State Budget Problems

 The media often gets aroused over Wall Street’s salaries and bonuses. Government salaries get only slight attention.

                     

While we know about Uncle Sam’s spending these days, state and local outlays are also beginning to get commentary because severe budget problems are a tremendous source of problems for states and cities.

                     

I  refer to exorbitant pensions held by millions of active and retired state and local public employees.They represent at least three quarters of public employees who have what is called defined-benefit retirement plans.

                     

They have the ability, unfortunately, to organize voters and thus control politicians who keep adding to taxpayer burdens until there are not enough taxpayer funds to support funding.. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)