Generous Pensions Give New Meaning To 'If It's Too Good To Be True' - Forbes:
"Nationally, state plans covering public employees of cities, police, etc. are underfunded by $1.4 trillion, or 14 followed by 11 zeros.
To correct that underfunding, you have to take the entire gross domestic product of Norway, add it to Belgium, and throw in Austria, and give all that to the states.
Raising taxes will not work because there is just too much money to raise.
Moreover, many residents wonder why they have to pay high taxes to fund state pensions that are much more generous than they could ever receive.
Some states replace nearly 90% of an employee’s annual salary, with yearly increases greater than the cost of living.
Some employees can retire at full pension at age 55 or earlier, and they contribute far less than a private employee’s must pay."
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