California State Government
June 6, 2006 Election
Restructure State Pension System to adapt to changing economic environment
By Jeffrey R. Burns
Governor; Republican Party
This information is provided by the candidate
Baby Boomers are retiring, and a record number are retiring on public pensions. The demand on the pension system will be great, as will be the demand on those still working to meet the shortfall.
Too many government entities throughout the state have promised more retirement benefits to employess than they are able to pay. Cities such as San Diego are cutting back on employment and services in order to fund their pension promises. That means less policemen and less firemen in order to pay the pension payments of those retiring as early as fifty-years-old.
People in the private sector skimp and save, try to invest, and hope that when retirement comes they have enough to get by on. What makes this all a crime is that these very same people are being taxed by local, county and state entities to fund these retirees collecting 100% pensions and better. It used to be said the only thing sure in life were death and taxes. Now you can add a government pension to that list.
As 78 million Baby Boomers retire, the burden on taxpayers is projected to increase daily until it reaches 2.1 taxpayers supporting every retiree by the year 2031. Somewhere along the way this government pension system will collapse. It must be reformed. Governments promises to government employees on the backs of those without such benefits is wrong and must be brought under control
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