From Scott Johnston's The Naked Dollar:
Let's get back to my millionaire claim about teachers, which on the face of it, should seem preposterous. Teachers are by far the biggest public employee category, and their contract terms are illustrative of what goes on elsewhere. In my town, a teacher retiring today gets 70%, give or take, of his or her salary for the rest of his or her life. That's about $84,000 a year (not taxed by the state, incidentally). Plus, they get health benefits for their entire family for life. That's worth another $16,000 a year, for a total of $100,000 a year. Live for 25 years and that's a total of $2.5 million. Discounted at 4%, it's $1.6 million.
To quote our president, "let's be clear": there is zero difference between this and having an IRA with a value of $1.6 million, except the rest of us didn't demand that taxpayers fund our IRAs.
But it's much worse than that.
Read the whole thing here.
