Image via WikipediaThe ticking time-bomb is pensions, where the political promise comes now, but the pay-out down the road. Problem is, we are now down the road and it's time to pay the over-pensioned piper.
Municipal America is on the fast track towards bankruptcy.
And Canadian cities will be too, if nothing is done to stop the weak-as-water politicians. I'm thinking of of institutions like the TTC and City of Toronto workers, and government workers in general. Getting far better wages, benefits, and pensions than tax-paying citizens, and all supported by politicians who view the tax base as an ever-increasing unlimited pool of available funds to exploit.
And this is happening at the municipal, state/provincial, and federal levels.
As someone has said, socialism works until you run out of other people's money. That's why "Freedom 55" for a government worker is "Enslavement 65" for you and me.
What is it about politicians that they throw conservative principles like prudence and thrift to the winds when they gain power? Is there something about getting elected that makes a person gravitate towards irresponsible, unsustainable leftism, or do the naturally imprudent and thriftless gravitate towards "public service"?
And is there anything we can do about it?
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5 comments:
don't worry about it. when we all go bankrupt the pensions will not be paid. we will all have little or nothing. only those who are willing to take what they need from others will survive. opps. old white guy.
"What is it about politicians that they throw conservative principles like prudence and thrift to the winds when they gain power?"
It's their lust to retain that position. In our society today,if you're a good salesman, but not too ambitious or business-smart,politics is a natural fit. Where else can a person with so few qualifications earn over $130,000 per year and have a gold plated pension after ONLY six years?
That's easy;nowhere else BUT politics. So, instead of statesmen doing their best for the Country,we have the second-raters who are looking out for number one.
The "ME" generation has come home to roost. Don't expect anything to change much, no matter which Party holds power.
Change,real change, just isn't "in" our political class.
OWG -- so, it's "don't worry, be happy"?!
DMorris. Yes, and I think politicians take the "easy way out" rather than standing up to excessive union demands.
Good points but one important one is missing. The RCMP, military and public service pension plans were fully funded to cover the payouts. The Chretien government took $30 billion dollars from the fund and put it in general revenues to help balance the budget. This is still an ongoing issue in the courts with the affected unions trying to recover the funds.
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