- Wisconsin teachers retiring after 30 years will receive around $40,000 per year from their pension fund. Those of us who don't have any pension money have to live on about half that much from Social Security. (By the way, most of those teachers receive both the teacher's pension AND Social Security so their total income in retirement is around $60,000 and I have to live on about 1/3 that amount. Seems fair to me that they're so upset over what the Wisconsin legislature wants to do. NOT!)
- Wisconsin teachers put an amount into their retirement fund approximately equal to only two or three years worth of what they collect in retirement. Ie, they get way more out of it than they put into it.
- Today's Social Security recipients will receive approximately as much as they put into the trust fund.
- Wisconsin teachers' benefits cost on a per student basis is among the highest in America. I've read that it was second only to New York in 2002.
- One of the reasons Wisconsin teachers receive so much in retirement is that their contributions are actually invested and earn interest while the federal government didn't invest any of the Social Security money. In fact, the federal government spent (ie, stole) the Social Security money it received into that trust fund. All of it. If they had invested the SS contributions as a trust fund should, there'd be plenty of money to pay Social Security retirement recipients and it wouldn't be anywhere close to bankrupting the country. At least Wisconsin handled their retirement funds properly!
- Nevertheless, Wisconsin teachers still receive more from their pension fund than their contribution plus interest. Guess who pays the balance?
- There are two answers to #6: A) mainly the citizens of Wisconsin who are still working and paying taxes and B) the rest of the country's taxpayers via various bailouts in recent stimulus money and in whatever future bailouts come from the federal government.
- By the way, guess where progressivism has its roots in America? Yep, Wisconsin. What a surprise, eh?
To make matters worse, those teachers are making more in salary and benefits while working today than their counterparts in the private sector. So people who make less than they do for the same work will have to pay the balance of the teachers' retirement money beyond what the teachers themselves contributed. By what form of logic is that okay or even rational? That's taking from poorer people and giving it to richer people is it not? How's that progressive redistribution of wealth working out for y'all in Wisconsin?