A Tsunami Approaches: The Beginning of the Great Deconstruction

I obviously was in the wrong public service profession. My teacher's pension, Ohio's STRS, is almost exactly the same as my husband's Social Security--a little less, for 24 years of service, and I'm not eligible for the SS spousal benefit if something happens to him, nor even my own Social Security payout.

"By 2010, the general public received a series of shocks. The first shock was the jobless recovery of the Great Recession that cost 8 million jobs. Most of the job losses occurred in the private sector yet the majority of the $800 billion Stimulus Bill went to “save and create” public sector employment.

The second shock was learning that civil servants earned twice that of private workers. According to the Bureau of Economic Analysis, Federal workers received average pay and benefits of $123,049 while private workers made $61,051 in total compensation.

The third shock was revelation of incredible retirement plans doled out by politicians since 1999. In 2002, California passed SB 183 that allowed police and safety workers to retire after 30 years on the job with 3% of salary for each year of service, or 90% of their last year’s pay. During the Great Recession, fireman began retiring with $150,000 pensions at age 52 despite a life expectancy approaching 80. In Orange County CA, lifeguards, deemed safety workers, retired with $147,000 annual pensions. The Orange County sheriff, recently convicted of witness tampering, will receive $215,000 annually while in jail. Bob Citron, the Treasurer of Orange County who pushed the county into bankruptcy in the 1990s, receives a pension of $150,000 per year. A tsunami of anger and resentment is building.

Keep bailing, folks. Looks like the public sector pension plans are going to have a melt down.

A Tsunami Approaches: The Beginning of the Great Deconstruction | Newgeography.com