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While this didn't happen in charlotte, I think this does affect Charlotte residents as we all pay taxes to the state.
I feel the below is absurd. I also feel it's ludicrous that we pay a pension for someone who is sitting in jail. Why should we pay for people who have committed crimes and for people do sit on their butts. These people haven't contributed into their pension nearly as much as what they are getting yet they get to collect it. It's not fair.
I don't know if anyone reads Mish's blog. But he's been saying that unions/pensions are a big problem around the nation. The states including our can't meet these obligations and one of the biggest reasons we are bankrupt. But unfortunatley it's the large elephant in the room that no one wants to discuss. And very few of our politicians will take this on.
The only solution from what I have read is for the states to file bankruptcy to remove these obligations. It's unfortunate for the workers who were promised these, but the state nor the taxpapers can fund this. And we shouldn't see never ending tax increases to pay for this. We just can't afford it. It's also unfair that we see increases taxes for those of us who are working while the others collect bloated payments for sitting at home.
Location: livin' the good life on America's favorite island
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There is a reason NJ Gov. Chris Christie is gaining popularity across the country as he overhauling NJ public pension plans. NJ State pension plans are underfunded by $34B (or $17k per resident). He is also trying to lower the state's tax rate.
IMO the stat does not 'have to go bankrupt' in order to overhaul the pension payouts. Many companies have revised or frozen their pension funds so I think it just take a politician with big b***s to take on the unions. Kinda like why our politicians won't touch Social Security.
That's barely going to cover Smith's alcohol budget!
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