http://www.lewrockwell.com/spl/golden-parachutes-sink-us-all.html

Golden Parachutes for Public Retirees Will Sink Us All, Experts Say
by Teri Sforza

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Recently, the chief egghead for the gargantuan California Public Employees Retirement System said the same.

“I don’t want to sugarcoat anything,” said Ron Seeling, the CalPERS chief actuary, according to a story in the Capitol Weekly. “We are facing decades without significant turnarounds in assets, decades of – what I, my personal words, nobody else’s – unsustainable pension costs of between 25 percent of pay for a miscellaneous plan and 40 to 50 percent of pay for a safety plan (police and firefighters) … unsustainable pension costs. We’ve got to find some other solutions.”

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No doubt, while the article studies California, every one shares this problem.

Socialism!

Private industry has long ago switched to the 401K.

Why not the public sector?

Then we wouldn’t care how much they got at retirement. And we wouldn’t be a risk for it.

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