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 agree and will be in the same boat. The wife's job will help when I retire and her insurance. It would have been nice to have options with my retirement but they give you none and do what they want with it.
- Mitch McConnell’s empty promise: We’ll force Obama to rein in government or else risk a shutdown Allahpundit 39 mins ago
- Addressing James Foley’s murder, Obama speaks loudly and leaves the stick at home Noah Rothman 1 hour ago
- Washington wonders: Why did Obama bother to come back from vacation? Ed Morrissey 2 hour ago
- Missouri Gov. Jay Nixon: Darren Wilson must be vigorously prosecuted Allahpundit 2 hours ago
- Open thread: Semi-retired President to issue daily communique at 12:45 ET (pledged) Ed Morrissey 3 hours ago
- World Jewish Congress president asks, “Who will stand up for the Christians?” Ed Morrissey 4 hours ago