There is a dirty secret about state entitlements that liberals don’t want you to know. The collection of a state pension increases the chances that a pensioner will live in poverty. That’s because money put aside for state-guaranteed benefits can not be safely invested at rates that provide for more than a modest retirement unless the state subsidizes retirement benefits through taxes or if retirement savings are invested in riskier, higher yielding investments. Since governments are loath to raise taxes to subsidize a riskless retirement, benefits are eventually reduced. It works that way in London and Moscow as well as Madison...
I respect what Mr. Ransom is saying but don't lump us all in the same boat. I work in a "right to work state". I have been a police officer for 24 years. The retirement plan in our state is solvent and will be. We pay full price for our insurance when we retire. We get our retirement only after 28 years. I understand the frustrations of the pension plans but we as officers do not get Social Security, only our retirement. I also would like to mention that most of these officers will retire injured in one way or another. It is impossible to do the job without getting hurt. I will be having nose reconstruction and elbow surgery soon thanks to a drug dealer. This will be my sixth surgery in my career. We don't work behind a desk.
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