Teachers also have a pretty good deal in Illinois. They are 100% unionized. The rent seeking teachers' union curries favor with the Democrats. Democrats at every level of government do whatever the union wants.
The average teacher in the state of Illinois makes $61,402. Illinois teachers work around 176 days, 300 minutes, or 5 hours, per day. That's just over 35 weeks per year. On average, they make $348.88 per day, $1.16 per minute, or $69.60 per hour guaranteed. Teachers in Illinois work an average of 12 years. They can retire at age 55.
In order to find out what they really make though, you should take their pension benefits, net present value them and amortize them over their career. As of 2010, the average pension for an Illinois teacher is $43,164. It compounds annually for life at 3% per year.
Now it's time to do some math and make some assumptions. Assume that the lifespan of the teacher is no different than the average American, 78 years. If they start teaching at age 22, on average they will quit at 34. This means they will wait 21 years to collect their pension. The discount rate for the cash flows is a conservative 5%.
When you crunch all the numbers, the net present value of that pension is $290,756. Amortizing that over a twelve year career adds $24,229.64 to their average salary, making their actual salary before health benefits are added in a tidy $85,631.67, or $97.31 per hour.
If you compare and extrapolate that number to the private sector, it is interesting. Assume that you work an 8 hour day, 50 weeks a year. $194,620 bucks a year is what you would make! Most private sector jobs at that level work a lot more than an 8 hour day. Recently, private sector employment has not been as lucrative as public sector employment. For the first time in American history, it pays to be in the public sector.
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