I was listening to talk radio the other day and something was brought to my attention that outraged me so I'll share it with you and see if it fires you up.
They were using a specific police officer, I'll call him Steve, to shed light on the craziness of the pension system that a lot of public employees are entitled to.
Steve worked for 20 years as a police officer and retired when he was 45. At the time of retirement he was making $90,000 a year. He then went on to work as a small town chief of police or something to continue earning income.
Now I'm fine with paying Steve the $90,000 a year. I think that's a fair salary. My problem is with the pension that Steve is entitled to. After "retiring" (since he went on to work another job it isn't completely accurate to call it retiring in my opinion), Steve's pension paid him $65,000 a year for the rest of his life. To fully grasp the amount of money being paid out here let's say Steve lives to be 85 years old. So from his retirement at age 45 until his death at 85 he will be paid $2,600,000.
So guys like this get to retire 20 years earlier than people working in the private sector, and they are guaranteed a sizeable income for life. All of this is on the taxpayer dollar. The bigger problem is that when Steve retires some one has to be hired to take his place and that person is going to get the same deal so now we are paying the new guys salary plus Steve's pension.
In my opinion this is absolutely insane that for some reason we think public employees need to be this taken care of. Big companies used to have pension plans for their employees, then they realized it was going to bankrupt them and they had to stop doing it.
Is there any legitimate reason to keep a system like this going? Public employees get better pay, better benefits, more holidays and more vacation than the private sector and have much higher levels of job stability. It seems like we are trying to bankrupt our local, state, and federal treasuries for this craziness.
Or maybe I'm crazy and am missing something here, feel free to weigh in.
3 hours ago