YES, VIRGINIA, YOU ARE A SERF

A new series here at “Taking Hayek Seriously”.

“YOU ARE A SERF” web site of the day:  the Public Pensions Pig Out blog.

Posted 1/4:

Government employees across America get outrageously generous pensions paid for by taxpayers. Here’s one of them. Who’s pigging out: Robert Jones

Ingredients for this pigout: Jones worked for California State University at Sacramento

How big is this pigout? $161,789

Average annual private-sector retirement income: $31,757

Who pays for this pension pigout? The taxpayers of California

How can this happen? Public employee pensions in California are so generous the state now has a $535 billion unfunded future liability, equal to $36,000 for every household in the state. That’s more than the gross national product of Sweden, Switzerland or Saudi Arabia.

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