Quote from MKTrader:
Yes it is. If you know how much we're paying each one (salary + generous benefits) plus how much they're likely to get out of taxpayers with their pensions (hint: "retirement" age isn't even tied to increasing life expetancies), it's huge.
As I said earlier, not all are lazy, but many do little work (by choice or simply because there's nothing to do). We're paying for tens of thousands who would be cut in the private sector because they add no value. And we'll be paying for decades...
The hidden secret is that with a guaranteed pension, it boosts consumer spending enormously? Why? If you KNEW that no matter how much of your current salary you spent, you'd still be set with a very generous retirement package, why would you save a dime?
It's also why we can have an economy on its ass and yet there are pockets of strong spending, sports stadiums still sell alot of seats, etc. And I'm not talking about corporate clients, there is still a large pocket of seemingly middle class consumers who have season tickets to all these sporting events and never seem to cut back on spending....
So it's rather clear we can narrow it down to this large, bloated public sector and the crony industries that feed off of this out of control spending. So far, since 2008, we've largely sacrificied the private sector to keep this golden goose going, but even that won't prove to be enough.
It's why many fear the Argentinian potential with confiscation, etc...
