Mark's mutual fund is launching December 15, 2011. He is a self taught private investor who operates the website Fund My Mutual Fund (http://fundmymutualfund.com); a daily mix of market, economic, and stock specific commentary. Fascinated by the market since an early age, he discovered mutual... More
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We're Making Millionaires of Those Who Work in the Public Sector 6 comments
Earnings $1M in pension every 2 years or so. When will it end?
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This post has 6 comments:
If you dare question it, you hate police, teachers, and fireman.
or maybe we would rather be blissfully ignorant.
scary to think of what will happen when (if?) the truth of these absurd entitlement costs get out in the mainstream.
To answer letfield, it is not just California, and it is because bureaucrat's get to make decisions regarding other bureaucrat's - and the downward spiral of waste continues unchecked!
There was quite an uproar when a conservative government in Ontario made a similar law -- plenty of university presidents and public broadcasting reporters had to 'fess up about how much they were feathering their nests....
The problem is just as with our financial regulators, the foxes run the hen houses in most aspects of American life. They do not like the light shown on their cockroach ways.
To the other guy above, of course no one will decline these wages and benefits. That's the point - you need full transparency. If people knew of these things when they were approved it would be different. Especially the public pensions which are spread out over many years and full of accounting tricks to make the hit seem minor. But now the tide has gone out and a wave of local levies and taxes are coming so that we can "save the schools and police" (translation - pay massive pensions that have no place anymore in the private sector)
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