Wednesday, November 26, 2008

Teachers, government workers line up for pension bailout

The very last line in a story The Associated Press moved this week about the hit pension funds for teachers and state workers have taken in the recent stock market collapse should make every Pennsylvania taxpayer cringe.

"... state tax revenues for the current year are running hundreds of millions of dollars below expectations, and the decline in pension fund investments raises the likelihood taxpayers will have to pump in billions more to balance the retirement funds even without a cost of living adjustment," The Associated Press writes.

Pump billions more to balance the retirement funds?

Where do you think these billions will be coming from?

Pennsylvania taxpayers better get ready to dig deeper into their wallets.

There's a comment at the end of the article posted at The Mercury Web site from a woman who asks about the fairness of bailing out public sector workers when private sectors have to suffer.

Here's the comment:
"My husband and I have also posted high losses in our retirement (investments) fund (a fund which we had to save because we had no retirement fund). Who is going to bail us out, like we are expected to bail out the teachers and government workers??? We are 69 years old and have paid taxes all our lives and now we are expected to pay more taxes to bolster these pensions. It doesn't seem quite fair."
Click here to read the full wire service story.

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