Back to the public sector retirement plans that did not follow the risky 401 (k) path to retirement. The Public Sector stayed with employer-based defined benefit pension plans such as the one I have through CalSTRS.
It helps that the union membership rate for public sector workers is 36.2 percent and that is substantially higher than the rate for private sector workers at 6.9 percent.
Discover how California is fixing its public pensions
To understand the numbers better and why the media focuses its Yellow/Hate Journalism circus act to attract the biggest hating mob, in November 2011, the Bureau of Labor Statistics reported that there were 20.4 million public sector employees [2 million work for the federal government—the rest work for the states or local county or city governments] and about 128 million private sector employees.
Those numbers help explain why the Associated Press ran the misleading Public retirement ages come under greater scrutiny by Don Thompson.
If you published a newspaper, a magazine, ran a TV news network, hosted a conservative talk show, or wrote a popular conservative Blog, which audience would you focus on to boost advertising rates? As I said, it’s all in the numbers
A, 20.4 million
B. 128 million
Another example of how misleading Don Thompson’s AP piece, Public retirement ages come under greater scrutiny, was: “With Americans increasingly likely to live well into their 80s, critics question whether paying lifetime pensions to retirees from age 55 or 60 is financially sustainable. An Associated Press survey earlier this year found the 50 states have a combined $690 billion in unfunded pension liabilities and $418 billion in retiree health care obligations.”
Lloyd Lofthouse is a former U.S. Marine and Vietnam Veteran,
who taught in the public schools for thirty years (1975 – 2005).
Lofthouse’s first novel was the award winning historical fiction My Splendid Concubine [3rd edition]. His second novel was the award winning thriller Running with the Enemy. His short story A Night at the “Well of Purity” was named a finalist of the 2007 Chicago Literary Awards. His wife is Anchee Min, the international, best-selling, award winning author of Red Azalea, a New York Times Notable Book of the Year (1992).
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