Especially in New York.
State, County and City governments exist for the sole purpose of supporting government unions...
“All across the country, states and local governments are promising benefits to public workers on the basis of numbers that make little economic sense.”
Why not...that’s how social security works.
Promising benefits based on an assumption of 8-10% annual returns from the stock market has been mistake #1. These guys have dug huge holes for themselves, and when Vito and Vinny find out the union doesn’t have enough money to pay for their retirement, they just might show up at the actuary’s office with crowbars for a little “corrective accounting therapy”. ;)
Isn’t it time we go after the Republicans behind this ponzi scheme?
Of course, since the story comes from Corruptica, there’s no chance that this is about the actual problem; it’s actually about someone in gov’t wanting some other company to be hired to do the dirty deeds. Thanks geo.
This is the ticking time bomb that is way worse than the problems with Social Security or Medicare.
When you have the accused murderer suburban cop in IL making a $75K pension. My brother’s father in law making $86K per year pension after 24 years as a supervisor with the Chicago Parks Department. Small city planner in North Texas making $92K per year after 20 years as a street and highway planner in Colleyville, TX.
See anything wrong with this picture? I sure do.