“Two, public employee defined benefit pension plans are ruinous all across the board. There should only be defined contribution plans for public employees.”
I have a personal friend who was our town’s first police chief. He’s been forceably retired for about 15 years due to medical issues. While we are trying to figure out how to get to the end of the road with our decimated 401k’s he’s drawing in excess of $160k per year plus H/C beneifits. So I’m not at all “understanding” of the “public service employees plight” in Dallas. There is something fundamentally wrong with pension systems that end up providing more income in retirement than these people got during their working life. And here in CA “public safety” employees get to retire at age 50, which means they will, on average draw pensions for at least another 30 years. You all do the math, it’s not sustainable no matter what these people were “promised” by the government.
Not even close to sustainable and we are paying all the bills for it.
Politicians kick the can down the road repeatedly and we pay the bills or our property is confiscated. It that is not illegal seizure I don’t know what is.
Well said. I’m only surprised the kukka hasn’t hit the fan sooner.