Tonight I attended the Bangor Republican Committee meeting where Bruce Poliquin, Maine State Treasurer, spoke. I guarantee you it was not as dull as it sounds. He is a wonderful caretaker for our numerous problems with debt. I didn't make that graveyard pun though, he did. There happened to be 2 or 3 camera crews present (since one of the camera crews seemed to leave only twenty minutes in).
After some opening discussions which introduced me to folks I had not seen in a while (and was also meeting for the first time) the meeting came to order and the group of 20-30 (forgot to get an exact head count, which was why I originally sat in the last row) heard a lecture from Bruce Poliquin. His presentation carried a very deathly comparison to him being a morgue caretaker as we walked through a graveyard of debt. Many punny comparisons later one could extract a common sense explanation of why pension reform was needed.
A quick run down of the current pension reform has the following major provisions (from his handout and speech) Those currently receiving pension checks will see no current changes or reductions.No COLA for three years then a cap of 2%. Active teachers and state employees pay an increase of 2% in their pensions, bringing total contribution to 9.65%.New hires and non-vests will retire at age 65 instead of 62.
He also spoke extensively on the debt from bonds. The Treasury current has ~$500 million in it's own bond debt. Authorities have ~$5.5 Billion, the University system has ~$200 million, Pension UAL $4.3 Billion, Health Care UAL $2.2 Billion. He said that the university system wasn't in trouble with it's debt, which, it isn't yet. However my own major was cut before I could get into the program so I wouldn't say the universities are holding it all together.
Then came the time for questions. Which Bruce handled well, which is expected among Republicans. Several questions were statements of support. When it came to how the uncertainty with investments would affect pensions he said that there was little chance of investments losing major value in regards to the pension system. Another questioner was concerned that there would be a creeping effect where more reforms cutting more benefits would follow. Bruce said with a confidence I had not seen in him since the early days of his run for Governor something akin to "If we make these reforms on this specific issue we wont need new ones until after 2028."
Then I jumped in and asked my own question. Bruce remembered me from the campaigns when I tried interviewing every candidate for my blog. Yet he asked if I was Steve, corrected him that I was Randy, and then he said (which is totally patronizing BS) that I'm one of the best writers in Maine and always had tough questions. Initially shocked I could only say I hoped my question was enough.
Turns out I must have had a tough question because the best answer I got from him was that it made the expense manageable. Later on Doug Damon and I spoke on the matter and the assessment was essentially the same. While there were still currently unfunded liabilities, beyond projected revenues set aside for that purpose, that would be paid regardless of any budget situation.
Yet, it does lower the expenses by roughly ~$250 million next year and by 2021 down by almost ~$550 million. Yet I track a rather steady projection for next year and a roughly $10 million increase years after in unfunded liabilities starting at ~$50 million.
After the questioning period Bruce was quick to leave, however said a few short words to individuals as he left; encouraged me to continue writing, which clearly I do. I can't say enough about the positive energy always present around him. Even when discussing his loses in the campaign Bruce has an upbeat tone. I personally am glad someone is able to enjoy their life that much, but I'd hate to have to work with them in an office every day. That's right, my only complaint about Bruce is he is way too happy. Yes, I went to that place everyone hates to see someone go because it is almost like saying you're worst flaw is that you're a perfectionist. Yet with Bruce it is simply the truth.
The end of the meeting was not the end of learning new things. I learned from a Bangor representative that on his first day, Bruce Poliquin requested that his pay be returned to the state. After being told he couldn't do that, he asked that it be lowered to a dollar. The people who control the paychecks wouldn't let that fly either. This is the purest sign of what forty years of unchecked Democrat rule has done to our state.
On an unrelated note the Bangor Daily News is soon to have a competitor called The Citizen that will be available for 29 cents an issue(if I made a mistake on that please email me).
Then on a personal note my significant other' belt in the engine of his car broke, thus preventing him from traveling up from Portland this week. I mention this only to begin chronicling the insane amounts of car trouble he seems to ALWAYS face. He has almost begun to call his car Herby for all of it's personality.
After some opening discussions which introduced me to folks I had not seen in a while (and was also meeting for the first time) the meeting came to order and the group of 20-30 (forgot to get an exact head count, which was why I originally sat in the last row) heard a lecture from Bruce Poliquin. His presentation carried a very deathly comparison to him being a morgue caretaker as we walked through a graveyard of debt. Many punny comparisons later one could extract a common sense explanation of why pension reform was needed.
A quick run down of the current pension reform has the following major provisions (from his handout and speech) Those currently receiving pension checks will see no current changes or reductions.No COLA for three years then a cap of 2%. Active teachers and state employees pay an increase of 2% in their pensions, bringing total contribution to 9.65%.New hires and non-vests will retire at age 65 instead of 62.
He also spoke extensively on the debt from bonds. The Treasury current has ~$500 million in it's own bond debt. Authorities have ~$5.5 Billion, the University system has ~$200 million, Pension UAL $4.3 Billion, Health Care UAL $2.2 Billion. He said that the university system wasn't in trouble with it's debt, which, it isn't yet. However my own major was cut before I could get into the program so I wouldn't say the universities are holding it all together.
Then came the time for questions. Which Bruce handled well, which is expected among Republicans. Several questions were statements of support. When it came to how the uncertainty with investments would affect pensions he said that there was little chance of investments losing major value in regards to the pension system. Another questioner was concerned that there would be a creeping effect where more reforms cutting more benefits would follow. Bruce said with a confidence I had not seen in him since the early days of his run for Governor something akin to "If we make these reforms on this specific issue we wont need new ones until after 2028."
Then I jumped in and asked my own question. Bruce remembered me from the campaigns when I tried interviewing every candidate for my blog. Yet he asked if I was Steve, corrected him that I was Randy, and then he said (which is totally patronizing BS) that I'm one of the best writers in Maine and always had tough questions. Initially shocked I could only say I hoped my question was enough.
Turns out I must have had a tough question because the best answer I got from him was that it made the expense manageable. Later on Doug Damon and I spoke on the matter and the assessment was essentially the same. While there were still currently unfunded liabilities, beyond projected revenues set aside for that purpose, that would be paid regardless of any budget situation.
Yet, it does lower the expenses by roughly ~$250 million next year and by 2021 down by almost ~$550 million. Yet I track a rather steady projection for next year and a roughly $10 million increase years after in unfunded liabilities starting at ~$50 million.
After the questioning period Bruce was quick to leave, however said a few short words to individuals as he left; encouraged me to continue writing, which clearly I do. I can't say enough about the positive energy always present around him. Even when discussing his loses in the campaign Bruce has an upbeat tone. I personally am glad someone is able to enjoy their life that much, but I'd hate to have to work with them in an office every day. That's right, my only complaint about Bruce is he is way too happy. Yes, I went to that place everyone hates to see someone go because it is almost like saying you're worst flaw is that you're a perfectionist. Yet with Bruce it is simply the truth.
The end of the meeting was not the end of learning new things. I learned from a Bangor representative that on his first day, Bruce Poliquin requested that his pay be returned to the state. After being told he couldn't do that, he asked that it be lowered to a dollar. The people who control the paychecks wouldn't let that fly either. This is the purest sign of what forty years of unchecked Democrat rule has done to our state.
On an unrelated note the Bangor Daily News is soon to have a competitor called The Citizen that will be available for 29 cents an issue(if I made a mistake on that please email me).
Then on a personal note my significant other' belt in the engine of his car broke, thus preventing him from traveling up from Portland this week. I mention this only to begin chronicling the insane amounts of car trouble he seems to ALWAYS face. He has almost begun to call his car Herby for all of it's personality.
