tag:blogger.com,1999:blog-4202804909803677380.post4096417392400160001..comments2024-03-27T15:13:18.007-07:00Comments on Condemned to DEBT: The Baby Boomers did not ruin America: They too are victims of our bandit economyRichard Fosseyhttp://www.blogger.com/profile/05915307718139521622noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4202804909803677380.post-23367292205843452592019-08-22T07:05:18.064-07:002019-08-22T07:05:18.064-07:00Hi, Bob. You are so right. I have a close relativ...Hi, Bob. You are so right. I have a close relative who retired from teaching in 2001 after 24 years of service. Her pension check is about $1700 a month and there has been no cost-of-living adjustment what so ever over the last 18 years. And Louisiana's public employees do not participate in Social Security. <br /><br />Unless a teacher has a spouse with a good income, he or she is going to retire to a life of poverty. That's why in Louisiana we have thousands of burned-out teachers who should retire but they can't do it unless they work 40 years.Richard Fosseyhttps://www.blogger.com/profile/05915307718139521622noreply@blogger.comtag:blogger.com,1999:blog-4202804909803677380.post-10652628278587907992019-08-21T09:41:55.102-07:002019-08-21T09:41:55.102-07:00I was at one point a pension plan administrator, a...I was at one point a pension plan administrator, and in our plans a lot of people got checks smaller than $1,413 a month. (the Social Security average that you quote.) This was especially true for widows of retired employees.<br /><br />I totally agree with expanding Social Security taxes on more than $132,600 of wages.<br /><br /> However, my only caution here is to say that the world of private pensions was not great for all workers even when unions were strong. You could find pilots and teachers and pipefitters with good pensions, but even then there were many workers with very poor pensions.<br /><br />Bob Hertzhttps://www.blogger.com/profile/08889826739646491269noreply@blogger.com