Posted by catch22 on November 06, 2009 at 09:00:21:
In Reply to: Re: economy of Yes vs. economy of No posted by Jerry I on November 06, 2009 at 08:30:02:
: Right on. And the remaining few with pensions (primarily public employees)and employer paid health care have no idea how lucky they are.
>>>Hi, Jerry I,
Local school district teachers have been
chatting about contract renew since April.
They still do not want to have a wage freeze.
Most of the remainder of the unionized school
staff has already agreed to this to keep
their jobs.
The average wage for all teachers in our
district is $62k/year for a full time allotment
for 1,020hrs/yr, vs 2,080hrs/year to be
considered full time in the private sector.
The math indicates a very nice hourly rate.
And the retirement benefits exceed the nice
benefits of the UAW in this state.
These folks better start pulling straws to
determine who is going to retire or leave;
as the tax base in this state can not support
them any longer and some will likely lose
their jobs.
Note: UAW pension is fully intact, as part of
the bargaining for the bailouts. Their pensions
were not moved to PBGC. They did lose dental
and vision coverage in their health package.
Many I know that started a GM when age 18 and
then retired at 48 after 30 with a pension and
health coverage. The only reduction in their
pension is at age 62, when they are required to
draw SS and then their UAW pension is reduced
by the SS amount.
They can't whine either.
Pretty much every state has the same problem
in future funding of public employee pension
and related programs.
Numerous cities already have a projection
forecast of when they will have to file for
bankruptcy, as there will not be enough tax
flows to support the pensions and other
normal functions of a city, muni or county.
"Tis going to be a bumpy ride".
catch22