retires, fewer workers must support more pensioners. New York City now has more retired policemen than working ones, and spends more on cops’ pensions than cops’ wages. Worse still, states and cities have used their pension funds as a way of offering supersized payments to senior managers and favoured workers. More than 20,000 former state or local employees in California have retirement incomes of over $100,000; a few enjoy more than $250,000. Perhaps the best-known ruse is “spiking”. Public employees…
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