January 4, 2010

NICK GILLESPIE: More On The Coming War Over Public-Sector Pensions. “One of the old arguments about lavish (relative to the private sector) retirement benefits for public-sector employees was that they were simply getting deferred compensation, that they might have job security, but they got paid less during their careers, so good retirement benefits were the payoff. This is no longer true, with the average public-sector worker making about $71,000 and the average private-sector drone pulling only $40,000 nationally. Plus great job security, more days off, generally sweeter health-care coverage, etc.” I, alas, don’t have one of those lavish public-sector pensions, just a regular defined-contribution setup.

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