-——De León’s bill would bankrupt countless small businesses trapped in its wake.——
I don’t see how this would be harmful to any business. The employees wil be effected. If you earn $1 an hour, you will receive only $.97 on Payday and a note on the stub that $.03 was deposited into a retirement account.
The Republicans are missing an opportunity over the 6% payroll tax cut. They should increase it to 10% with 4% permanent and to be deposited in a bank special individual retirement account. When the account reaches say $2500 it can be transferred to one of several index mutual funds run by any of several fund companies in business for 25 years and with a positive record and $??? billion managed assets.
Voila....... privatized social security based on the strength of the American economy.
Wow, that bill is one of the best wealth re-distribution schemes I’ve ever seen! And even more blatant is that the non-governmental “contributors” will receive a much lower rate of return than the current contributors.
It nearly boggles the mind.
CalPERS or some other entity would manage it. Here is the real motive. Then the state could borrow against it. Guess what happens to the money? The loss would be blamed on corrupt officials or bad investments. Bottom line is that when the government increases control over private employers; it always makes a problem worse. You’ve botched up California public employment - leave the private employees alone.
Another HUGE reason Democrats are desperate for single payer health care. Then the costs for health care can be spread out to everyone, whether or not you live in a liberal "utopian" one like CA or a fiscally responsible one like TX.
Single payer is yet another union bailout.
Interesting that the article notes LA as another city in big trouble, yet the mayor of LA, Villagarosa, is going to be the "emcee" at the DNC Convention.
Actually it boosts employment
all those existing workers will be put on reduced hours (less than 32) and new "temporary" workers hired to fill in.
All are now "temporary" and so don't get ANY benefits.
How did that 36 hour week work out in France............/sarc
“Bookkeeping errors” - Oh, Democrat vacations to France.
““Somebody has to suffer and in this case the city manager has decided it should be the bondholders who suffer,” Marc Levinson of the Sacramento-based law firm Orrick, Herrington & Sutcliffe LLP, which represents the city, said at a news briefing at Stockton’s City Hall today.”
Just .... wow.
Eventually, California will be like a big, feudal kingdom. Large, pristine estates will be divided up among celebrities, politicians and the super rich. On these estates will reside the serfs (e.g., Latino and other subservient minorities) who will do the menial labor and gardening. Except for a few college campuses (e.g., Berkeley, Stanford, Pepperdine) there will be no one else.