Google “Theresa Ghilarducci”. THAT’S what they are gonna do.
Gov workers are the greediest bastards on the planet. Most people don’t have a pension.
All gov pensions should be rolled into the “social security trust fund”.
It’s NOT their money.
Proof of this 'work' is required.
The total unfunded U.S. government liabilities total over $853K per citizen.
http://www.usdebtclock.org/
New Jersey has some of the worst public pension problems in the US
I say, liquidate the pension and give the money to the public workers in individual 401Ks type plans. They control their own money and the state contributes to the plan yearly, and is budgeted yearly as well. So no more “kicking the can down the road” which the state of NJ has been doing for decades.
Also this will eliminate the corruption aspect as well, no more police chiefs or school administrators retiring with 120K a year pensions for life.
I vote that when they decide to start seizing money, they seize all of the Universities endowments. The top 20 is worth over $250 billion.
They should also eliminate all federal financial aid at the same time and force these schools to live within their means instead of turning students into indentured servants for the rest of their lives.
A friend here in NY is a retired school principal. His yearly pension from the State is $150K.
If they think they are going to be able to raise taxes to fund the extravagant pensions of our public masters they are delusional. There is no obligation on the Americwn public to pay off the bribes politicians paid the unions in the form of extremely generous pay and retirement. I suggest that the soon to be disposed, nouveau riche, public employee retirees find and hang the politicians that created this fiasco.
Schadenfreude, a nice feeling in these dark days.
Enslaving our youth in perpetual debt to pay for our wants today. What a Country.
Are Slave Contracts legally enforceable????
Don’t include MY household as owing this debt - put it to the union thugs and politicians who negotiated this fuzzy math in order to stay in office.
Many government agencies and positions exist solely to destroy every conceivable economic activity in the private sector, and to steal whatever profit is created by the private sector.
And they want my sympathy?
This is just a way that politicians have devised to buy votes with an unlawful extortion of money from earners and paid out to government union members and other government employees for their loyalty at the ballot boxes.
I talked to an Ohio detective (ex patrol cop) recently who is 53 years old and can retire now. If he stays in this special retention program for 8 years he can retire with a pension between 400k to half a million dollars. This is just one guy, unbelievable. Another Firefighter I know same scenario with a 40k to 50k pension.
This is yet another reason the middle class is shrinking. The government has taken so much of their money to buy the support of the public sector unions that there isn’t any money left to fund their own retirement savings.