- Mar 16, 2010
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As sweet as """government""" employees get,,,, thanks to our own money of coarse? Or do you even have a pension?
State and local governments have sweetened retirement benefits during the past decade at a time when corporations have soured on them because of their cost. Only 18% of private workers now have traditional defined benefit pension plans, compared with more than 80% of government employees.
Governments' generosity could have serious consequences for taxpayers and pensioners. Some states including Illinois, Indiana, Michigan, New Jersey, Ohio and West Virginia have troubled retirement systems that may require huge tax increases, spending cuts or even defaulting on promised benefits. The U.S. government has a bigger unfunded liability for military and civil servant retirement benefits ($4.7 trillion) than it does for Social Security ($4.6 trillion).