2013
If you think health care costs are hurting you, just wait until you are asked to pay for your state retired employees benefit promises
“According to studies by the Pew Center on the States, states and the biggest cities have made nearly three-quarters of a trillion dollars in promises to pay for retiree health-care insurance. Yet governments have set aside only about 5% of the money they’ll need to pay for these promises. – WSJ 3-30-13”
Promises, promises we all make them and we all like to have them made for us. The various states have done a great job making promises to their employees, not so great a job paying for those promises.
While I find it reprehensible that many companies have eliminated or cut retiree health benefits for workers who received that promise many years before retirement, what the states have done is far worse. They have placed an unconscionable burden on all citizens (middle class) who ultimately will carry the burden of these liabilities. Don’t blame the teachers, firefighters or police officers, we would all accept the benefits promised; blame their union leaders and politicians who created and perpetuated these benefits without regard to long term costs or funding obligations… think UAW and GM.
Check out the situation in your state at the Pew Research site.
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