Out of control public pensions illustrate fiscal irresponsibility. Fiscal responsibility can begin in the same place. I'm sure it's true everywhere, but the three-way incestuous relationship among the state legislature, public unions and public officials in Massachusetts is jaw-dropping.
Read this latest article in the Boston Globe which only hints at the excesses of public pensions.
It's not enough to generate pensions that would make most private-sector employees blush, it seems that the real game is to enhance pensions with rules interpretations, legislation-modifications and of course cheating.
You can also just read the headlines of this multi-part report to get a sense of the greed involved in pension abuse.
Here's my current favorite:
"Michael P. Lewis (pictured) was fired as the head of the Big Dig project, but the move allowed him to more than triple his state pension, according to records. He also gets 80 percent of his health insurance for life. The pension increase was the result of a law intended to protect employees from politically motivated dismissals."The 46 year old is now Rhode Island's Transportation Secretary at $130,000 per year while collecting a $72,000 pension from Massachusetts for life. Had he 'retired' he still would have collected $24,000 for life. The enhanced benefits kicked in only because the state changed its mind and decided he had been fired.
So while the economy struggles, public union employees enjoy guaranteed jobs, above the cost of living wage increases, and substantial retirement pensions after just twenty years on the job. In addition, senior public officials cushion their lives with public monies. And the government wonders why the electorate is upset?
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