Teachers, firefighters, cops and other public employees are retiring. They need the money they were promised.
If half a billion dollars of taxpayers’ money gets dropped down a well and nobody hears a sound, did taxpayers really lose out?
“After a lifetime of hard work, Michigan seniors deserve to retire with dignity,” the governor said in a statement announcing the bailout. “Today’s Protecting MI Pension Grants will ensure that Michiganders who served our communities as police officers, firefighters, sanitation workers, and in so many other invaluable professions, will receive the stable, secure retirement that they earned.”
That means they no longer have 77 cents in assets for each dollar of liabilities. Now they have 75 cents. In Chicago, 80% of property taxes now go to bail out public-sector pensions. Nationwide, spending on schools and teachers is being squeezed to bail out teachers’ pensions.
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