A new series here at “Taking Hayek Seriously”.
“YOU ARE A SERF” web site of the day: the Public Pensions Pig Out blog.
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.