Friday, June 03, 2005

How public pension promises are draining state and city budgets

Here's a great article on the "special class",government workers.Business Week reminds us:
According to the U.S. Census Bureau, major public pension plans paid out $78.5 billion in the 12 months ended Sept. 30, 2000. By the comparable period in 2004, that had grown to $117.8 billion, a 50% climb in five years.
Also:
In 2004 average salary for a public worker was $49,275 compared with $34,461 for everyone else, according to the Employee Benefit Research Institute (EBRI).
No wonder why governmnent workers are for higher taxes.You might want to read the whole article twice.BusinessWeek