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 pay towards my pension...I pay 9 percent a check and my employer only pays 3 percent. That is why I tell people not to lump all of us together. We are not Union and we don't like the union where I live.
- Time: The West is losing Cold War II Ed Morrissey 38 minutes ago
- Arizona inmate takes nearly two hours to die by lethal injection in botched execution Allahpundit 1 hour ago
- ISIS reportedly orders women and girls of Mosul to undergo ‘genital mutilation’ Noah Rothman 1 hour ago
- WaPo editorial: Why is the world ignoring Hamas’ depravity? Ed Morrissey 2 hours ago
- Uncommon courage: Jeb Bush finally weighs in on the border crisis Noah Rothman 3 hours ago
- FAA, EASA reauthorize operations at Tel Aviv for Western airlines Ed Morrissey 3 hours ago