While athletic departments across the country lay off employees, UConn has largely avoided any layoffs. There's a reason why... (Borges)

[Exit 4]

Reading Krugman's latest book and he talks about a lot of powerful fiat currency like the dollar, euro, pound, being immune to run away inflation. The scenario where the world dumps dollars and goes to the Euro or something else to peg their currency would scare me though. I guess the dollars true worth is only the paper it is printed on?

That is part of the new "modern monetary theory" policy shift the far left (and AOC) are pushing, that essentially we can print unlimited supplies of money to solve our problems because we have the world's only reliable base currency. My feeling is that is a very dangerous game and sure to have unintended consequences. For starters, currency's worth is a proxy for productivity. If you give everyone more cash tomorrow we will only be able to unlock so much more productivity and so new economic bubbles will be created (everyone will want a car, a vacation home, a vacation and a new phone) and yet the ability to provide all that wont match demand and thus prices will quickly rise wiping out the gain. Second, our currency is deemed trustworthy thanks to the integrity of the American government, our people and our politics. Printing money might work for a decade, but over that time the globe is going to work hard to find another currency because now the US Dollar has become a clear political tool that is no longer with integrity.

Once a country lacks currency credibility its very hard to regain your footing. Argentina and many places are good examples.

 

[BlueDogs]

During negotiations state needs to try and get OT pay out of the calculations. State Police will be the loudest against this. Very few 100k employees are going to be drawing 80k pensions, and almost none after 20 years. After 20 years you are guaranteed 50% of the average of your highest 3 years. 2 percent for each additional year of service past your 20. This IS ONLY your hazardous duty employees which are a fraction of the state work force, and only Tier 1, 2, and 2A, have that current set up. Tier 3 and 4, have different arrangements.

Sadly many people take what you posted as the truth for every employee making 100k, they're going to retire after 20 years and make 80k. You couldn't even work that many overtime hours to pull it off.

Professors and judges on the other hand, though not as many take home some VERY handsome amounts for less than 20 years, in the case of judges. MUCH LESS.

The tiering system does cut back no doubt. But, it’s long term benefits will not be felt until well after many here will see them.

 

[BlueDogs]

Reading Krugman's latest book and he talks about a lot of powerful fiat currency like the dollar, euro, pound, being immune to run away inflation. The scenario where the world dumps dollars and goes to the Euro or something else to peg their currency would scare me though. I guess the dollars true worth is only the paper it is printed on?

Won’t happen because the US backs it’s dollar by the only force in the world that can defend allied industrial nations against the economically malign forces of China and Russia. China really blew it with their aggressive posture in Asia. Even Vietnam is drifting into security alignment with the US, as is India, Malaysia, Indonesia, and the Philippines is reversing course from pulling away from the US. Europe refuses to fund at a level that puts them in a status to compete on a force level, and unless they are prepared to be world police forget the Euro taking over.

 

[UConnJim]

When i say politicos, there are people in government and the legislature that want full transparency of money. They want to spend it.

I don't know if the board is doing well or not. i just look at the top line number. I like the people at the foundation a lot and almost worked there on multiple occasions. I am for whatever gets the Foundation more money and am in huge agreement with where school is going. Why the school doesn't have a billion? I don't have any clue on the challenges of fundraising at a higher ed in the Northeast. When I engage, it is almost exclusively on networking, which I am a big proponent of. UConn grads should help get UConn grads opportunities.

Couple of things.

If UConn spent $8 million less from the endowment each year over the past 10 years, they probably would have added up to $125 million to the endowment. When you are growing a portfolio (or endowment), the most important thing is to invest early and let it compound. IMHO, UConn is spending too much of the endowment money each year which holds back the endowment growth which means lower returns in the long run. In other words, save today so you can spend more in the future.

As for raising money form alums, UConn has never been good at it, especially wealthy alums. Why? You need high powered fund raisers to interact with high powered donors. It's like sales. If you are selling to the CEO and/or the CFO of a company, you need a salesperson who is perceived to be a peer. You don't send in the junior salesperson.

 

[DoctorWho85]

Couple of things.

If UConn spent $8 million less from the endowment each year over the past 10 years, they probably would have added up to $125 million to the endowment. When you are growing a portfolio (or endowment), the most important thing is to invest early and let it compound. IMHO, UConn is spending too much of the endowment money each year which holds back the endowment growth which means lower returns in the long run. In other words, save today so you can spend more in the future.

As for raising money form alums, UConn has never been good at it, especially wealthy alums. Why? You need high powered fund raisers to interact with high powered donors. It's like sales. If you are selling to the CEO and/or the CFO of a company, you need a salesperson who is perceived to be a peer. You don't send in the junior salesperson.

My viewpoint as an alumni is that I already spent well over 80k in tuition, housing, food, textbooks, etc....they don't need anymore money from me.

 

[Chin Diesel]

My viewpoint as an alumni is that I already spent well over 80k in tuition, housing, food, textbooks, etc....they don't need anymore money from me.

An argument can be made that it cost UConn more to provide you your education- housing, facilities, land, professors, support, etc than you paid in tuition. In other words there was a discount built in to your education costs some of which came from alums before you donating in to the endowment.
UConn wasn't taking 5% of the money you paid to build up the endowment.

 

[Adios]

Reading Krugman's latest book and he talks about a lot of powerful fiat currency like the dollar, euro, pound, being immune to run away inflation. The scenario where the world dumps dollars and goes to the Euro or something else to peg their currency would scare me though. I guess the dollars true worth is only the paper it is printed on?

Krugman is lying. The gold standard was abolished for the world during WW2 and the early 70s for the US. Which is why the US dollar was "trusted" to be the reserve currency. No fiat currency stands the test of time; only will have real value to numismatists.

There's talk of a mixed basket of currencies, including metals, as a peg currency. Gold and silver have been peg currencies since ancient Greece and the Achaemenid empire until recently.

 

[Viet Vet]

My viewpoint as an alumni is that I already spent well over 80k in tuition, housing, food, textbooks, etc....they don't need anymore money from me.

Put your $80,00 to good use. YOU are an alumnus or alumna. Alumni is plural.

 

[Adios]

Won’t happen because the US backs it’s dollar by the only force in the world that can defend allied industrial nations against the economically malign forces of China and Russia. China really blew it with their aggressive posture in Asia. Even Vietnam is drifting into security alignment with the US, as is India, Malaysia, Indonesia, and the Philippines is reversing course from pulling away from the US. Europe refuses to fund at a level that puts them in a status to compete on a force level, and unless they are prepared to be world police forget the Euro taking over.

You might be surprised to learn "Pakistan" (should have reunited it with Afghanistan) is one of China's greatest strategic allies. How, I have no idea. Will be a world power in a matter of time and will be land used heavily for global commerical transport. Gives China access to the western Indian ocean.

 

[DoctorWho85]

Put your $80,00 to good use. YOU are an alumnus or alumna. Alumni is plural.

So sorry. I'm apparently not allowed to make a typo especially on my phone. Thanks for English lesson. I'll be sure to file that under you being an a hole.

 

[BlueDogs]

You might be surprised to learn "Pakistan" (should have reunited it with Afghanistan) is one of China's greatest strategic allies. How, I have no idea. Will be a world power in a matter of time and will be land used heavily for global commerical transport. Gives China access to the western Indian ocean.

I think that fits with the geopolitical realignment underway. India is a major counterbalance on China’s border and their shift towards the US defense sphere would make Pakistan a logical target for China by plying investment dollars into the Pakistani Army which controls huge swaths of their economy. It also opens a second front against India. The real test is whether the US and pacific countries will defend Taiwan. If they don’t, Chinese military aggression will not be restrained and a major global conflict will be inevitable at somepoint.

 

[Adios]

I think that fits with the geopolitical realignment underway. India is a major counterbalance on China’s border and their shift towards the US defense sphere would make Pakistan a logical target for China by plying investment dollars into the Pakistani Army which controls huge swaths of their economy. It also opens a second front against India. The real test is whether the US and pacific countries will defend Taiwan. If they don’t, Chinese military aggression will not be restrained and a major global conflict will be inevitable at somepoint.

Pakistan, somehow, was one of the first "countries" to acknowledge Chairman Mao. It's also a historic relationship. Let's just say it's very likely Pakistan and China will conquer Indian land.

Sadly, the US spent itself into oblivion. Russia wants Alaska back.

 

[LIUCHusky]

My viewpoint as an alumni is that I already spent well over 80k in tuition, housing, food, textbooks, etc....they don't need anymore money from me.

Sure hope their aren't many alumni that feel like you.

 

[jdb50]

I think that fits with the geopolitical realignment underway. India is a major counterbalance on China’s border and their shift towards the US defense sphere would make Pakistan a logical target for China by plying investment dollars into the Pakistani Army which controls huge swaths of their economy. It also opens a second front against India. The real test is whether the US and pacific countries will defend Taiwan. If they don’t, Chinese military aggression will not be restrained and a major global conflict will be inevitable at somepoint.

Taiwan is about 100 miles from China and has always been part of China. In the Korean War some folks like MacArthur wanted to have the Nationalist Chinese open a second front with an invasion of the mainland. If China was sending arms to a country 100 miles from our shore what would we think? The coming arms shipments from the USA will be a real test and I would not be surprised if Xi decides he will not allow them to be shipped there or will blockade them. It is an issue of national pride for them. Then we will see if we decide to have a global conflict as the ball will be in our court.

 

[Bongo Fury]

During negotiations state needs to try and get OT pay out of the calculations. State Police will be the loudest against this. Very few 100k employees are going to be drawing 80k pensions, and almost none after 20 years. After 20 years you are guaranteed 50% of the average of your highest 3 years. 2 percent for each additional year of service past your 20. This IS ONLY your hazardous duty employees which are a fraction of the state work force, and only Tier 1, 2, and 2A, have that current set up. Tier 3 and 4, have different arrangements.

Sadly many people take what you posted as the truth for every employee making 100k, they're going to retire after 20 years and make 80k. You couldn't even work that many overtime hours to pull it off.

Professors and judges on the other hand, though not as many take home some VERY handsome amounts for less than 20 years, in the case of judges. MUCH LESS.

What you said is more accurate. I would definitely sign up for most people think we make or benefits.

 

[jdb50]

During negotiations state needs to try and get OT pay out of the calculations. State Police will be the loudest against this. Very few 100k employees are going to be drawing 80k pensions, and almost none after 20 years. After 20 years you are guaranteed 50% of the average of your highest 3 years. 2 percent for each additional year of service past your 20. This IS ONLY your hazardous duty employees which are a fraction of the state work force, and only Tier 1, 2, and 2A, have that current set up. Tier 3 and 4, have different arrangements.

Sadly many people take what you posted as the truth for every employee making 100k, they're going to retire after 20 years and make 80k. You couldn't even work that many overtime hours to pull it off.

Professors and judges on the other hand, though not as many take home some VERY handsome amounts for less than 20 years, in the case of judges. MUCH LESS.

The overtime money earned has to be removed from pension calculations and this includes for all cops. The State cops have always been able to avoid concessions as their contract came up in a different year from the rest of the State workers. I doubt if Lamont cares if he is in office for a long time and ending this crap would be a good thing for long term State fiscal security even if he loses votes.

 

[noeynox]

The overtime money earned has to be removed from pension calculations and this includes for all cops. The State cops have always been able to avoid concessions as their contract came up in a different year from the rest of the State workers. I doubt if Lamont cares if he is in office for a long time and ending this crap would be a good thing for long term State fiscal security even if he loses votes.

Its part of the SEBAC agreement that runs till 2027. They have to get it in that round of negotiations.

 

[drayenob]

The pension problem in CT is because for 32 years CT made zero contributions to its pension fund and paid benefits on a pay as you go basis. When the state did start making payments, it was never the required amount. They also had unrealistic assumed returns. http://publicplansdata.org/wp-content/uploads/2015/12/slp_46.pdf

 

[JohnFSilver]

Krugman is lying. The gold standard was abolished for the world during WW2 and the early 70s for the US. Which is why the US dollar was "trusted" to be the reserve currency. No fiat currency stands the test of time; only will have real value to numismatists.

There's talk of a mixed basket of currencies, including metals, as a peg currency. Gold and silver have been peg currencies since ancient Greece and the Achaemenid empire until recently.

I don’t have really strong historical monetary policy thoughts. I really like reading Krugman and am an avid reader of Econimist and WSJ. So my arguments on spending are really based on Keynes and Krugman. Not a big fan of Chicago school. If that is what was needed, there would be no need for federal stimulus.

But, I am probably biased and not fully knowledgeable of the different schools of thought.

 

[Adios]

I don’t have really strong historical monetary policy thoughts. I really like reading Krugman and am an avid reader of Econimist and WSJ. So my arguments on spending are really based on Keynes and Krugman. Not a big fan of Chicago school. If that is what was needed, there would be no need for federal stimulus.

But, I am probably biased and not fully knowledgeable of the different schools of thought.

"He who has the gold makes the rules." Still true today. China, Russia, etc, have been stockpiling, while clumsy NATO hippies, such as Gordon Brown, sell off their countries' supplies. Finance is not necessarily speculative; it can also be scientific.

 

[pepband99]

So sorry. I'm apparently not allowed to make a typo especially on my phone. Thanks for English lesson. I'll be sure to file that under you being an a hole.

Don't feel bad - Syracuse called Vanessa Williams an "alumnus" at a basketball game when singing the anthem. Unless there's some news I'm not privy to, she's clearly not one.

 

[jdb50]

Its part of the SEBAC agreement that runs till 2027. They have to get it in that round of negotiations.

I just read the contract and it makes a change where the overtime contribution is calculated on total overtime hours over the last 25 years (instead of spiking the final 3 years) multiplied by the employees average hourly wage base rate during the five years used for computing Final Average Earnings. Now the FAE is from the highest years of earnings no matter where in the career they occurred. So this is a small improvement but still puts overtime into the pension calculation. Malloy was an idiot in not seeking to get overtime out of pension calculations.

 

[noeynox]

I just read the contract and it makes a change where the overtime contribution is calculated on total overtime hours over the last 25 years (instead of spiking the final 3 years) multiplied by the employees average hourly wage base rate during the five years used for computing Final Average Earnings. Now the FAE is from the highest years of earnings no matter where in the career they occurred. So this is a small improvement but still puts overtime into the pension calculation. Malloy was an idiot in not seeking to get overtime out of pension calculations.

Malloy got the concessions he did by extending SEBAC to 2027, as where it was supposed to end 2022.