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Government pensions systems are out of control.
The Police Chief of San Jose is a case in point.
"The embattled Chief of Police of San Jose, California, Ron Davis, is retiring. Mr. Davis is barely 50 years old. If he lives to an average US male age of 78, he will receive $6,000,000 dollars in pension benefits plus lifetime health insurance for himself and his dependents.
A retirement package is potentially worth $7 to $8 million over his expected lifetime. Given his age, and his recent candidacy for the Chief's job in Dallas, Texas, we can expect that he will be able to improve on this number.
The Chief is an example of typical public employee retirement packages. And these packages are bankrupting state and local governments across the country."
Words for this:
Disgusted
Angry
Corruption
Abused
Hurt
"I don't begrudge a good pension to anyone. But, we must begin to ask ourselves how much money should we borrow from China and United Arab Emirates to fund pensions for some while arguing that we cannot afford Social Security for many?"
It is time to end the practice of giving any pensions. Instead, force all government employees to have 401(k) plans. In that way there is equality. And I would begin that today, convert the pensions into 401 (k) and end the unfunded liability disaster that will within three years bring down a majority of cities in the State.
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The Police Chief of San Jose is a case in point.
"The embattled Chief of Police of San Jose, California, Ron Davis, is retiring. Mr. Davis is barely 50 years old. If he lives to an average US male age of 78, he will receive $6,000,000 dollars in pension benefits plus lifetime health insurance for himself and his dependents.
A retirement package is potentially worth $7 to $8 million over his expected lifetime. Given his age, and his recent candidacy for the Chief's job in Dallas, Texas, we can expect that he will be able to improve on this number.
The Chief is an example of typical public employee retirement packages. And these packages are bankrupting state and local governments across the country."
Words for this:
Disgusted
Angry
Corruption
Abused
Hurt
"I don't begrudge a good pension to anyone. But, we must begin to ask ourselves how much money should we borrow from China and United Arab Emirates to fund pensions for some while arguing that we cannot afford Social Security for many?"
It is time to end the practice of giving any pensions. Instead, force all government employees to have 401(k) plans. In that way there is equality. And I would begin that today, convert the pensions into 401 (k) and end the unfunded liability disaster that will within three years bring down a majority of cities in the State.
More...