Washington Politicians Rich Pension Benefits
Posted by Steve Markowitz on October 16, 2013
It looks like the knuckleheads in Washington are finally ready to reopen the federal government. After creating the problem, yes both the President and Congress, they will undoubtedly take credit for once again saving the American people from Washington’s own incompetence.
At a time when it is obvious how dysfunctional the politicians in Washington are, it’s interesting to review some of the special perks they have voted themselves over the years. A glaring example is there pension, as published by Bankrate:
- As a comparison, the average Social Security benefits for Americans are about $15,000.
- Another glaring example shows that most public workers still have defined pension benefit plans that few workers in the private sector have. According to the U.S. Census Bureau, retired city and county workers receive approximately $26,000 per year in these pension benefits.
- Congressmen/women who serve just three terms, six years, have annual pensions of more than $14,000 at age 62. After 20 years of service they qualify for pensions of at approximately $59,000 annually and can collect this amount at 50 years of age.
- A 30 year congressman/woman is eligible for annual pensions in excess of $75,000. This group currently includes over 20 “public servants”.
- As of 2011, 280 retired Congressman/women average pensions exceeded $70,000 annually.
- Should House Speaker John Boehner retire in 2014, after being a congressman for 24 years, he would receive an annual pension of approximately $85,000.
- Not to be outdone, after eight years as President, Barack Obama is eligible to receive an annual pension of $200,000 in addition to any other benefits including Social Security.
There was a time when those working for the government deserved the title “public servant”. In exchange for relatively low salaries and benefits, these workers were to serve the public good and receive job security. Now, in addition to the job security, they are paid more than the private sector workers who pay their bills through taxes. In addition, government workers become a special interest group in themselves that has created an unholy alliance with the Democratic Party. In return for ever increasing salaries and benefits, they donate funds to the Democratic Party and their votes. The system has become corrupted as our Founding Fathers feared.