How long will “public pensions” exist?
Question of the day: How long will (or can) public pensions for government employees last?
The reason I ask is, that it’s quite mind-blowing how much these local governments expect to siphon money from others to pay (former) (city, state, school, [insert agency name here]) employees for decades and decades after they’ve actually contributed anything at all! Often at multiples of what they earned while they worked! Not to mention that most of these hacks didn’t really do anything while they did work! Shuffle papers, kiss ass, look the other way? What a racket!
What re-invigorated my disdain for the whole concept was when I stumbled on this article from a few years ago, how the top 100 pension receivers in the Illinois Educational system (just 100 people) will receive close to $1 billion dollars of other people’s money for the course of their “retirement.”
I’m sure at some given point in time – the general populous might have seen merit in “rewarding” someone who risked their lives for the benefit of society. Let them have a nice “retirement.”
But what often happens is that these people double, and triple dip into the system, and build a massive amount of wealth at the expense of others. A huge chunk of Hoboken’s annual budget is dedicated to pay people who are sitting on the beach or working other jobs. How screwed up is that?
The most astonishing fact is that now because so MANY people are beneficiaries of this type of system (countrywide), that it’s insanely difficult to build momentum to reform the process. They almost outnumber people who DON’T receive this meal-ticket to Easy Street!
Sadly – a very small minority of the population understands that it’s 100% unsustainable – and will come crashing down at some point in time. Not if, but a matter of when. Perhaps this is a good message for younger folks in the system who are “dreaming” of a lavish retirement – to start hedging their bets to look for more sustainable future revenue sources. Don’t count on it guys, just because you were told, or “they said so.” Just read a few history books (that haven’t been revised) to find out what can happen.
My $0.02 for the day here. Have a nice day, dreamers!