Quote:
Originally Posted by Donna2
http://www.youtube.com/watch?v=PQVK-...ayer_embedded#
It sure is. How would you like to retire at 75-80% of your average of the last 4 years on the job? Illinois "teachers" are costing their state Billions every year.
Average Social Security is what $14,000? How about 80% of $70,000? Many teachers will get 50-$60,000 dollars a year to live on. Pension funds will not cover it so the taxpayers will?
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Actually..... they wont.... and that is why the bubble will burst. There was recently a review of towns/cities that are facing certain bankruptcy, in part due to unsustainable pensions, education costs, prison costs etc. Here is the rub: raising taxes to cover ever rising costs has resulted in a mass exodus where residents simply can't/wont be extorted any longer. The result-->even LESS revenue coming in to cover the costs. POP--the bubble has burst.