The Typical Government Retiree has a Greater Income Than a Full-time Worker?
We taxpayers are being eaten alive and we don’t even know it. Some cities have already eroded into bankruptcy because the weight of having to fund public pensions has become too much of a burden. According to a study by the American Enterprise Institute, in the average state a typical career government retiree has an income higher than 72% of all full-time workers. Excluding health benefits, the average pension pays out lifetime benefits of more than $750,000. And us taxpayers are footing the bill.
So why is this important? It is important because these costs are driving up state and local taxes and forcing cities to lay off police officers, limit school funding, and stop repairing roads. I understand public employees deserve to retire with benefits, but not with lavish benefit checks that are far beyond what those in the private sector can expect. Do you agree?
Original story “Pensions that cities can’t afford” by Jeff Jacoby from the Boston Globe.