Government Worker's Benefits

As public spending pushes out private firms, the issue of state and municipal pensions and other benefits will loom even larger than it already does. This blog post makes some good points on the subject, including these quotes:

The runaway costs of pensions and health care are a major reason the city and state are in such deep fiscal holes. They must be reined in because taxpayers cannot afford to pay for salaries and benefits that are so much richer than their own.

It used to be that government paid less than the private sector but offered job security and solid benefits. Now, public wages have outpaced private ones - and public benefits have become gold-plated.