Here's one of the big problems with the Government...There is NO Profit and Loss Statement...No Shareholders.....No Quarterly Results....you say what does that have to with Pensions?????.....the Private Sector started a decade or more ago working their way OUT of pension plans because they knew they couldn't be competitive in their industries if they continued them. In the National Public Corporation I worked for for 35 years we did away with pensions many years ago....for those of us that had been in the program for years the program was stopped, amounts frozen and not company contributions were made going forward. For those associates with fewer years of service they lost any vested benefits completely...A tough decision, but one necessary for survival. The Government doesn't feel it needs to worry about survival or competing because they can continually come to US for additional funds. IE..no Profit and Loss Statement!...Government/Union Pensions plans need to be a thing of the past for the financial survival of the NATION!....Consider YOURSELF a Shareholder of the United States and when you vote in November vote for fiscal conservatives that understand that these pension entitlements need to be a thing of the past!!
Michael Reagan : Public Pensions: The Quietly Growing Unfunded Machine - Townhall.com
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