Across the nation, 19 million active and retired firefighters, police, teachers and other state workers are owed so much money that state and local governments are fearful of going bankrupt. In San Jose, Calif., the mayor has said it costs $180,000 a year to employ a firefighter or a cop. And they can retire at 50, sometimes making more than they did while on active duty.
Researchers from Northwestern and the University of Rochester say that the total states' pension shortfall may be as much as $3.4 trillion, and that doesn't even include municipalities.
For more, see Pensions Pose Major Challenge for Governments Worldwide by , October 27, 2010 at PBS.
No comments:
Post a Comment