AGE 60 passes Senate today..

[Beetle007]

Puffdriver -

I agree that some pilots will be hurt by this. But it will help others (young and old).

You argue that your money is increasing 5.5% a year, but I think the value of the dollar is decreasing by more than that value and has been for at least the last 5 years. Just look at the U.S. Dollar compared to other currencies of the world. When the EURO was first introduced, it was a 1 for 1 with the dollar.

I look at the reality of what things cost that I actually purchase. If your annual expenses have increased less than 5% a year, then you are doing pretty well.

 

[PCL_128]

I agree that some pilots will be hurt by this. But it will help others (young and old).

Anyone that isn't already in the left seat at their career airline will be hurt by this.

I don't believe the government inflation rates. I look at the reality of what things cost that I actually purchase. If your annual expenses have increased less than 5% a year, then you are doing pretty well.

Do you even realize how the government calculates CPI numbers? It isn't some magic number they pull out of their collective ass. They actually have a small army of government employees all over the country that check prices on a continual basis of every product imaginable. The average increase in prices every month is calculated into the CPI figures. Figures are released for non-energy CPI and total CPI. The CPI is weighted by the average amount that an American family will spend on each category (ie. fuel, electricity, car, rent/mortgage, food, etc...). The figure is extremely accurate, and it isn't part of some vast conspiracy to make you believe that you're spending less than you actually are.

And to answer your question, I'd wager that I'm only spending 1%-2% more than I was 5 years ago since I'm not having to spend much money on some of the items that have contributed the most to the CPI increases: health care and education.

 

[PuffDriver]

Puffdriver -

I agree that some pilots will be hurt by this. But it will help others (young and old).

You argue that your money is increasing 5.5% a year, but I think the value of the dollar is decreasing by more than that value and has been for at least the last 5 years. Just look at the U.S. Dollar compared to other currencies of the world. When the EURO was first introduced, it was a 1 for 1 with the dollar.

I look at the reality of what things cost that I actually purchase. If your annual expenses have increased less than 5% a year, then you are doing pretty well.

No, I didn't say that I was making 5.5 a year on my money. I am making much more than that, in fact. What I said was that I could be making at least that in a crummy savings account. There are very safe vahicles in the 7% range. it was a small lesson from "compounding for dummies".

I suggest you take hold of your money, because if you think that airline pilots are going to be making 500K 20 years from now, you've got bigger problems than what you are going to do when your "gravy train" ends at 65.

It's pretty simple, age 65 will help those who are in the senior seats when the legiaslation is passed. Everyone else, it will hurt. By any other account, you are wrong.

 

[av8instyle]

crap.

Age 60 Update Senate passes HR 3074
The Senate passed HR 3074(Transportation and HUD appropriations) including the age 60 change amendment by a vote of 88-7.
Included in HR 3074 is Senate Amendment 2845 which is the Oberstar language to include ALPA's recommendations .
This bill passed the House previously.

I think it will go to the President for signing in the near future.
The 88-7 vote precludes a Presidential veto if I remember correctly.

Just informational in nature... don't shoot the messenger!

 

[Swaayze]

Maybe a stupid question, but did the House already pass this and the Senate vote was the last stop prior to W's desk? I thought they still had to hammer out details and agree on language from the 2 branches into a single document. Did they really work through this that quickly (1 week since they reconvened)?

I swear it seems my "career" has become such a joke (even before getting stuck as a regional FO for another 5ish years) that I should be pictured in the dictionary under "poor dumb bastard".

 

[waverunner]

Yipee! Another 5 years of radiation and emf exposure. What is the average American life expectancy again? 68? or 72?

 

[Andy Neill]

Maybe a stupid question, but did the House already pass this and the Senate vote was the last stop prior to W's desk? I thought they still had to hammer out details and agree on language from the 2 branches into a single document. Did they really work through this that quickly (1 week since they reconvened)?

The way I see it, HR 3074 was ammended from the version that was passed in the House. That will require that a conference committee of the two houses will gather to work out any differences. If the ammended version of the bill is changed in any way, both houses will have to vote on it again. If not, the house will have to vote on it again before going for Presidential signature.

 

[thor2j]

It still has to be implemented by the FAA. Should be 12-18 months knowing how they act. Also must hammer out language with the house.

Can't wait for Fosset to be found. Probably had a heart attack at a ripe old age of 63.

 

[Swaayze]

No delay in implementation if passed by congress is my understanding. Your timeline would only be accurate if it has to go through the NPRM process. We could easily see age 65 in place by Halloween '07 at this rate.

Thank for the reply Andy. That sounds in line with my very limited understanding of where things are now.

 

[PCL_128]

It still has to be implemented by the FAA. Should be 12-18 months knowing how they act. Also must hammer out language with the house.

I believe Andy Neill is correct that this has to go back for another vote in the house since the bill was amended by the Senate. However, if the bill passes, which I assume it will, there will not be any 18 month delay in implementation. The bill requires that the regulation be changed immediately upon the bill becoming effective. That means this could all become effective in less than two months.