Public-Employee Unions Gone Wild - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

Public-Employee Unions Gone Wild
Started:May 3rd, 2012 (01:42 PM) by kbit Views / Replies:191 / 0
Last Reply:May 3rd, 2012 (01:42 PM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Public-Employee Unions Gone Wild

Old May 3rd, 2012, 01:42 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

Public-Employee Unions Gone Wild

Terry List, a teacher in Saginaw Township, Mich., has a depressing lesson for her students: “I would not recommend to my pupils to become a teacher in Michigan.”

What’s discouraging her? A proposed pension-reform bill in Michigan would derail her plans to retire — at age 47.

After these rapacious reforms, List would have to work another 16 years, to age 63, in order to earn her retiree health-care benefits. “I understand we have to tighten our belts,” she laments, “but we don’t have to use a tourniquet and cut off the blood supply entirely.” Under the reforms, such a tourniquet means she could still retire now and have a guaranteed income for the rest of her life, but she’d have to pay for her own health care until age 65 — like, you know, most Americans.

Ninety percent of public employees in the United States enjoy defined-benefit pension plans, meaning they will receive a guaranteed income, and usually health insurance, until death. These benefits are prohibitively expensive, and more so when they are tied to retirement ages that are atypically low. Given rising life expectancies, we could see a raft of public pensioners spending more years collecting retirement benefits than they spent working their government jobs, and in fact this isn’t uncommon already.

Thanks to the strength of teachers’ unions, the average retirement age for a public-school teacher in America is 59. In California, the oldest age at which some categories of state and local employees can retire is 60, though for most the age is significantly lower. It’s hard to generalize, because some unions have pillaged far more than others. For a sense of how extreme the demands of some can be, one more example will have to suffice.

Until recently, employees of the Massachusetts Bay Transportation Authority enjoyed “23 and out” pensions. No matter when they began their careers, they could collect nearly full pensions after 23 years on the job. (That has been raised to the a punishing figure of 25 years, and now with a minimum age of 55 before they can collect.) Perhaps the most famous member of the organization that negotiated these benefits, the Boston Carmen’s Union, is Patrick Bulger, son of longtime Massachusetts state-senate president Billy Bulger. The younger Bulger retired from the Carmen’s Union at 43 and began collecting an annual pension of $41,000. Plus cost-of-living adjustments. For the rest of his life.

It’s hard to justify such benefits when the rest of America relies on 401(k)s, Social Security, and Medicare, making their effective retirement age, on average, 63 — and soon to rise. Public employees retire still very much in their working years. Even though they’re guaranteed financial security for life, some of them in “retirement” go on to lucrative jobs in the private sector — or, more disturbingly, back in the public sector. Take retired MBTA manager Michael Mulhern, age 48, who now enjoys a $130,000-a-year pension — and earns $225,000 a year as executive director of the MBTA’s retirement fund.

Of course, the case can be made that some public employees — police and firefighters — need and deserve to retire at a relatively earlier age. Public-safety employees were often the first to win generous pensions and lower retirement ages.

The largesse has quickly spread to the unions of other government employees. In Illinois and California, almost one in three state employees are now on “public safety” retirement schedules. Public-safety rules often extend, for instance, to any “law enforcement” employee — including, say, all employees of public defenders’ offices. In New York City, the level of benefits for public-safety workers was soon enough extended to all uniformed employees of the city, so that sanitation workers fall under the same “20 and out” policy as do officers of the NYPD.

Public-Employee Unions Gone Wild - Patrick Brennan - National Review Online

Reply With Quote

Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > Public-Employee Unions Gone Wild

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
Unions to Protest Cuts, Greece Debates More Measures Quick Summary News and Current Events 0 February 22nd, 2012 06:50 AM
Ex-Goldman employee charged with insider trading kbit News and Current Events 0 September 21st, 2011 05:21 PM
Judges gone wild worldwary Off-Topic 3 September 1st, 2011 02:50 PM
Why we shoot deer in the wild Small Dogs Jokes 12 July 28th, 2011 05:34 AM
Employee Trading - Want to occasionally day trade? TraderSU The Elite Circle 6 January 28th, 2011 12:11 AM

All times are GMT -4. The time now is 12:12 AM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-26 in 0.07 seconds with 19 queries on phoenix via your IP