By Wayne Allyn Root, Published March 02, 2012
How did America become broke and insolvent? How did we build up an unimaginable $115 trillion in debt and unfunded liabilities? How did we allow the American Dream to become a nightmare?
All we need do is look at the primary demand the Eurozone and IMF are placing on hopelessly bankrupt Greece to get their new $170 Billion bailout — Greece has agreed to cut 150,000 government employees. Even Cuba’s leader Raul Castro recognizes government employees are at the root of economic destruction, as he is cutting over 2 million of them to save Cuba from bankruptcy.
The truth is that government employees are the true 1%. We have far too many of them (21 million), many of them are paid too much, and their union demands are straining taxpayers to the breaking point.
They have become a privileged class that expects to be treated superior to the taxpayers — the same folks who pay their salaries and pensions. But it is their obscene pensions that are the big problem moving forward for America.
How would you like to retire with $6 million? $8 million? $10 million? All you have to do is become a government employee to hit the jackpot.
You don’t believe me? Do the math.
I recently talked with a retired New York City toll taker. His salary averaged about $70,000 per year over 20 years. But in his last few years he worked loads of overtime and added in accumulated sick days to get his salary in those final years up to $150,000.
His pension is based on his final years’ salary. This is a common pension-padding ploy.
He bragged that he will now get a taxpayer funded pension of $120,000 a year for the rest of his life. He’s only 50 years old.
The average 50-year old male has a life expectancy of almost 80. With automatic cost of living increases, that’s a bill to taxpayers of $5 million for the next 30 years –for not working. THREE TIMES WHAT HE EARNED WHILE WORKING.
And, of course, we’re also paying his medical bills.
No country, no budget, and no taxpayers anywhere in the world can afford this. Ask Greece.
But here’s a frightening question- what if he lives to 90? Or 100? His pension could rise to $8 million or higher.
Multiply this times 21 million government employees (on the federal, state and local level) and you now get a sense of what is bankrupting America.
Are these stories the exception, rather than the rule? Over 77,000 federal government employees earned more than the governor of their state.
On the federal level, it was just reported by USA Today that the average federal civil servant compensation is $123,049 per year.
That’s more than double what private sector workers earn (average of $61,051). Since 2000, federal government employee compensation has grown by 36.9% versus 8.8% for private sector employees.
In Las Vegas (Clark County) the average firefighter earns $199,678 per year.
When he retires at age 45 or 50, we owe his pension based on that obscene salary. But here’s the clincher –when he finally dies, the taxpayer has to continue paying the pension to his spouse. Add up the damage to the economy. It is catastrophic. Talk about a 1 per center — a single firefighter could retire with $8 to $10 million for not working for the rest of his life.
This is madness.
Now it’s true that policemen and firefighters are heroes. But they make up a small portion of government employees.
Recent studies prove the average janitor that works for government makes over $600,000 more in his career than a private sector janitor. Are janitors heroes too?
Again, this is madness.