Who will pay for government pensions?
Reading “Bazemore reflects on long career” in the The Cary News of Cary Police Chief Bazemore’s retirement from law enforcement after only 29 years begs the question whether government workers understand the reality of the private sector, the part of the economy responsible for 100 percent of all wealth creation?
For most of us, retirement may begin at age 65, if not later, implying a 40 to 50 year career. Defined-benefit pensions disappeared from the private sector decades ago; many lost their company pensions to bankruptcy judges when businesses failed. Affordable health insurance has been devastated by increasing mandates and Obamacare.
According to Forbes, the United States unfunded liability for Social Security and Medicare is $127 trillion, roughly $1.1 million per taxpayer. The North Carolina unfunded liability for government retirees stands at $27 billion.
Does everyone expecting a government check after a short government career really expect the rest of us to work until we fall over dead to support their comfortable pensions? What will they do if we refuse?
Kent Misegades, Cary