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      Rip Ryness (RipRyness) [Message]
State coordinator

Rapid City, SD 57702

605 members

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Posted by RipRyness
Posted 09/29/10
Last updated 09/29/10
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Bob Mercer, in April, wrote the following about the South Dakota Retirement System:

The system is built on an average annual return assumption of 7.75 percent growth in market value. Assuming the portfolio can hit the 25 percent growth mark this year, the fund would still need to grow by more than the 7.75 percent average. In fact, To get back to fully-funded status, the average annual return will need to average 8.6 percent for the next five years; 8.2 percent for the next 10 years; 8.0 percent for the next 20 years; or 7.9 percent for the next 30 years. So there remains a challenge.

Bill Gross in his October Investment Outlook offers the following observation regarding the "New Normal".

  • The New Normal has a new set of rules. What once pumped asset prices and favored the production of paper, as opposed to things, is now in retrograde.
  • The hard cold reality from Stan Druckenmiller's "old normal" is that prosperity and overconsumption was driven by asset inflation that in turn was leverage and interest rate correlated.
  • Investors are faced with 2.5% yielding bonds and stocks staring straight into new normal real growth rates of 2% or less. There is no 8% there for pension funds. There are no stocks for the long run at 12% returns.

The days of easy credit (leverage) are over.  The hyperinflation of the housing market has collapsed and will not return.  These were the main drivers of the all GDP growth over the last 20 years. 

The Fed is only making matters worse, destroying all chances at capital formation by keeping interest rates extremely low.  And destroying the value of our dollars by printing money.

NPR reported that it would take our entire state budget 6 times over for our public sector pension system to catch up with the promises it has made.

There are no good choices here for South Dakota.  One choice we absolutely need to fight is increased taxesYou and I both know there will be pressure by the unions to increase our taxes to pay for their demands.

Albany Police Officers Union President Chris Mesley stated the attitude of all union officials when he said:

"I'm not running a popularity contest here," Mesley said. "If I'm the bad guy to the average citizen . . . and their taxes have go up to cover my raise, I'm very sorry about that, but I have to look out for myself and my membership."

Mesley added: "As the president of the local, I will not accept 'zeroes.' If that means . . . ticking off some taxpayers, then so be it."

This is an issue that will require a sustained effort on the part of South Dakota Campaign for Liberty and all of our members.  I hope you will join us in this fight.  Our liberty depends on it.

Please donate $100, $50 or even $25 today to our state chapter of Campaign for Liberty.

Help us get the message out on this important issue.

The unions, through back door deals with statist politicians, are planning to steal our money to pay for the promises they snuck through years ago when times were good.

South Dakota Campaign for Liberty will not stand for it and I hope you will stand with us.

To get this message to the people we will need resources.  Your donation today for $100, $50 or $25 will help us do just that.

If you have never heard about this issue before it is because the mainstream media is ignoring it.  This makes our efforts ever more important. 

The people of South Dakota need to know that we are not in good shape financially despite what the media has been saying.

Please help us today by donating whatever you can.  Every donation is important and needed.

 





Categories: Finance, Domestic Policy, Grassroots News, Current Events, Economy, Monetary Policy
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NOTE: South Dakota Federal Candidate Survey Results can be found here



U.S. Congress, with local office addresses and votes of interest

Senate

Mr. Tim Johnson (D)

Term ends in 2014

136 HSOB
Washington, DC 20510-1
DC Phone: 202-224-5842
DC Fax: 202-228-5765
[Website]
[Contact]
405 East Omaha Street
Suite B
Rapid City, SD 57701
605-341-3990
605-341-2207

5015 South Bur Oak Place
Sioux Falls, SD 57108
605-332-8896
605-332-2824

320 South First Street
Suite 103
Aberdeen, SD 57401
605-226-3440
605-226-2439


Voted against HR 1: ["The Scamulus Package"] American Recovery and Reinvestment Act of 2009

Voted for PN64-07-111: Confirmation of anti-rights Eric Holder for Attorney General [More info]

Voted for HR 1388: ["Obama's Camps"] Generations Invigorating Volunteerism and Education Act [More info]

Voted for HR 1256: Family Smoking Prevention and Tobacco Control Act [More info]

Voted for HR 2346: 2009 $106B War Supplemental [More info]

Voted against HR 1424: Senate: Emergency Economic Stabilization Act of 2008 (Bailout 2008)

Voted for amend HR 3183: to penalize gas suppliers doing business with Iran [More info]

Voted for Senate Roll Call No. 237: Out-of-state carry law reciprocity [More info]

Voted for the Imperialism Authorization Act of 2010 / Hate Crimes Creation Act [More about the Imperialism Authorization Act] [More about "hate crimes"]

Voted for co-sponsoring HR 2194: Expanding Economic War with Iran [More info]
Mr. John Thune (R)

Chairman, Republican Policy Committee

Term ends in 2016

511 DSOB
Washington, DC 20510-2
DC Phone: 202-224-2321
DC Fax: 202-228-5429
[Website]
[Contact]
320 North Main Avenue
Suite B
Sioux Falls, SD 57014
605-334-9596
605-334-2591

320 South First Street
Suite 101
Aberdeen, SD 57401
605-225-8823
605-225-8468

1313 West Main Street
Rapid City, SD 57701
605-348-7551
605-348-7208


Voted against HR 1: ["The Scamulus Package"] American Recovery and Reinvestment Act of 2009

Voted against PN64-07-111: Confirmation of anti-rights Eric Holder for Attorney General [More info]

Voted against HR 1388: ["Obama's Camps"] Generations Invigorating Volunteerism and Education Act [More info]

Voted for HR 1256: Family Smoking Prevention and Tobacco Control Act [More info]

Voted for HR 2346: 2009 $106B War Supplemental [More info]

Voted for HR 1424: Senate: Emergency Economic Stabilization Act of 2008 (Bailout 2008)

Voted for amend HR 3183: to penalize gas suppliers doing business with Iran [More info]

Voted for Senate Roll Call No. 237: Out-of-state carry law reciprocity [More info]

Voted for co-sponsoring HR 1207: The Federal Reserve Transparency Act [More info]

Didn't vote for final passage of the Imperialism Authorization of 2010, but allowed it to pass the Senate by unanimous consent and only voted against once "hate crimes" legislation was added [More about the Imperialism Authorization Act] [More about "hate crimes"]


House of Representatives

Ms. Kristi Noem
SD-At Large (R)
(freshman)

226 CHOB
Washington, DC 20515-4101
DC Phone: 202-225-2801
DC Fax: 202-225-5823
[Website]
[Contact]
343 Quincy Street
Rapid City, SD, 57701
605-791-4673
605-791-4679

415 South Main Street
Suite 203
Aberdeen, SD, 57401
605-262-2862
605-262-2869

505 12th Street SE
Watertown, SD, 57201
605-878-2868
605-878-2871

2310 West 41st Street
Suite 101
Sioux Falls, SD, 57105
605-275-2868

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