Don’t forget NJ; those pensions are strangling the economy here (and employers, along with American taxpayers, are fleeing in response). This is no longer a discussion about what is coming down the road; it is here NOW.
Our government worker parasite caste wants to focus the discussion on their current salaries and benefits (which are already so far beyond what their private-sector “hosts” earn) as a distraction from the real economy-killer: huge retirement packages that consume so much of current revenues that nothing is left to provide current services.
How can these states attract business or wealth when a huge IOU (for people who retired decades ago) will be handed to newcomers immediately upon their arrival?
CT is in the same boat as NJ and CA. Idiot people brainwashed into believing that public sector workers are more valuable than private sector t.
There’s talk about “retired cops” in Florida relaxing on the links after cashing $185,000 pension checks.
They hype their overtime last two years, so they get higher pensions.
“This is no longer a discussion about what is coming down the road; it is here NOW.”
—
That is the very reason I started my own business back in 1979. The money I made through those years has either been reinvested into the business or stashed aside for the future. I could not envision that when I reached 65 years of age that we would have (both in government and private) a viable and stable retirement system in place that would provide from that age on and into the future.
I am now starting to see the worst fears of those who have been duped by both the government and financial industry into paying all of their working lives into a system that has the actual potential of DEFAULT!
Through all of those years I’ve been forced to pay the government 100% of their demand for Social Security at an average 14% of net income while the “so called” poor pay nothing.
Now, we are faced with the very real possibility of total collapse of the financial industry along with total defaults of government promises in the myth of Social Security retirement.
It’s a very dangerous financial world out there today because real tangible wealth is rare but wealth on paper is rampant. I believe we will soon see that the whole retirement scam is a house built on shifting sand in the foreseeable future.