State-run retirement for private workers: Squirrel?

OCR ^ | 09/11/12 | edcoil

[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,”

[edcoil]

Government just taking more cash from poor folks to miss-manage.

[TurboZamboni]

The California politicians have done such a great job thus far:

http://www.pensiontsunami.com/public.php

[blueunicorn6]

Serf’s up in California! Kowabunga Jerry!

[GeronL]

It’s called theft. Watch for Obama to make a grab for 401k’s

[agere_contra]

This would be a potent cocktail of financial repression and money laundering.

[Revolutionary]

Edcoil is right. They will take the 401K money now and promise a state run pension in the future.

[Myrddin]

Hell no. I'll put my money in a mattress before letting those a-holes steal it. They will take the retirement money you have saved over a lifetime, squander it on "benefits" for public employees and leave you with a worthless IOU labeled "public pension".

[Buckeye McFrog]

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”

[TurboZamboni]

A Downgrade for Illinois-The worst credit rating( aside from California)
http://www.freerepublic.com/focus/f-news/2924482/posts

[machman]

The fees will be “only” 1%? That is obscene. More state employees to hire. Look at how big calpers and calstrs are, in the hundreds of billions, this pool of money could grow really fast, think about it...the would use these “management fees” to fund the rest of state.

[Thud]

California absolutely should do it, and fund it with a zillion dollars in bonds, because our last Republican Governor said "Bonds are a gift from the future" thinking those are free money.

California voters will go for this like a shot. They'll believe anything.