PENSION FUND SMACKDOWN

Mish Shedlock an investment advisor of some fame has consistently ragged  on unions and their pension funds in particular, time after time.  In this post and others Mish claims it is the union workers who have negotiated fat retirement and pay contracts that are bankrupting the states.  Here’s the Illinois story of why this is now a problem.  Seems like the state who owes the retirement system the money they now have to borrow to pay up should have been paying into the system all along.  They opted out of the Social Security system to save money on a year to year basis and of course it’s easier to shine the unions then to cut services or raise taxes to pay your bills.

This argument is used by the right and the rich to try and destroy working families by basically telling half truths  when the system is in trouble.  It’s the same argument they use when they talk of Social Security being broke.  They say there is no money in the systems trust fund.  Hell no there isn’t it’s government T-bills that if the SS system hadn’t bought them somebody else would have had to.  Now the bills are coming due and they don’t want to pay them (default on the debt)  which says they also will try and default on the National Debt.  They won’t be happy till were all eating cat food.

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One Comment on “PENSION FUND SMACKDOWN”

  1. Junior Says:

    Schwarzenegger and company are saying the same thing about state workers and CalPers as well as the teacher’s union and their pension system. Those people paid into that system, and have earned every benefit they’ve received. Fuck these legislators, who think nothing about going back on their word.


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