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I'm confused about whether public workers are underpaid A teacher/police officer/etc making $90k a year gets a $67,500 annual pension after 25 years of service That pension is worth ~$2.5 million with today's rate of return. A $100k/year bonus tax-free, or ~$175K pre-tax No?
As a friend privately mentioned, pensions aren't included in income/wealth inequality stats, or marked to market as interest rates drop. Has anyone done this research? Seems it could be a big deal Also: If a teacher wants to trade pension for 75K bonus + 401K, why not let them?
"Public employees" is too generic: - Most old-school/public pensions are under-funded and not sustainable - Very few arguments about police under-paid - District Administrators often overpaid - *Teachers* are under-paid - Police should be required to have college education
My point is couldn’t we offer to end pension programs today and instead pay them all 50-90% more cash salary each year? Equal theoretical cost but everyone might be happier
Think you may be putting the cart in front of the horse. If you ask the majority teachers/officers/etc that ARE making $90k/ year I doubt they’d claim they were underpaid. It’s those making $25k-40k/year that are underpaid. Often younger workers with high studentloans and housing
The specific number doesn’t matter FWIW, though that $90k is earnings at retirement not starting. Math holds up for $25k (~$750k value pension, $25k/yr after tax savings) or 40k ($1.2M value pension, $40k after tax savings/yr) Offer to cut pensions and pay them cash instead!
I think the problem is that people are terrible at present value calculations, and also focus on what they can spend today vs will have in the future
Always worth asking about how tax dollars are being used, but I think most of these public workers are paid far less than $90k/yr on average. Cops -> https://www.ziprecruiter.com/Salaries/What-Is-the-Average-Police-Officer-Salary-by-State … FF -> https://www.ziprecruiter.com/Salaries/What-Is-the-Average-Firefighter-Salary-by-State … Teaching ->http://www.nea.org/home/2017-2018-average-starting-teacher-salary.html …
1) This is about the salary at retirement, not starting salary 2)https://twitter.com/justindross/status/1196886983353630720?s=20 …
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