Government Pension Plans go Bust: Who CARES???
Posted by Yossi Gestetner on 12/23/2010
The NYT headlines a story that an “Alabama Town’s Failed Pension Is a Warning” to what other cities may face. But as far I am concerned, I don’t care much that public sector workers who for twenty-thirty years had incomes 1.5 time larger than tax payers, in addition to good benefits and comfortable working days/hours/vacations, will not have in their senior years all they were promised twenty years ago.
Worse, many people collecting pension are not even age fifty! So… if they have a problem how to pay their bills now that their pension has gone bust, they shall find another government job until age 65, or perhaps age 90 as lawmakers – backed by these very union members – do for the last 100 years.
My only problem is that Democrat-controlled states and cities will likely raise tax even more to cover these pension funds, rather than to shut the door once and for all on these crazy union contracts.
