Has the entire American experiment been for the benefit of one cohort of people: 21st-century government workers?
In the 240 years since the American Revolution, the U.S. prospered like no other nation in world history–due to the Bill of Rights and low levels of government interference and regulation.
But now government programs and regulations are choking the life force from the American society.
A recent report by the Wall Street Journal warns that Medicaid and government-employee pensions now threaten to displace all other government spending within the next several decades. America will become, in all essence, a redistribution program designed to take all the money from the private sector by force and deliver that money to (retired) state employees and state medical programs.
Already Medicaid and government pensions consume about one out of every five tax dollars collected by state and local governments.
Those costs are outpacing growth in tax revenue year after year.
Connecticut has just 31.7% of what it needs to pay its employees’ future retirement benefits, according to state financial reports. A fund for teachers has 52.3%. Together, that adds up to more than $37 billion in unfunded pension liabilities, or about $10,300 per Connecticut resident.
