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Highlighting Massive Government Pension Benefits

At the National Taxpayers Union blog, Government Bytes, Doug Kellogg reports on the work of “a number of intrepid Bloomberg reporters” who published stories of “just how extensive our government's pension promises are, and some of the potential impacts on taxpayers.” According to Kellogg:

“The big finding of the report is that the federal system faces a $674 billion shortfall, primarily from one of its older components. Further findings include: one of every 125 retired federal civilian workers collects more than $100,000 in benefits annually, The U.S. Treasury pays about $4.9 billion every month for about 1.8 million retirees, an average of $31,633 annually, at least 48,500 retirees are making more now than they did on the federal payroll, and much more.

“These figures will likely raise eyebrows among private industry employees, only about one-fifth of whom have access to a pension plan (at least a larger percentage than this can access 401(K)-type plans). Meanwhile, Social Security's fiscal time-bomb keeps on ticking, threatening private-sector taxpayers (and some public-sector employees) with major collateral damage.”

Kellogg provides links to two Bloomberg articles which provide the gruesome details.

Kudos to the Bloomberg reporters and to NTU’s Douglas Kellogg.for the blog post.

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