Best Govt. Pension Ever

John Seiler:

California government workers’ pensions are pretty lavish. Consider this one from San Fran:

New city records show that former Police Chief Heather Fong – who retired in 2009 – received a grand total of $528,595 in her final year….

Now that she’s gone, she’s pulling down an annual pension of $229,500 for life.

Pretty sweet. But consider this pension for a government worker, one that would make even Fong envious:

Egyptian President Hosni Mubarak is likely the world’s richest man, with an estimated fortune of  $70 billion dollars.

Media reported Monday that Mubarak’s family fortune could be as high as $70 billion, much of it in Swiss banks or tied up in real estate in New York, Los Angeles and London.

The $70 billion dollars would put the 82-year-old comfortably ahead of Mexican business magnate Carlos Slim Helu, worth about $53.5 billion dollars, and Microsoft founder Bill Gates, the richest American with $53 billion.

Mubarak also has been a government employee funded by U.S. taxpayers. Since 1979, Egypt has been given $2 billion a year in subsidies, or about $64 billion. Thus, almost all of the money given to that country has gone into Mubarak’s retirement account.

While California’s government-worker unions are negotiating about their pensions as the state’s budget deficit worsens, I suggest that talk to old Hosni about how he managed such a great pension for himself. He needs work, so hire him as a consultant.

Of course, in the meantime, they may have to deal with Egyptian-style protests in front of the state capitol objecting to the government-worker ripoffs.

Feb. 14, 2011


Tags assigned to this article:
budgetEgyptJohn Seilerpensionsprotests

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