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xchrom

(108,903 posts)
Tue Oct 22, 2013, 06:46 AM Oct 2013

Sirota and Taibbi: Exposing the Agenda to Fleece Billions from Workers' Retirement Savings

http://www.alternet.org/economy/sirota-and-taibbi-exposing-agenda-fleece-billions-workers-retirement-savings



Since the once-great city of Detroit filed for bankruptcy, Americans everywhere are in a panic. Is my city next? Is my state facing financial disaster? From Wisconsin's controversial Gov. Scott Walker to New Jersey's Chris Christie, politicians all over seem to be telling us the answer is yes. The fiscal end is nigh, these leaders say, if America doesn't act soon to slay one of the last great budgetary dragons held over from the entitlement age: our allegedly outmoded, unsustainably expensive system of state and municipal pensions.

In the new fable, state and municipal workers are presented as the welfare queens of our age, historical anachronisms living fat and happy in the competition-free panacea of public service, and shamelessly living off the tax dollars generated entirely by the innovation of America's true workforce - its go-getting private-sector employees, who long ago stopped expecting their bosses to give them real health and retirement plans.

To them, the old-fashioned defined-benefit pension plan, the one that guaranteed a unionized state worker extensive health benefits and a sizable monthly retirement check until his (invariably too-distant) death, is the glaring budgetary inefficiency of our age, the first place we must turn to make the fiscal cuts if we don't want to become the next Detroit.

Pension reform advocates have cited these tales to make their legislative pitches. In state after state, politically active billionaires such as former Enron executive John Arnold, finance-sector think tanks like the Manhattan Institute, and foundations viewed as centrist, such as the Pew Center on the States, have all pushed to cut public workers' guaranteed retirement income, transform pensions into 401(k)-style individual accounts, and turn over the management of pension money to, well, people like the hedge-fund CEOs on the board of the Manhattan Institute. Such reforms are then portrayed as benevolent and transparent initiatives to protect taxpayers and balance budgets.
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Sirota and Taibbi: Exposing the Agenda to Fleece Billions from Workers' Retirement Savings (Original Post) xchrom Oct 2013 OP
The only taxpayers the "pension reformers" are protecting are the billionaires. leveymg Oct 2013 #1
Posted to for later reading; but ... 1StrongBlackMan Oct 2013 #2
not dissimilar to the 'disagreements' between union and non-union workers. nt xchrom Oct 2013 #3
I know ... 1StrongBlackMan Oct 2013 #4
Yes, somebody please explain to these new group of haters that public service workers for the kelliekat44 Oct 2013 #5
well said .... you hit it, sad but true. Americans need to wake up! mountain grammy Oct 2013 #8
+1,000 n/t malaise Oct 2013 #9
Hey, if you're really into the money game, any pile of it not in your pile becomes a target. tclambert Oct 2013 #6
Agreed, however what everyone is forgetting is that Wall Street fasttense Oct 2013 #14
Sam Seder has a nice interview w/ Taibbi on this NuttyFluffers Oct 2013 #7
both fine American journalists mountain grammy Oct 2013 #10
k/r marmar Oct 2013 #11
Bookmarking to read later. City Lights Oct 2013 #12
... xchrom Oct 2013 #13
K & R !!! WillyT Oct 2013 #15
kicked Blue_Tires Oct 2013 #16
+1000 for Sirota and Taibbi blackspade Oct 2013 #17

leveymg

(36,418 posts)
1. The only taxpayers the "pension reformers" are protecting are the billionaires.
Tue Oct 22, 2013, 07:16 AM
Oct 2013

The John Arnolds, Scott Walkers and Chris Christies are the lowest form of life on the planet - more dangerous than viruses. They are Cancer.

 

1StrongBlackMan

(31,849 posts)
2. Posted to for later reading; but ...
Tue Oct 22, 2013, 07:49 AM
Oct 2013

I noticed a very large group of "pension-reformers" that the excerpt neglected to mention (though they be discussed in the body of the article) ... the cohort of private sector workers that see public workers as getting a "better deal" than that they have been given; so rather than fight for that which will benefit them (a fight that public workers would likely join), they have taken to arguing to bring everyone down into the mud with them.

 

1StrongBlackMan

(31,849 posts)
4. I know ...
Tue Oct 22, 2013, 08:10 AM
Oct 2013

it's so sad to hear/see non-union/anti-union workers lamenting the "better deal" union workers get. It's as if they have no understanding of cause and effect or history.

 

kelliekat44

(7,759 posts)
5. Yes, somebody please explain to these new group of haters that public service workers for the
Tue Oct 22, 2013, 08:15 AM
Oct 2013

longest time were underpaid, and over worked with constant fears of losing jobs through contracting out to the private sector. Highly educated and skilled minorities and women were refused employment in the private sector because of nepotism, sexism, and racism. Public sector jobs were lower-paying but at least offered the security of a fair and safe retirement with health benefits. And the Federal government became the biggest equal opportunity employer to attract this talent to the workforce. And this move alone was one of the contributing factors to raising the standard of living among huge segments of our population. Graduating seniors from major ivy league colleges would laugh at going to work for the government when they could make three times as much out side the public sector. Remember, the "public sector" included Federal, state employees including teachers. Often the lowest paid among graduate-degree holders. Instead of high paying jobs, public sector employees at least had the benefit of a safe retirement after 25-35 years of service. It wasn't until the retirement funds of private sector workers became subject to the fraud and greed of Wall Street and the banksters that their attention turned to scorn for the public sector worker. And now many of those who would have taken jobs in the private sector are gobbling up the public sector jobs from those who previously would have gone to work in the public sector for lower pay but better security. Either through direct hire or contracts, the former privileged class is most willing to take on those public sector jobs that they shunned before. For some, unions are even becoming attractive but most feel that their privileged class will protect them and unions and paying union dues is not necessary. Public sector think: teachers, firemen, police, trash, post office, state and Federal workers. Most never earned six figure salaries and never will. But now they are being trashed because they have or had better job security. The power brokers sure know how to keep the people divided.

tclambert

(11,087 posts)
6. Hey, if you're really into the money game, any pile of it not in your pile becomes a target.
Tue Oct 22, 2013, 08:36 AM
Oct 2013

If you have become really addicted to the game, you feel you HAVE TO figure out a way to get that pile into your pile. The most desperate money addicts not only want to pay no taxes, they begrudge every expenditure. They hate leaving a single penny as a tip because they could have reinvested that penny and made another fraction of a penny.

But what is the ultimate goal of this game? What does it mean to win? Does every other human on Earth have to starve to death for you to win? Money addicts have lost sight of money as a means to other ends. They make it the end in and of itself. And they feel compelled to try to set a new personal high score.

 

fasttense

(17,301 posts)
14. Agreed, however what everyone is forgetting is that Wall Street
Tue Oct 22, 2013, 09:08 AM
Oct 2013

is trying to get every pile of money. Social Security, Pension funds, the Federal Reserve (guaranteed bail outs at tax payers expense), and destroy EVERY Union, because the dues are used to help elect People that will help the little guys.

The billionaires want to be the ONLY players in the game.

They want it ALL......which is also known as FASCISM.

NuttyFluffers

(6,811 posts)
7. Sam Seder has a nice interview w/ Taibbi on this
Tue Oct 22, 2013, 08:39 AM
Oct 2013

well, to be honest, all his interviews w/ Taibbi are stellar. but i am staying topical. it's nice to hear people talk about it in plain speak so the real magnitude can be grasped easier.

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