Quote:
Originally Posted by NoRegrets
Good point. If the Cities and towns are the only ones responsible to a budget (like a household), then maybe these benefits are too expensive and need to be revisited. As Yankee pointed out, the private sector had to eliminate this benefit to stay competitive on the global market. The public sector has continued the benefit and now is having trouble paying for it.
Globalization is having a very negative effect on the working class in our country. Many of the real sustainable jobs are gone and will not come back.
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Forgot to mention that the state retirement is a Defined Benefit plan and not a Defined Contribution plan such as a 401k that is used in the private sector. Needless to say, the state plan is underfunded (basically broke) and does not have sufficient funds to meet its furure commitments. Guess who will be asked to step up and fund these shortfalls?