Look, there is a problem and no one has the solution. Governments have contractually promised retirement plans that they can no longer deliver. It doesn’t matter if the retirement plans are now considered extravagant or how they got that way. That horse has left the barn. The problem is,what can be done besides threatening hard working people and calling them names? In Ohio SB5 which tried to reign in unions was shot down. There will definitely be a solution to this-budget shortfalls- and it wont be pretty because imo it will all end in collapse. In the meantime, the people on this site who call people getting SS and pensions they have lawfully earned “leeches”, etc., and the clarion call for class warfare is disgusting.
The teats are empty.
Its called bankruptcy.
Pretty simple.
The governments will declare bankruptcy or the equivalent.
The extravagant pensions will be reduced.
The current taxpayers and politicians did not make the promises made 20 years ago, and they are not obligated to fulfill them.
I say again: the teat suckers never turned down any of the goodies and were well aware of the waste and fraud and sloth in the system that they chose to remain a part of. I have never seen an overworked government employee. Never.
Deployed soldiers don’t count. But even peacetime soldiers may be underpaid, but they are not overworked and get pensions quickly and can retire at 38 with a nice pension with benefits and work eleswhere.
I reread my original post on this subject. Not once was there ever a single instance of name calling. I believe you threw the ad hominem attack.
I simply stated the fact that this guy is amongst the 1% since he has a pension that would need a personal wealth of over $4,500,000 to produce an income of nearly $175,000. Unions had orchestrated and know-nothing politicians have made promises with taxpayer money that simply can’t be fulfilled. The only rational solution is to... cut. The only other one I know of is to inflate the currency, leave the benefit the same and inflate out of it. That option does the most damage to all and not just those who receive the pensions that must be remedied. The effect to the pensioner is the same... less buying power. The public can’t provide what it doesn’t have.
Companies go bankrupt all the time and the result is that they can’t / won’t fund the pension or other promises they have made. That is why the pension trust was established but it is out of money as well. The result of a pension fund being turned over to the trust is at least a 50% reduction in benefits. This whole affair is why, at the tender age of 22, when I went to work for a public sector company I read the statements of their pension fund.
Just like making a contract for services, you have to be careful of low bid and you have to make sure that the vendor can deliver as promised. Unfinished business is very messy.
For those who are in the midst of retirement, their benefits should go on, they have no time to recover. The rest has to be cut or the terms changed.
While it may be legal to teach for a half pension then go to another state where service from another state is credited and work 10 years to collect yet another pension... it is wrong. Who ever thought this was something that is fiscally feasible, either on the receiving end or the giving end, was insane. The receiver probably knew it was not possible when they bought into the deal. They wanted something too good to be true to be so and it just isn’t.
I’m sorry for those who made a foolish bargain with the public sector as well as I am sorry for those in the private sector who have agreed to sell their time for less than it is worth and for those whose jobs have been outsourced. It is bad and it will get much worse and will only get much much worse if benefits are not cut and future terms are not changed.
This is all hard cold fact and has nothing to do with class warfare. Only the threatened would not want to understand. I would be pretty testy / scared as well if I had been paid and benefited well for many years and expecting the great deal to simply go on when I quit working. Some of these people have known the value of their retirement and had to know they were being compensated well outside the market rate for their services. Anything too good to be true probably isn’t true and only exists on borrowed time.