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Who pays their compensation?
Taxpayers, now or later.
Forbes is full of crpp on this one.
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“Who pays their compensation?
Taxpayers, now or later.”
I agree....
“Walker’s refusal to accept it) they are taking on much - and possibly all – of the obligation out of their own pockets.”
What difference does it make if the benefits are being paid
from the workers pocket, when it is the taxpayer filling the pocket?
What we have is widespread lack of knowledge about how companies, and governments, and individuals, arrive at what we all call "pension plans".
Right now I'm retired ~ I benefit from 5, or maybe 6, different pension plans. A couple of them were established by Congress ~ but even there you find only superficial similarities. The way they work is dramatically different.
Fur Shur, along the way toward retirement Congress changed the terms several times, and even changed the contribution requirements.
The Wisconsin system bears only the slightest similarity to any of the plans that pay me, but ALL of them have one definite rule ~ if a benefit was promised the court requires that it be paid.
Essentially Walker is proposing a NEW SYSTEM, not really a revision to the existing system. He'll win. And the union won't know what hit them.
I think he is assuming that the pension funds make money in the stock market and elsewhere. Fact is, though, that local boards put money into the fund. Of course it is deferred compensation, but that benefit is denied to most in the private sector. Then there is the undeniable fact that taxpayer/teacher money passes on to the unions, and that the unions continually work on politicians to funnel money into the public schools—large amounts of which goes to school administrators. Which is one reason why administrators—despite their protests—like unions.
State employees are paid from TAX money - regardless of how the pie is divided up - it is still TAX money - paid by tax paying citizens... differed this or that ... it is still tax money - paid by citizens of that state...
So this Forbes article is lunacy
I looked around on the site and it seems this is just a blog. One guy’s opinion but since it is connected to Forbes, it gives leftists cover. I just read a story, a real story, not a blog, on Forbes’ site about how non-union states are eating the lunch of union states.
Anytime I see the word “blog” in a title or url, I take it with a grain of salt.
I have no idea who Rick Ungar is but he seems to be Forbes’ token liberal.
Oh, I see. The taxpayers don’t pay for the pensions, the employees pay for it out of their own pay. The tooth fairy leaves their pay under their pillows.
>> Who pays their compensation?
Are you serious? You didn’t know they pay their own compensation.
Why was I thinking it was about them paying into their own HEALTH CARE PLANS? Like a small co pay at doctor’s offices, which they don’t have to do now...?
Nice diversion though.
That is exactly right, what kind of an idiot writes this stuff? So, stop deferring their compensation, and fire them. Hire people who can do the same job for less and do a simple matching 401K plan with a maximum match.
What is particularly galling is Ungar’s complete disregard for those who disagree with him. Much like Obama, Ungar clearly believes he is the “smartest man in the room” even though his grasp on the facts is completely flawed. I also couldn’t help noticing that Ungar has been kind enough to write a book explaining to all of us “average Joes” just what Obama’s healthcare bill is all about - kind of an “obamacare for dummies.” This guy must be popular at parties- I’ll bet his arrogance combined with his ignorance can clear out a room.