money spending) was 6.35 TRILLION last year. That is $20,500 for EVERY person in the US. Average household has 2.5 peeps living in it! So $51,500 in goberment spending per household. The median income per household in the US is about $51,250. So the goberment spends 100% per household of the median income of those same households! How much does that leave for mortgage, vehicle, utilities and groceries!

BTW, the total current (not counting the promised retirements/benefits for public workers) debt is 21+ trillion when including feds, state and local debt!

Any accountants want to explain the results of these numbers? LOL

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dyingov

Mar-09-14 11:22 AM

You just don't "get it!" Total spending at the federal, state and local level (tax money spending) was 6.35 TRILLION last year. That is $20,500 for EVERY person in the US. Average household has 2.5 peeps living in it! So $51,500 in goberment spending per household. The median income per household in the US is about $51,250. So the goberment spends 100% per household of the median income of those same households! How much does that leave for mortgage, vehicle, utilities and groceries!

BTW, the total current (not counting the promised retirements/benefits for public workers) debt is 21+ trillion when including feds, state and local debt!

Any accountants want to explain the results of these numbers? LOL

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wvhoopie2

Mar-09-14 11:14 AM

Future Fund will be used for pension plans and TIF will sell bonds to increase the debt load. No tax reduction for the citizens but government and corporations are getting all the benefits.

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dyingov

Mar-09-14 9:24 AM

Your boys will be spending 11.8 billion in 2014 they currently have a "rainy day" slush fund and now will have another "fund" for playing! Just exactly how are they doing on the 11.8 billion in spending? How are the roads, schools, taxes? LOL

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