Poverty, It Ain’t
This article on just how well-compensated our public “servants” are made my stomach turn just a little bit. It’s not that they make far more, in general, than people in similar private positions. That would be outrage enough. But when you throw in the gobs of money their get once they retire (and the early age at which many of them can leave “service”), you’re pretty much in pitchfork and torches territory.
Every year of federal service entitles a retiree to that same percentage of their three-highest salary years, every year, for the rest of their life. So a twenty-six year government attorney who retires making $155,000 per year gets $40,000 per year starting as early as age 55 for as long as the retiree lives. That same attorney in the coveted Senior Executive Service can look forward to about $50,000 per year in retirement.
No need to worry about rising costs of living — Uncle Sam adjusts the payout for inflation. Even lower-paid federal employees enjoy a defined benefit plan that has no equal, except maybe among General Motors retirees.
This retirement largess doesn’t even include the defined contribution plan — remember, federal employees get both. Through the twenty-six year career of that federal employee, contributions to a separate retirement fund were matched up to about $5,000 per year tax-free.
And of course, an array of other benefits continues for the federal retiree, such as health care and other insurance.
Remember, folks, you’re paying for most of those benefits (save the employees’ own contributions). Now, ask yourself why the public sector unions are spending tens of millions of dollars in campaign ads and lobbying efforts. Is it for better, more efficient government service? Is it for wiser use of taxpayer money?
Oh, heck no. It’s so that public employees can suck more money out of us for less work and get greater benefits for longer periods of time. Remember that the next time the SEIU Astroturfs another rally.
Other Posts of Interest:
- No More Money for Highways.
- Murtha’s PMA Scandal is Our Fault
- The President’s Ditch is Actually the Grand Failure Canyon
Category: The Economy and Your Money
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