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Public Pensions are Another Form of Theft

Oscar58 Wrote: Jul 21, 2012 11:24 AM
It used to be you robbed Peter to pay Paul, now you rob Peter, Joe, Mary, Tom... The only retirement I want to pay for is mine, but I will kick in on Obama's as long as it starts at the beginning of next year at the latest.

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...

Related Tags: Pensions theft