Consider the cushy deal for many of California's unionized state and local police, fire and prison employees. They have what's called a "3 percent at 50" formula that determines their retirement check. It's based on 3 percent of the average of the three highest-paid years of the employee's career, multiplied by the number of years on the job. An employee with 20 years' service can retire at age 50 and receive 60 percent of his salary. Employees often boost their retirement income by putting in a lot of overtime hours during their last three years of service.
Temple University professor William Dunkelberg said in his recent CNBC article "Should Unions Have the Power to Tax?": "The 'employers' (taxpayers through their elected officials) have slowly lost their ability to determine the terms of employment offers. The unions now determine working hours, hiring criteria, the quantity of 'output' to be produced per day, the number of sick and vacation and holiday days, how their performance will be evaluated etc. No longer can the employer make an 'offer' for a job with requirements that fit the needs of the public institution."
Major states like California, New York, Illinois, Ohio and New Jersey -- and the federal government -- are on the verge of bankruptcy. Large cities like Los Angeles; Chicago; New York; Washington, D.C.; Newark; and Detroit are facing bankruptcy as well. Does that tell you something? It tells me that we can no longer afford to do what we've done in the past. We must make large cuts in spending. Spending on public employee salaries is just a drop in the bucket.
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