So, you think America’s local governments are not going to go bankrupt. Think again.
When Bobby Deal retired from the Jacksonville Sheriff’s Office last month, he did so with the promise of a nest egg worth at least $4.9 million, a sum he’ll be paid over the next 25 years.
Deal now earns nearly 50 percent more per year as a retiree than he did when he worked for the Jacksonville Sheriff’s Office.
That’s just for starters.
A guaranteed 3 percent cost-of-living increase annually and the ability to bankroll a separate pension — funds from his Deferred Retirement Option Plan account potentially paid by taxpayers — will allow Deal one day to bring home twice as much money per year as a retiree as he did when he worked.
Deal, though considered highly paid when he was a cop, is far from alone as a pensioner who will make considerably more in retirement than when he was working.
Deal is among a group of 16 July retirees who are guaranteed to turn $4 million in DROP benefits into $11 million in additional pension benefits.
With Medicare and Social Security in the hole by $200 trillion, you know what is going to happen: the Great Default. But you are not representative. Most voters live in a fantasy world. They do not see what is coming. It is going to wipe out their dreams of “the golden years.”