In response to:

Public Pensions are Another Form of Theft

Sceolan Wrote: Jul 22, 2012 6:41 PM
You definitely have a point. I retired out of California. A Clerk working for the State made significantly more than a Clerk working for the City or County. Governmental Unions in my opinion have had the ability to drive up the pay for essentially general labor that was not based upon skills, demand or education. Merely from a standpoint that they deserved it. Thus, we have garbage workers, flagmen, streetsweepers, janitors, Clerks, Bus Drivers etc. etc. who are making much more than what the private sector would even think of paying or could afford to pay.

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...

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