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pa28

(6,145 posts) Wed Dec 4, 2013, 05:12 PM Dec 2013

Pension Theft: Class War Goes to the Next Stage - Dean Baker [View all]

In the past two days we've seen a federal judge rule that Detroit can go bankrupt, putting its workers' pensions in jeopardy, and we have seen Illinois' Legislature vote for substantial cuts in its retirees' pensions. Undoubtedly these two actions are just the tip of the iceberg. We have opened up a new sport for America's elite: pension theft.

The specifics of the situations are very different, but the outcome is the same. Public employees who spent decades working for the government are not going to get the pensions that were part of their pay package. In both cases we have governments claiming poverty, and therefore the workers are just out of luck.

http://www.truth-out.org/opinion/item/20433-pension-theft-class-war-goes-to-the-next-stage

Coming soon to a pension fund near you.

58 replies

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Pension Theft: Class War Goes to the Next Stage - Dean Baker [View all] pa28 Dec 2013 OP

I guess going forward, the message is never defer compensation in the form of company sponsored Ed Suspicious Dec 2013 #1

The message IMO is to get rid of fucking capitalism..... socialist_n_TN Dec 2013 #21

Corporations have been doing it for a while happyfunball Dec 2013 #2

Expanding and improving Social Security is exactly what we need to do. pa28 Dec 2013 #23

They practiced with 401K - TBF Dec 2013 #3

Nobody took away anybody's 401K cbdo2007 Dec 2013 #28

Dear lord ... where to start. TBF Dec 2013 #29

Let's see.... cbdo2007 Dec 2013 #31

Perhaps you and the others could try reading the TBF Dec 2013 #37

So how do you save for retirement? badtoworse Dec 2013 #32

How do you think? TBF Dec 2013 #36

Whatever you're comfortable with. badtoworse Dec 2013 #40

Hahaha, he isn't interested in a discussion.... cbdo2007 Dec 2013 #45

I told you to read the article TBF Dec 2013 #47

I did read the article and yes, fees are an issue. badtoworse Dec 2013 #50

I can understand that and hope TBF Dec 2013 #53

I agree with you about creating more opportunity in this country. badtoworse Dec 2013 #54

We might agree more than you'd think - TBF Dec 2013 #56

Begin with police pensions and see how far this strategy goes. 1000words Dec 2013 #4

you do realize that is exactly what is happening in Detroit? etherealtruth Dec 2013 #19

I figured as much, but Detroit is completely neutered at this point. 1000words Dec 2013 #22

It has been a lot of mstinamotorcity2 Dec 2013 #5

That is something that needs to be publicized. And it all boils down to inequality and bigotry, IMO. freshwest Dec 2013 #7

+ 1,000,000,000 What You Said !!! WillyT Dec 2013 #33

cities are places to live, not a different sort of business to be subjected to hostile takeover! MisterP Dec 2013 #43

This is an ongoing thing. It just doesnt get any media attention. A friend's wife's pension was all rhett o rick Dec 2013 #6

I wish someone would tell me where the money is supposed to come from Dreamer Tatum Dec 2013 #8

Bond purchasers accept the risk of default when they buy bonds.... mike_c Dec 2013 #10

You're overlooking an important point badtoworse Dec 2013 #11

Too many people want to rewrite the rules when the rules don't suit them. Dreamer Tatum Dec 2013 #12

but you can keep stiffing the workers over and over and over.... mike_c Dec 2013 #18

Screw the lenders sounds great until you consider the long term impacts badtoworse Dec 2013 #24

Detroit's pension is 90% funded according to Morningstar. pa28 Dec 2013 #13

It looks like the "banksters" made a decent deal with Detroit that will preserve cash flow Dreamer Tatum Dec 2013 #15

The money will be made when they start selling of the city's assets n/t Blue Meany Dec 2013 #17

Bullfuckinggoddamnedshit Dreamer Tatum Dec 2013 #34

Detroit's pensions are, in fact, classified as unsecured creditors. pa28 Dec 2013 #20

this is an excellent, brief piece.... mike_c Dec 2013 #9

Next up for Obama and the dems put a stop to this Skink Dec 2013 #14

HUGE K & R !!! WillyT Dec 2013 #16

Kicked and recommended. Enthusiast Dec 2013 #25

k&r Starry Messenger Dec 2013 #26

Kick !!! WillyT Dec 2013 #27

^ Wilms Dec 2013 #30

No one going to mention the "13th checks"? econoclast Dec 2013 #35

Just the natural progression of the systemic looting legalized and begun in the '70s. Egalitarian Thug Dec 2013 #38

I didn't think ERISA applied to public pensions, but I'm no expert. badtoworse Dec 2013 #41

I don't know either, the example was given more to demonstrate how the overall Egalitarian Thug Dec 2013 #48

I wouldn't dispute that. Bad laws almost always get worse badtoworse Dec 2013 #51

George Carlin foretold this... warrprayer Dec 2013 #39

And why are public employee pensions so high? You might well ask. KamaAina Dec 2013 #42

That's not the issue. Detroit is broke badtoworse Dec 2013 #44

The article is about pernsion theft in general, not just Detroit KamaAina Dec 2013 #46

You can call it theft or whatever you want, but it doesn't change reality. badtoworse Dec 2013 #52

And why can't they deliver? KamaAina Dec 2013 #57

Not true. Most of the costs are paid out of property taxes. badtoworse Dec 2013 #58

Private industry has been pulling this trick.. sendero Dec 2013 #49

I keep wondering when people will rise up against the rape upi402 Dec 2013 #55