Tag Archives: Money

Rhode Island superintendent fires entire staff at unionized public school

Story here on Business Insider. (H/T Hot Air)

Excerpt:

A school superintendent in Rhode Island is trying to fix an abysmally bad school system.

Her plan calls for teachers at a local high school to work 25 minutes longer per day, each lunch with students once in a while, and help with tutoring.  The teachers’ union has refused to accept these apparently onerous demands.

The teachers at the high school make $70,000-$78,000, as compared to a median income in the town of $22,000.  This exemplifies a nationwide trend in which public sector workers make far more than their private-sector counterparts (with better benefits).

The school superintendent has responded to the union’s stubbornness by firing every teacher and administrator at the school.

ECM sent me this article about New Jersey earlier this week, which ruined my entire Monday.

Excerpt:

One state retiree, 49 years old, paid, over the course of his entire career, a total of $124,000 towards his retirement pension and health benefits. What will we pay him? $3.3 million in pension payments over his life and nearly $500,000 for health care benefits — a total of $3.8m on a $120,000 investment. Is that fair?

A retired teacher paid $62,000 towards her pension and nothing, yes nothing, for full family medical, dental and vision coverage over her entire career. What will we pay her? $1.4 million in pension benefits and another $215,000 in health care benefit premiums over her lifetime. Is it “fair” for all of us and our children to have to pay for this excess?

The total unfunded pension and medical benefit costs are $90 billion. We would have to pay $7 billion per year to make them current. We don’t have that money—you know it and I know it. What has been done to our citizens by offering a pension system we cannot afford and health benefits that are 41% more expensive than the average Fortune 500 company’s costs is the truly unfair part of this equation.

And from CNSNews.

Excerpt:

Time.com reported last week that Office of Personnel Management Director John Berry estimated the government shut down cost taxpayers $100 million a day in labor that workers were unable to perform. That would suggest that the four and one quarter days the federal workers missed last week cost taxpayers about $425 million–close to the $445 million calculated on the basis that federal workers average $79,197 per year in salary not counting benefits.

The federal government was officially shut down on Feb. 8, 9, 10, and 11 and opened for business two hours late on Feb. 12.

Federaljobs.net’s Damp told CNSNews.com that not all of the more than 340,000 federal employees stayed home on those days. Some of these workers are designated as “essential” employees and are supposed to show up even when the weather or other conditions closes the federal government. These include, for example, law enforcement officers, key personnel with the Federal Aviation Administration, and workers who are needed for national security reasons.

“But I think it’s safe to say most of the workers did not go to work,” Damp said.

When non-essential federal workers are told to stay home because of a government shutdown, they still get paid, according to the Office of Personnel Management.

And also from CNSNews.

Excerpt:

State and local governments spent $1.1 trillion on employee wages and benefits in 2008. That’s half of what those governments spent overall.

And while the private sector job market remains bleak, there are more civil service jobs than ever. The federal Labor Department projects wage and salary employment in state and local government will increase 8 percent by 2018. That’s a comforting thought for anyone who has to spend time in line at the DMV.

Wish we could be as confident about the prospects for creating new corporate and manufacturing jobs to help pay for these new hires.

It’s not simply the number of new jobs that costs taxpayers. It’s that these government jobs pay more than ever. The U.S. Bureau of Labor Statistics reports that state and local government workers earn almost $40 per hour in wages, salaries and benefits. That’s more than 25 percent higher than the combined compensation of the average private sector job ($27 per hour).

One of the things that weights most heavily on my mind is the outrageous pay and benefits that are paid to public sector union employees. I am in the private sector and I have to pay these exorbitant salaries to people who have probably never worked a day in their entire lives! I have never had a moment’s peace in my career – the threat of layoffs has been a constant since I was doing internships during my undergraduate days. And I have two degrees in computer science!

Look, I’m a child of first generation immigrants, and I’ve been volunteering since I was 14 and working since I was 16 in high-tech. How can it be that people who cannot even teach children successfully can make so much money? It just is not fair, and I find it very depressing that I am paying for these layabouts. It makes me want to give up trying to do anything! The fact that Obama keeps raising public sector salaries in a recession does not help. And Obama opposes school choice, too.

I say abolish public sector unions, and abolish bailouts to private sector unions, too.

First Things reviews Jay Richards’ Money, Greed and God

Short book review here.

Here’s the full text:

Jay W. Richards channels the spirit of Michael Novak and provides a basic introduction to how and why a Christian can be a capitalist. Because man is made in the image of a creative God, he has the potential to create and multiply wealth. The core components of capitalism—free exchange, limited government, private property—allow this potential better than any alternative system. Although he shows that self-interest is not necessarily selfish, Richards also explains that the market can, in fact, channel selfish actions into positive outcomes. Responding to such critics as Ron Sider and Jim Wallis, Richards argues that the creation of wealth helped by economic freedom and the rule of law provides the best means of raising the poor out of poverty, in contrast to government-based redistribution of wealth or regulations of minimum wage.

Richards also offers critiques of communism, developmental aid to impoverished countries, and global warming, along with an extended argument against the notion that capitalism allows the unchecked depletion of natural resources. Because human beings are creative, Richards reminds us, they are not mere consumers but active producers. In response to charges of consumerism, Richards notes that consumerism comes from gluttony, not from free enterprise itself. The book concludes with a chapter on the workings of the free market as a sign of God’s provident care for sinful man. For those looking to wed faith and economics, the book provides a welcome challenge to reigning orthodoxies.

To understand what capitalism is, you can watch this lecture entitled “Money, Greed and God: Why Capitalism is the Solution and Not the Problem” by Jay W. Richards, delivered at the Heritage Foundation think tank, and televised by C-SPAN2. (Link below)

If you can’t see the Richards video, here is an audio lecture by Jay Richards on the “Myths Christians Believe about Wealth and Poverty“. Also, why not check out this series of 4 sermons by Wayne Grudem on the relationship between Christianity and economics? (a PDF outline is here)

Here’s a lecture with Jay Richards from the libertarian Cato Institute.

UPDATE: From a helpful comment below.

Updated link for video (link in blog results in an error).

http://www.booktv.org/Watch/10489/Money+Greed+and+God+Why+Capitalism+is+the+Solution+and+Not+the+Problem.aspx

Which foreign countries contribute to the Bill Clinton’s foundation?

Story here at National Review. (H/T ECM)

Excerpt:

In recent years, the Kingdom of Saudi Arabia gave between $10 million and $25 million to the foundation run by the husband of our current Secretary of State.

“Friends of Saudi Arabia” donated at least another million, perhaps another $5 million. So in short, since 1997, the Saudi Kingdom and its affiliated organizations have provided the Clinton Foundation at least $11 million, and perhaps as much as $35 million.

But I’m sure our Secretary of State held a hard line against them. Remember, it was the last President who was a pawn of the Saudis, or at least the left insisted that was so.

Other foreign governments contributing to the husband of the nation’s chief diplomat: The government of Norway, Kuwait, Qatar, Taiwan’s Economic and Cultural Office, Ministry for the Environment & Territory, Italy and the Sultanate of Oman.

Follow the money.