The Miami Herald started a series this Sunday, September 18th which deals with how government employees' pensions are creating problems that cost taxpayers money and can potentially damage municipalities. The first article of the series, Pension Bonanza (see link below), details the problem and cites specific examples. After reading the article, post your comments and be ready to discuss them in class.
http://www.miamiherald.com/2011/09/17/2412472/municipal-pensions-a-bonanza-for.html
Sunday, September 18, 2011
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As the retirement period comes for city employees it would be fair that they have the promised expected retirement . I believe that from the moment someone begins working for the state or city there should be a standard retirement pension established for that particular person. Such pension, will ensure that an employee has the pension promised not less, but the employee will not retire when a pension is unstable or dropping. A city can be affected, if the retirement pension is not measured. When hiring someone what may happen in the future regarding funds or economic downfalls should be taken into consideration. It would be very unfair if someone uses certain mishaps in the economy to gain from the taxpayers. Retirement pensions need to be taken into consideration so that taxpayers feel a relief and are not burdened by subsidizing those who retire. Nonetheless, I hope that the state can make a balance between a fair retirement pension which is also fair for taxpayers.
ReplyDeleteI am for doing everything possible to receive a great retirement. We all need to be earning enough to 1. Maintain our standard of living and 2. Have enough put aside for emergencies. One may not need it at 40-50 years of age but definitely towards the late 70's and 80's when some may need others to care for them. Let's face it insurance at that age is not cheap especially when you are paying it all out of your pocket. But, we need to understand its consequence on the economy, on our city, state... our country. If we bankrupt our city what was the point of getting $180K a year. If we receive $180K a year and because of this we cause cities to cut back on police officers and firemen & women, was it worth the salary? There is a reaction for every action and the stronger the action the stronger the reaction. We sometimes fail to realize that hundreds of people receive these salaries maybe even thousands or 10's of thousands depending on the size of the city. I understand that some jobs are more dangerous than others and therefore should require a higher salary and a more pampered retirement as thanks but a person who purposely puts his of her life and the life of others in danger by working 40-50 hours of overtime a week is just plain greedy and irresponsible. I don’t need to mention the consequences of working or driving tired and sleepy I hope. A business that allows such things should be fined for allowing their employees to put themselves in this danger and because they probably would have saved money by simply hiring another person. Most places pay 1.5x an hour after 8 hours of work, 1.5x hours on the 6th day of work and on holiday’s regular time plus 1.5x per hour of work which you can consider as 2.25x per hour and on the 7th day double time. If you take into account the money spent this would have more than paid for another employee considering the cost not just of the other employees' pay but also the cost incurred by the company to employee the employee. This is just like the housing boom/crash and the how friends or strangers would appraise our homes at a higher price in order for us to sell or take advantage of “new found money”. Look at what that did to our economy. I am for a cap but a reasonable cap; I am for allowing employees to do what they can to secure a better retirement but not at the cost of tax payers. If employees want to work extra hours then they can deposit that money into a 401K or any other kind of investment option. I work for the railroad and if I am able to retire I will receive money from the railroad retirement fund which is funded by employees as well as other investments that I am taking advantage off. I am 36 and probably won’t see a penny from Social Security and that is ok. It might be a good idea to raise the retirement age in the public sector since people are starting to live a bit longer so that they can maybe place more of their own earned money into their retirement.
ReplyDeleteJudine Barlatier
ReplyDeleteSPC1017
Money is extremely important and essential all around the world, no matter where you go in the world or where you live. However, in our society, we place too much emphasis on money. Many countries have a system, whether people choose to acknowledge it or not the rich get richer and those whom are poor remain poor. This causes a gap between the rich and poor to continue to expand. In my personal opinion I don’t believe it is right, however many others “justify” this system by saying it is because they are on top and above everyone else. Still, that does not mean the people who are lower than them do not work as hard or nearly as hard.
Larry Powell committed a noble act that many where proud of. By turning down the offer for $800,000 pay for $31,000 which is $10,000 less than what the lowest teacher gets paid, was unexpected for him to do. Although he already is rich, we live in a society where those make money want to make more money, which turns into a form of greed rather than a necessity. Despite the benefits, he turned it down to prove a point and make a statement. To me that was someone who actually knew their limit and have self control, because while he is already wealthy taking in more money would be pointless, especially when there are others who are getting paid a significantly lesser amount and who actually need it.
In United States, unlike many other countries, especially in the Caribbean islands a person living in the U.S have more of a chance to come from nothing and end up with something, making it into a higher level. There are many opportunities in US to successful. In comparison to the island it is more of a rare opportunity for that to occur, mainly the military sometimes the music industry or politics are the only insuring options.