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And yet we still have a pensions crisis.
by dave4420 2y ago
And yet we still have a pensions crisis.
- jandrewrogers 2y agoThey can still collect their government pension, they are just working while doing so.
- WalterBright 2y agoThe working career should be 45 years. I never understood why pensions were granted after 20 years. That means one can easily get double pensions.
- gopher_space 2y agoPensions aren’t granted, it’s part of your salary that’s deferred. If you want to defer it longer then you’d need to pay a higher up-front salary.
- WalterBright 2y agoYou are quite correct. The problem, though, is unions and government employees complain about their salaries, but they never account for the value of the very generous pensions. (Government pensions are projected to bankrupt several states.) Hence, it's propaganda.
- consteval 2y agoI wouldn't consider pensions generous, and I also wouldn't blame pensions for bankrupting states. The states are in trouble because they're shit at spending tax dollars. They burn money on shit that doesn't make money. Sprawling roads, suburbs, malls. On a local level these developments don't earn the state more money back via commerce, they actually drain money just to maintain. Next to that, many states went all-in on the industries that were vibrant in their states. Of course they never accounted for the greed of corporations. Those corps left, and behind them death and decay. Entire cities, billions and billions of dollars in infrastructure, left to rot. Now a liability, but moreover, a lost tax revenue source.
- WalterBright 2y agoWhen the pensions are the largest item in the budget, they are the cause of the bankrupting.
- consteval 2y agoI disagree because it's not this simple. Those employees produce VALUE. That money isn't being burnt. You can't do simple math like this when it comes to human beings. IF those employees stick around AND the industries in the state continue then the state earns more money from said industries. How much money do you think Detroit, once the most profitable city in the US, brought in? Now, Detroit has been sucked dry and left to rot and the state is on the hook for those pensions. But did the pensions cause this? In my opinion, no. I think people like to blame the pensions because it's easy and simple, and also because many inherently have a bias towards defending the private sector.
- gopher_space 2y ago> Government pensions are projected to bankrupt several states. Because someone stole the money earmarked for the pensions. That money was supposed to be invested conservatively and at scale to the benefit of both taxpayers and government employees. This isn't a taxpayer or worker problem. This is a problem for whoever made off with that money.
- AnimalMuppet 2y agoThese are not independent issues. The pension crisis is part of why the older workers aren't retiring.