Public pensions are really a joke in many parts of the country. In Chicago, Detroit, California, New York and many other places the economy is saddled with completely unrealistic pension “obligations.” The benefits are just too rich for the people who must now pay for pension plans negotiated by union friendly politicians in years past.
I am convinced that many municipal, state and federal workers have no actual idea how good they have it. That is why they always seem to be complaining about their pay. Many must just be clueless. In most cases government jobs are jobs for life, benefits are far above the private sector, and pay usually is too.
This is a pretty interesting series from CNBC. What many people still do not understand is that the obligations of localities to public pensioners won’t be paid, because they can’t be paid. Politicians in the past made promises which they knew couldn’t be kept, and the public employee unions just took whatever they could (which is what a union is supposed to do I guess).
Technically CGI Federal (the developer of Healthcare.gov) is a private business. But if all of the business it does is with the government, if its business model is to contract with the state, one can’t really call the company a “private” company. It’s a public/private partnership.
Generally speaking we are for things being private and as far from the hand of government as is feasible. But right now some hedge funds are buying up preferred shares of Fannie Mae in hopes that the mortgage behemoths will be privatized. They are betting that the government will opt not to liquidate the entities but instead will seek private hands to take them over.
Jesse Eisinger at ProPublica tells us to forget about the revolving door for the bigwigs like Mary Jo White at the SEC. The real action happens at the lower levels were people don’t pay attention. It is in the anonymity of the bureaucracy where the deeds are done, corpses buried, and favors paid.
Unfortunately, that appears to be the case. We hope you will immediately write Congress and tell them to stop—there may not be much time. By hitting the Action Alert button, you will find it easy to sign a petition that will be sent to your senators and congressional representative. Action Alert!
In the attached article Tom Blumer at PJ Media explains that Obama didn’t back away from his statement at all.
Spoken like someone who has little experience in the private sector. (With the exception of a year at Business International Corporation, which “was a small newsletter-publishing and research firm,” referred to by at least one former employee of the firm who worked with Obama as ”high school with ashtrays.”) He never worked at a Taco Bell. He never raised capital to make a dream come true. He’s never met a payroll. For an executive who comes from such a world one can understand how he could say that the “private sector is doing fine.” One can understand because it appears that Obama simply has no understanding of the world most of us live in.