Skip to comments.Teachers’ Pensions Are a Half-Trillion Short
Posted on 12/15/2012 4:14:14 PM PST by Libloather
Teachers Pensions Are a Half-Trillion Short
By Kevin D. Williamson
December 14, 2012 11:15 A.M.
The habitual overpromising and underfunding of government-employee pensions is a fiscal powder keg in an economy full of sparks and a new report estimates that teachers pensions alone are underfunded by nearly a half-trillion dollars.
Note that the savings per teacher derived from the reform of eligibility rules runs $450,000, or more than two and a half times the average net worth of a retirement-age U.S. household. The real value of the average teachers retirement benefits in low-cost Wyoming is pushing the $1 million mark. The value of the average teachers retirement in Illinois is estimated at $2.4 million and they were on strike over compensation not too long ago. Illinois has been issuing debt to meet its pension obligations, an unsustainable strategy.
The economics of the pension situation is of course worrisome (terrifying), but the political lesson is depressing, too: Government simply cannot be trusted to keep honest accounts.
(Excerpt) Read more at nationalreview.com ...
That’s why the Obama régime will loot the IRAs and 401(k)s
I’ve got a feeling that it won’t be long until total tribal warfare is going to break out in this country. The more each tribe gets, the more they want.
Everything government runs runs a deficit. But Obamacare is going to be the sole exception. Sure.
Teachers deserve what they vote for: shit.
“Improper enrichment” or “Fraud” are accurate descriptions of teacher salaries in America. They were paid to teach, failed to so do, and now want to be paid for such failure? ? ?
Somewhere, a hungry lawyer is going to see the enormous cash value of teacher assets acquired for duties they did not perform.
Take their illegally acquired assets. We do that to other criminals, so why not treat teachers the same?
You’d think at least the math teachers would’ve figured this one out a long time ago.
Every defined benefit government pensioner is a defacto millionaire. The problem is that we dont have enough productive private sector workers willing to keep government benefits at the lavish superenumerated level.
Add to that the fact that you have to tax actual productive citizens at such a rate that they cannot keep enough of their money to save for their own pensions
Government pensions will not be paid as expected.
And the NYC banksters wish to loot our Social Security too. Their plan (of the ultra elite) is to disarm all Americans before they start on their second great plundering of society. The first was in 2008 and the great bailout.
I just ran across this video. Any opinions?
Post of the day! Just goes to show who is teaching our children.
I know this sounds harsh, but perhaps the teachers be asked to fund their fair share of their own pensions? I know its mean and all, and they are all poor, but many pay nothing into social security ($900/month for me) and I also try and fund my own 401. I know its a hardship and all, but should not those who benefit from it, pay for it? Its just a thought.
So that’s why I got a notice from the IRS that I owe them $296.00 dollars from the tax year 2010
Not from what I see in the results of K-12 math education that make it to university. Maybe if math teachers majored in math, rather than math ed. . .
I am a military pensioner and I’d have no problem with a five or ten percent haircut or a multi-year COLA freeze if it was accompanied by the significant elimination of programs that the states can handle. Examples would be Energy, Education, the EPA, etc. The list is long.
Actually, the damage done by the pensions of retiring teachers to the nation’s economic system PALES when compared to the damage they have done by advancing an anti-Judaeo-Christian, anti-Western, anti-American agenda in the school system.
THAT has allowed Obama to get elected TWICE - by warping permanently the minds of generations of young Americans.