Interesting News on...
 

Interesting News on St. Croix Refinery  

Page 4 / 4
  RSS

caribstx
(@caribstx)
Trusted Member
Joined: 6 years ago
Posts: 546
April 12, 2017 8:53 pm  

I saw this article posted on Facebook today and thought it was worth a share. I've seen cranes hovering over some of the units at the east refinery lately and wondered what might be going on. Have a look and share your thoughts.

http://www.dailybusinessreview.com/id=1202783389341/Duane-Morris-Team-Leads-440M-Loan-for-St-Croix-Refinery-Site?mcode=0&curindex=0&curpage=ALL

Could it be the reawakening of our economy?


Quote
daveb722
(@daveb722)
Advanced Member
Joined: 4 years ago
Posts: 497
July 3, 2018 9:30 am  

Great for the economy, but he's trying to take control of GERS and why not use that money for the schools? He's buying votes with this one, I hope the senators reject the GERS part, this isn't something that should be a quick fix, they'll just wait 5 more years to scream that it going bankrupt before doing anything. I'm glad for STX and great news for the island for sure!!!! But he's using this for political reasons not for the residents.


ReplyQuote
daveb722
(@daveb722)
Advanced Member
Joined: 4 years ago
Posts: 497
July 3, 2018 9:37 am  

Oh and I guess he needs a new residence as well... 😎


ReplyQuote
janeinstx
(@janeinstx)
Trusted Member
Joined: 7 years ago
Posts: 656
July 3, 2018 9:57 am  

What part is BS?


ReplyQuote
ironheadUSVI
(@ironheadUSVI)
Advanced Member
Joined: 2 years ago
Posts: 253
July 3, 2018 10:15 am  

Gee, really glad he's waited to get this done prior to November elections and fix GERS too!
Chuups!

You think Mapp had something to do with a corporate decision to begin refining at the Terminal?


ReplyQuote
speee1dy
(@speee1dy)
Expert
Joined: 11 years ago
Posts: 8707
July 3, 2018 10:48 am  

if the negative comments settle down

After all the negative comments settle down...maybe we can discuss how tremendous this will be for the economy...


ReplyQuote
Gator's Mom
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago
Posts: 982
July 3, 2018 11:28 am  

Eighteen percent of the VI citizens are over 65 and a large portion are former government employees. Many depend upon GERS for income during retirement. GERS also provides loans for active employees.

So yes it's important to keep the system afloat for the next five years - even if it's just kicking the can down the road. GERS is highly valuable for the economy of the VI.

Bracing up the VI economy with revived industry, improved tourist facilities, strengthened infrastructure and stable incomes for vulnerable citizens is significant.

This is why you elect politicians. Mapp represents the VI well through his public/private partnership strategies.

Of course timing has to do with the election - why wouldn't it?


ReplyQuote
islandjoan
(@islandjoan)
Trusted Member
Joined: 12 years ago
Posts: 1723
July 3, 2018 12:19 pm  

I think Mapp is lying about giving that $ to GERS. Wait and see, it won't happen. If it does, I'll be shocked.


ReplyQuote
daveb722
(@daveb722)
Advanced Member
Joined: 4 years ago
Posts: 497
July 3, 2018 12:44 pm  

Eighteen percent of the VI citizens are over 65 and a large portion are former government employees. Many depend upon GERS for income during retirement. GERS also provides loans for active employees.

I understand that they depend on it, but this will go on for 5,10, 15 years and the can will be rusty and full of holes by then and nothing will be fixed. 18% is only about 18,000 people and I can guess 12,000 get benefits from GERS if that is the case, so it's only benefitting a small portion of people as compared to giving our kids a better education, who in turn, will hopefully be productive members of population. But we can go on and on with this. This is like the original limetree deal, promises, promises, where are your tax returns and all the other glitter he promised? I did see a Chinese tourist there last time I was down, maybe that's a start and 5 years later who knows...

I just don't like Mapp, sorry.


ReplyQuote
Gator's Mom
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago
Posts: 982
July 3, 2018 3:22 pm  

Without a solvent retirement system the VI is/will be unable to attract and retain teachers. All roads lead to GERS stability.

Eighteen percent of the VI citizens are over 65 and a large portion are former government employees. Many depend upon GERS for income during retirement. GERS also provides loans for active employees.

I understand that they depend on it, but this will go on for 5,10, 15 years and the can will be rusty and full of holes by then and nothing will be fixed. 18% is only about 18,000 people and I can guess 12,000 get benefits from GERS if that is the case, so it's only benefitting a small portion of people as compared to giving our kids a better education, who in turn, will hopefully be productive members of population. But we can go on and on with this. This is like the original limetree deal, promises, promises, where are your tax returns and all the other glitter he promised? I did see a Chinese tourist there last time I was down, maybe that's a start and 5 years later who knows...

I just don't like Mapp, sorry.


ReplyQuote
speee1dy
(@speee1dy)
Expert
Joined: 11 years ago
Posts: 8707
July 3, 2018 4:39 pm  

when was the last time GERS was stable


ReplyQuote
Gator's Mom
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago
Posts: 982
July 3, 2018 4:48 pm  

GERS is not stable- but a stabilized GERS is important for the future of the VI to enable the islands to attract teacher, nurses, and other professionals.

when was the last time GERS was stable


ReplyQuote
sunshinefun
(@sunshinefun)
Trusted Member
Joined: 7 years ago
Posts: 681
July 3, 2018 5:12 pm  

GERS is not stable- but a stabilized GERS is important for the future of the VI to enable the islands to attract teacher, nurses, and other professionals.

when was the last time GERS was stable

A 401(k) would be a much more attractive plan.


ReplyQuote
Gator's Mom
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago
Posts: 982
July 3, 2018 5:28 pm  

But it's next to impossible to convert to a 401K (or 403b) option when an existing pension system is dependent upon current payments from working members to cover its current pension obligations.

GERS is among many state employee plans across the US to be facing this crisis.

Lots of bad news lately about the demise of pensions - and why Millennials will never be able to retire.

GERS is not stable- but a stabilized GERS is important for the future of the VI to enable the islands to attract teacher, nurses, and other professionals.

when was the last time GERS was stable

A 401(k) would be a much more attractive plan.


ReplyQuote
singlefin
(@singlefin)
Trusted Member
Joined: 5 years ago
Posts: 840
July 3, 2018 6:18 pm  

The bottom line here, is that much more money will be coming into the territory from private institutions.

With enough time & money, a lot can be fixed....
After we pay back all the money we had to borrowed to sustain the unsustainable!


ReplyQuote
Scubadoo
(@Scubadoo)
Trusted Member
Joined: 5 years ago
Posts: 2224
July 4, 2018 3:17 am  

Lots of bad news lately about the demise of pensions - and why Millennials will never be able to retire.

Pensions have been disappearing for a long time in favor of 401Ks. With 401K and early and regular contributions Millennials should not have an issue with retirement.


ReplyQuote
singlefin
(@singlefin)
Trusted Member
Joined: 5 years ago
Posts: 840
July 4, 2018 9:42 pm  

Millennials won’t have pensions because we sent all our industry (where members of strong Labor Unions worked) overseas.

In the early eighties there was a saying,
“Buy American. The job you save may be your own.”


ReplyQuote
Phizz
(@Phizz)
Advanced Member
Joined: 8 years ago
Posts: 164
July 5, 2018 10:01 am  

This has gotten really off topic, but can't refrain from commenting on 401Ks saving millenials' retirements. Since almost 80% of American workers live paycheck to paycheck, and half of college educated workers earn less than they did in 2000, it's not surprising that not much goes into a retirement fund of any kind. With the current trade war looming, it's probable that the COL is going to increase again, putting more pressure on the average paycheck.


ReplyQuote
Alana33
(@Alana33)
Expert
Joined: 7 years ago
Posts: 12145

ReplyQuote
singlefin
(@singlefin)
Trusted Member
Joined: 5 years ago
Posts: 840
July 5, 2018 12:13 pm  

The looming “trade war” will return jobs and restore the middle class. You remember the “middle class” right? The people who pay the majority of taxes in this country.
They usually work for large private companies that produce exportable products that the rest of the world wants... Like for example, Oil refineries.


ReplyQuote
Gumbo
(@Gumbo)
Advanced Member
Joined: 5 years ago
Posts: 490
July 5, 2018 4:06 pm  

The looming “trade war” will return jobs and restore the middle class. You remember the “middle class” right? The people who pay the majority of taxes in this country.
They usually work for large private companies that produce exportable products that the rest of the world wants... Like for example, Oil refineries.

(tu)


ReplyQuote
Page 4 / 4
Settlers Handbook

Thinking about moving to the Virgin Islands?

The Settler's Handbook is a Indispensable Guide

The current 18th Edition, will help you explore your dream of island living. A solid reference book, it was first published in 1975. That's 40 years of helping people move to the Virgin Islands.

Order Today $17.95
Close Menu
  
Working

Please Login or Register