Saturday, July 28, 2012

Entitlements include public pensions

In reality there are no "entitlements." There are handouts--"entitlements" is a term dreamed up by bureaucrats and politicians.  In the U.S. public pensions are not "earned" by government workers--they contribute little (if anything) to the total payout liability of most public pension programs.  Let's call public pensions what they are--handouts from the taxpayers to government workers who have been lavished benefits unavailable to most who work in the private sector.

Public Pensions Fail Simple Math - John Ransom - Townhall Finance Conservative Columnists and Financial Commentary - Page 1: "Increasingly state governments in the US are facing budget shortfalls over entitlements paid to public servants and those on the public dole (is there a difference?). And like the Social Security program, the shortfalls have been wholly predictable as government makes bigger and bigger promises to a select number of citizens who then take up a bigger share of the public pie."

Public pensions are beyond "fixing"--the answer? Abolish all public pensions--and provide tax-sheltered, individually funded retirement accounts for all Americans.


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