Coming soon to a pension fund near you.
Telegraph- Gold-plated public sector pension shortfall costs taxpayers £208bn
Taxpayers have been handed a £208bn public sector pensions bill because workers and employers haven’t paid enough in, analysis shows.
Contributions towards the gold-plated schemes have barely covered half the amount actually needed to fund them during the past decade, according to pensions consultant John Ralfe.
The shortfall will have to be paid by current and future taxpayers, even though less than one in five workers are in the public sector and can benefit from the schemes.
None of this is remotely affordable and it’s not going to end well. I live in the blank-hole state of New Jersey (elderly parents ain’t moving so I’m stuck here) and as of 2020, its $74 billion public-employee pension system covers the retirements of nearly 800,000 current and retired workers. EIGHT. HUNDRED. THOUSAND. PARASITES!
Its good to be a government worker.. Not so good to be expected to work until you die..
—-
Pensions are boomer pipe dreams.. Work for 25 years and then collect for 30?.. Apparently its their god given right.. Fine, when its 1957 and everything is expanding.. Not so good when its 2024 when businesses themselves are on welfare..
1/3rd on welfare.. 1/3rd government workers (same same) and the sad sack 1/3rd who are expected to pay for it all.. Trillions in debt and growing..
Public Sector UNIONS have been LOOTING the taxpayer treasury. No … it is not going to end well. And my public school teacher wife is just now retired … however, I am genuinely fearful that the State of CALSTRS and CALPERS are BROKE … and will get MORE BROKE … until the pensions are cut or reduced. I assure you, my wife does NOT have a gold plated pension like UC professors, Cops, Firefighters, and Prison Guards.
PM Starmer of “Great” Britain has said there’s going to be some pain in the tax increases to come in the UK.
I guess he’d know of any UK pension fund shortfalls. Wait! are those additional millions of new Britons not paying their fair share of tax? Who knew?
One in five workers in this country work for the government. THAT is the scary part.
Remember, these are just the people directly employed by the government. How many other people and “entrepreneurs” are actively raiding our wallets with the blessing of those one in five.
If you count Fed, Prov, and municipal, plus those at universities, hospitals etc. etc. I think it is closer to one in three.
And then there’s people like me who made a nice living as an environmental consultant the last 33 years, helping businesses navigate the myriad regulations imposed upon them by government. So one might say I was indirectly a sort of government employee the whole time. Not particularly proud of this fact, but it’s definitely true. Retired for now, but at some point looking to rejoin the working world, but doing something that’s less parasitic and more fulfilling.
That’s an important point. Reducing the number of public employees is critical, but there are entire market segments based on complying with unnecessary regulation. All of this means that the proportion of people with a vested interest in maintaining the status quo is almost certainly over 50%, which is the Tytler Tipping Point.
Exactly right.
So about that Alberta Pension Plan…hmmmmm…..
L – Who negotiated this pension for these civil servants? Themselves, of course, meaning, if those who
regulate and administrate the nation-state, contrive a pension scheme produces less than they have
in their contracted benefits. But expect, those for whom they work to subsidize their investment.
The obvious question is: Is this how, they run the entire government apparatus and programs? (rhetorical)
If, as must be the case, then neither they, nor the elected representatives of a self-governing people,
earned: “An honest days pay, for an honest days work”.
Did the elected representatives grant themselves a similar pension scheme? If so, were those being
obligated to pay for said scheme, notified of this before re-electing such politicians?
I see here the makings of a lengthy detective crime novel !
Value of currency will have to be destroyed, and it’s the only policy objective they’re working on…
Defined benefit pensions should be illegal. Pensions should be contributions, stated in cash, plus earnings over time. At retirement, an annuity should be purchased or calculated based on sound actuarial terms to pay the balance monthly until death.
Ponzi and Madoff couldn’t hold the gubmint’s underwear while it dressed.
Do you guys like numbers? I like numbers.
Over a 35 year period, I paid $35,035.55 into the CPP. Once the projected CPP payment surpassed the bridging benefit of my federal pension, I started drawing CPP at a reduced rate.
To date, over a 5 3/4 year period, I have drawn $62,415.04 from the CPP. I sure hope I live for another 25 years!!!!
You worked for the government???? If so all the money you receive came from the “tax” payers.
I like numbers. That’s how I got hooked on cocaine.
Covid boosters should reduce the problem.
Meanwhile, pensioners in poverty pay for this with taxes.
Don’t worry, Carney has a cunning plan to take over the pensions of us all.