Skip to comments.State-run retirement for private workers: Squirrel?
Posted on 09/11/2012 8:14:28 AM PDT by edcoil
Should the Golden State now set up a new retirement system for private workers? Despite its, you know, perhaps-less-than-stellar stewardship of said public pension plans?
There are many sober arguments made by opponents including the Fullerton, Garden Grove and Orange chambers of commerce along the lines of California already faces hundreds of billions of dollars in unfunded pension liability for its public sector workers, and now is not the time to create and assume liability for a new plan for private sector employees,
(Excerpt) Read more at taxdollars.ocregister.com ...
The California politicians have done such a great job thus far:
Serf’s up in California! Kowabunga Jerry!
It’s called theft. Watch for Obama to make a grab for 401k’s
This would be a potent cocktail of financial repression and money laundering.
Edcoil is right. They will take the 401K money now and promise a state run pension in the future.
This is the long-term plan.
Create a National Pension system with the argument that we’re all too stupid to manage our 401K’s and/or there are too many predators out there in the market.
Then roll all the failing union and gov pensions into it to hide the losses. With the added benefit that it makes Government the majority shareholder in thousands of “private” corporations. Google “Teresa Ghilarducci”
A Downgrade for Illinois-The worst credit rating( aside from California)
California voters will go for this like a shot. They'll believe anything.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.