It was interesting to read how the first Baby Boomer had applied for Social Security benefits (News, Oct. 16).
It got me thinking that in about 10 years, the great majority of Baby Boomers will be retirement age.
I now realize there will be two classes of these retirees, including the following:
*First class will be all the municipal, state and federal workers (including politicians) who will be living happily on their never-ending, always-rising pensions.
*Second class will be the rest of us supporting the first class.
There are two types of pensions, including the following:
*Defined benefit, which the first class has.
*Defined contribution, which the rest of us may or may not have at all.
A defined-benefit pension has all but been abandoned in the private sector. It is considered by most to be too expensive and not maintainable.
In government, the same problems exist.
But you just raise taxes to maintain it.
The rest of us have 401(k)s, which are pretty much at the mercy of the stock market to give us a check for life.
A lot can go wrong with that plan of retirement.
Many will not have the 401(k) to back up their Social Security.
By the way, for the first class, we will maintain their medical benefits, too.
So in 10 to 20 years, there will come a time when the benefits for the first class will become so expensive that the second class will say, “Why am I eating canned cat food while I pay taxes to fund the person next door, who is living a gracious life because he worked for the government that taxed me to death?”
I think there will be a revolt at some point in the future. Do you hear us Todd Stroger?
