I'm a resident of New Jersey, which means that my property taxes double every decade or so. Sales tax too, keeps going up... Why is this? Our governor recently gave a speech to the State Legislature in Trenton: http://www.nj.com/politics/index.ssf/2010/02/chris_christies_speech_on_budg.html Here's part of the speech: "Letâs tell our citizens the truthâtodayâright nowâabout what failing to do strong reforms costs them. 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 âfairâ 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 donât have that moneyâyou 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 companyâs costs is the truly unfair part of this equation." ---------------------------------------- I work in the private sector. I'm not getting ANYTHING if/when I retire. Why should I support state workers? And this is global. The obvious case is Greece. We are no different though, it's beginning with our states right now. And I have not even touched upon Social Security and Medicare. And government workers here and in Greece can protest all they want.. but there is no money left. Tax the rest of us? Kill the Currency to pay everyone? Who knows how this will play out. And this is but one crisis of many that are converging.