Quote:
Originally Posted by smc
I'm saddened to see you fall into this trap of "blaming" -- whether implicitly or explicitly -- working people for the current situation. Police, firemen, teachers, and other public workers are simply demanding what is theirs already. A pension is not a gift; it is part of the wage/benefit package that was negotiated contractually. And it is the very, very, very rare pension plan indeed that does not include a significant contribution from the worker herself or himself. So, all these public employees are demanding is to be paid the money that is THEIRS!
Why are counties, cities, and states so strapped? Not because the amount os the pensions are out of line. It is because the money was LOST. And who lost it? The very Wall Street bankers who, enabled by the politicians they own, used this money in their casino -- a casino that nearly brought down this country economically. They ran, and continue to run, a massive financial fraud and not a single one is under indictment or behind bars.
Put the blame where it belongs. Once we do that, we can begin the process of recovering the money stolen from working people by these criminals.
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Certainly, workers earn and deserve a just retirement. However, the evidence suggests that at the time the retirement plan was negotiated, the ultimate costs were not projected. The plans were extremely generous, far beyond what would be considered reasonable.
The question is it justified to give some one a retirement higher than his final salary? Is it justified to play games with work time to raise the retirement even more? In the case of Riverside County, there is no evidence the money was "lost" it seems to be a case of bad fiscal planning and management.