Overpaid Public Workers: The Evidence Mounts

The Wall Street Journal reports:

Public pensions calculate annual contributions based on assumed investment returns of around 8%. However, they must pay full benefits even if those returns don't pan out. In effect, public employees as a group are guaranteed an 8% return on both their own contributions and those made by their employers—at a time when private-sector workers with 401(k) plans receive a yield of only 2%-3% on comparatively riskless investments such as U.S. Treasurys. The difference in retirement benefits is stark.

Barack Obama's "investments" in the future.