Posted on 04/28/2011 11:32:47 PM PDT by Der_Hirnfänger
Over the last few years much has been made about the pay and benefit discrepancies separating public and private employees. An endless number of articles and dueling press releases have compared salaries, benefits and vacation days across sectors. But in the flurry of all this analysis, one very simple comparison has been missed.
Think about this: The Public Employee Retirement System is making more millionaires than the Oregon state lottery.
(Excerpt) Read more at oregonlive.com ...
Oregon PING
The two things that are right now in the process of bankrupting this country:
Public employee pensions (six figure pensions? COMEON, PEOPLE!!)
Interest on the debt
We are indeed in deep trouble.
Anyone have the number on when the interest on the debt will exceed all other revenues?
Years ago the warnings went out that the middle class would be killed. Much of it now has been. The middle class either by choice or with no other choice is walking from there debts.
It was the middle class that propped up this corruption. Now the corrupt are trying to bank as much as they can to try and survive the crash they have created.
Anyone have the number on when the interest on the debt will exceed all other revenues?
Very soon, I think by 2016 or 2015
I saw a vid on Utube the other day... basically said if the gov kept collecting taxes like it is now, but NO MONEY went for anything else except paying down the debt...
It would take 379 years.
It showed the enormity of the numbers we are talking about.
...and the rush is on to convert U.S. dollars into Chinese Yuan Renminbi.
The problem is this: China (and India, and others) may be very good at copying blueprints and building things and paying people seventy five cents a day.
And I am sure there are some things, but can’t remember exactly, when’s the last time you heard of a new technology or initiative or drug coming from any of them?
America has, above ALL OTHERS, been the beacon and leader in development and innovation. Hands down. In technology. In electronics. in Space. In medical applications. In agriculture. In the arts (yes, many here deplore liberal arts, but it is what it is).
I can’t think of a single field that America is not the leader in, and has the most experts/expertise.
A billion Chinese won’t change that. Or two billion Chinese.
The problem is THAT WE SOLD those technologies, and hidden people with deep pockets kept the profits and watched our jobs get shipped away.
Next to the Mafia, civil service has the best retirement benefits - the work is much the same, but you’re a lot more likely to collect your pension.
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