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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: marcher who wrote (108927)	2/24/2010 6:16:52 PM
From: ajtj99	13 Recommendations Read Replies (3) of 116555

Basically what it seems like I'm hearing is that since Wall Street got bailed out, public sector unions should get bailed out too. Well, I'm not paying an extra dime. That 40K/year person mowing the city park grass is an 80K/year employee doing a 30k/year job. 40K salary plus 15K benefits plus 25K back-end compensation (pension, medical pension, etc). That's 80K/year. Put the public sector jobs up for a reverse auction if you must. You'd be shocked to see what those jobs are really worth in the current market. I want to be able to pay market prices for public sector compensation if I'm going to be paying the taxes for it. That's the reform I want, and that's the reform we need. The unfunded pensions also need to be dealt with through radical reforms, ideally Chapter 9 bankruptcies.

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