Military pensions are nowhere close to the “fat cat” pensions cops and firefighters get ($100k a year pensions often!). I know people who will have 25 years of service in the military as enlisted and only get $2,500/mo. To me that is reasonable. It’s the $100k+ cartoonish pensions many public workers are getting that are scandalous.
I’m not against pensions that are *self-sustaining* and do NOT draw on taxpayer money. I AM against *the taxpayer backstopping up pensions*. Many pensions assume a 7-8% return in order to make their promised payouts. When those returns don’t happen, the taxpayer has to come in and make up the difference. I have a 401k in the private sector…does the taxpayer back up my 401k if the market crashes??? NO! Of course not. I just have to live with less, that is my risk. So why the hell should we taxpayers back up public pensions???
Unions, collective bargaining and public pensions took a BIG hit last week with the elections in San Diego, San Jose and Wisconsin. The American people are sending a clear message now that it is being exposed how public pensions are ripping off the taxpayer and sucking the lifeblood out our schools, parks and cities to pay a few fat cat retirees their ridiculous pensions.
I would like to ask anyone who is pro “status quo” with the current pension set ups. What do you have against public employees having standard 401k’s like the private sector? What do you have against the taxpayer not backing up pension shortfalls?
