Rush’s Morning Update: Warfare
August 11, 2010
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Suddenly, liberals are worried about class warfare. The opening sentence of a New York Times article last weekend predicts that “a class war” is about to hit “the world of government pensions.” In every class war, there are haves and the have-nots. In this case,have-nots are “taxpayers who don’t have generous pensions”…in other words, the non-union, non-government people who make America work. Their retirement incomes are not guaranteed; they’vetaken a real beating.Soon they’re going to be required to pay higher taxes to support the outrageously generous pension plans of retired government workers.
The Pew Center on the States estimates the cost of these pension plans could total $1 trillion,but that’s likely a ridiculous underestimation,since a recent study found that the pension liabilities of California alone are close to $3.5 trillion,with $1 trillion of that “unfunded.”
Some states are taking action. The Colorado legislature passed a pension overhaul,reducing a 3.5 percent cost-of-living increase to 2 percent. Naturally, the retired government workers sued. (Of course!) Mind you,the average employee retires at 58 and gets a check of almost $3,000 a month –in addition to the built-in raise.
Listen carefully. There aren’t enough “rich” people in the private sector to cover this debt,along with every other big government program that Obama’s ramming through. This class war will fall directly on the middle class — if there is a middle class left in America when liberals get through with all of this.
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