The Public Pension Crisis

Where are your tax dollars going?

COLUMBUS, Ohio (AP) — After nearly 40 years in public education, Patrick Godwin spends his retirement days running a horse farm east of Sacramento, Calif., with his daughter.

His departure from the workaday world is likely to be long and relatively free of financial concerns, after he retired last July at age 59 with a pension paying $174,308 a year for the rest of his life.

Such guaranteed pensions for relatively youthful government retirees — paid in similar fashion to millions nationwide — are contributing to nationwide friction with the public sector workers. They have access to attractive defined-benefit pensions and retiree health care coverage that most private sector workers no longer do.

Will the last taxpayer leaving Ohio please turn out the lights?

(It should be noted that when we talk about the “one percent” – you know those evil millionaires – people like Patrick Godwin aren’t included, even though the net present value of a defined benefit retirement program like his is well into the seven figures.)

(Via Instapundit, who comments: “Something that can’t go on forever, won’t.”)

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