State employee pensions need massive reform. They need to be cut. They need to be reformed in type for oncoming and relatively new state employees. The pensions system in many states, Connecticut, Illinois, California, Oregon apparently, are unsustainable. They can’t be done. They are not based in reality. They put far too much strain on the private wealth producing sector. In many places these pensions are unreasonable and in many cases these pensions are potentially crippling.
It doesn’t matter that the politicians – funded by state employees and their unions – “promised” you a lavish pension. Today taxpayers have come to understand the game. They also just don’t have the money to pay for state employees, who are funded through their relatively comfortable careers (often) by the private wealth producing sector. Reality is reality and these pensions are not based in reality. Sorry.
Working for the taxpayers is not supposed to be a way to get rich.The taxpayers aren’t supposed to be working for the state employees. What kind of ridiculous economic situation is that? (Not to mention the moral and ethical issues.)
We suggest that states and the Feds begin the process of buying people out now. That’s really the best the state employees can hope for. Give them a lump sum (sometimes one just has to pay people to go away) and then let’s move on with a more sane retirement system. We the taxpayers DEMAND IT.
(From The New York Times)
A public university president in Oregon gives new meaning to the idea of a pensioner.
Joseph Robertson, an eye surgeon who retired as head of the Oregon Health & Science University last fall, receives the state’s largest government pension.
It is $76,111.
That is considerably more than the average Oregon family earns in a year.
Oregon — like many other states and cities, including New Jersey, Kentucky and Connecticut — is caught in a fiscal squeeze of its own making. Its economy is growing, but the cost of its state-run pension system is growing faster. More government workers are retiring, including more than 2,000, like Dr. Robertson, who get pensions exceeding $100,000 a year.
It should also be mentioned that with all this tax money flowing to government employee pensions money for other things, things many taxpayers want, can’t happen. So the taxpayers get trash strewn parks while their neighbor down the street is cashing taxpayer funded checks every month. It’s just a ridiculous situation.