"How to Become a (Public Pension) Millionaire
In five states, an average full-career retiree receives a retirement income higher than his final salary.
By ANDREW G. BIGGS
March 14, 2014 7:18 p.m. ET
Detroit and San Bernardino and Stockton, Calif. are in bankruptcy, and across the country the costs of maintaining pensions for city and state employees more than doubled to nearly $84 billion in 2011 from 2002. Yet the American Federation of State, County and Municipal Employees (Afscme) declares that public pensions are "modest," noting that its average member "receives a pension of approximately $19,000 per year after a career of public service."
True, Detroit pension people are likely to only get pennies on the dollar, because the Democrats in city government stole monies from the pension funds.
These same Democrats are handing out sweetheart corporate tax breaks at the same time. (Per David Sirota, care to dispute his website?)
Poor LJ, her heroes have been corrupted.
Thomas Sowell: There are no solutions, just trade-offs.
FredHayek wrote: True, Detroit pension people are likely to only get pennies on the dollar, because the Democrats in city government stole monies from the pension funds.
These same Democrats are handing out sweetheart corporate tax breaks at the same time. (Per David Sirota, care to dispute his website?)
Poor LJ, her heroes have been corrupted.
Yeah, like the GoTP Republican "City Managers", which have been appointed by the Republican Governor are selling off city assets, stadiums, sweetheart deals for the last several years to Republican vultures...
Poor Fred... Just can't find enough bullsh*t to throw at the wall to make it stick.
FredHayek wrote: True, Detroit pension people are likely to only get pennies on the dollar, because the Democrats in city government stole monies from the pension funds.
These same Democrats are handing out sweetheart corporate tax breaks at the same time. (Per David Sirota, care to dispute his website?)
Poor LJ, her heroes have been corrupted.
Yeah, like the GoTP Republican "City Managers", which have been appointed by the Republican Governor are selling off city assets, stadiums, sweetheart deals for the last several years to Republican vultures...
Poor Fred... Just can't find enough bullsh*t to throw at the wall to make it stick.
Poor LJ... Just can't find enough accomplishments to depend her own political favorites without resorting to schoolgirl taunts of "they did it too!"
FredHayek wrote: True, Detroit pension people are likely to only get pennies on the dollar, because the Democrats in city government stole monies from the pension funds.
These same Democrats are handing out sweetheart corporate tax breaks at the same time. (Per David Sirota, care to dispute his website?)
Poor LJ, her heroes have been corrupted.
Yeah, like the GoTP Republican "City Managers", which have been appointed by the Republican Governor are selling off city assets, stadiums, sweetheart deals for the last several years to Republican vultures...
Poor Fred... Just can't find enough bullsh*t to throw at the wall to make it stick.
Once again, can't defend 60 years of the decline of Detroit under Dem hands, so cherry picks two years. Guess what? If the Dems hadn't destroyed Detroit, the GOP wouldn't have needed to be called in to fix it!!!
Thomas Sowell: There are no solutions, just trade-offs.
I don't know about other states, but when I was reviewing PERA in Colorado awhile back there is a clause whereby the Fed Govt, i.e. us the taxpayers will cover any defaults by Colorado, it it should come to that.
As for cities and other districts, such as fire, water, etc., this looks like the wave of the future. Guarantee your employees anything and then when the bills get too onerous because of pensions or other loose spending and agreements go into bankruptcy for relief.
So if you want to insure you receive what you worked for, don't work for special districts, cities or counties but do work for Colorado state government.
Once again, it's okay for the goose but not the gander with you... Wake me when you have something new instead of that pre-regurgitated bullsh*t from the RNC.
LadyJazzer wrote: Once again, it's okay for the goose but not the gander with you... Wake me when you have something new instead of that pre-regurgitated bullsh*t from the RNC.
Wake me up when LJ actually debates the topic of the thread with real, from her knowledge information without resorting to 8 year old girly taunts of "they did it too" or simply something new instead of that pre-regurgitated bullsh*t from the Huffington Post, Mother Jones or The Nation.