Sunday, October 2, 2011
Federal Employee Benefits Outstrip Social Security
It is hard for public employees to understand why there is such a backlash by the private sector against their benefit package and overall work environment. On a federal level there are about 10 million persons involved compared to 54 million Social Security beneficairies.
ABCnews published this story that outlines this issue in a very succint perspetive.
The government paid a record $268 billion in pension and health benefits last year to 10 million former civil servants, military personnel and their dependents, about $100 billion more than was paid a decade earlier after adjusting for inflation. And $7 billion more was deposited into tax-deferred accounts of current workers.
In addition, the federal government last year made more than a half-trillion dollars in future commitments, valued in 2010 dollars that will cost far more to pay in coming decades. Added last year:
•$107 billion in retirement benefits accumulated by current workers.
•$106 billion in new benefits granted to veterans.
•More than $300 billion in the snowballing expense of previous retirement promises that have no source of funding.
In all, the government committed more money to the 10 million former public servants last year than the $690 billion it paid to 54 million Social Security beneficiaries.
Government employees will foster the argument that they work for their money just like the private sector. What they fail to understand is the liberties they have working for government agencies, holidays, personal days, sick day accumulation, payments made to remain off the government sponsored healthcare, defined pensions, etc. are NOT the norm in the private industry.
Obama just today announced he wants a federal takeover of the nation's power grid. Our nation does not need another bureaucratic agency with more employees that we can't afford through taxation.
Car czar, energy czar, count them; there are 32 czars in the Obama administration. In April Obama announced his czars aren't going anywhere. He won't abrogate his Presidential perogative. Although not a supporter the liberals don't have to look far to understand why the Tea Party was formed.