Quote:
Originally Posted by Dave Schwartz
First, I wish nobody who has earned a pension to lose that pension....
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Well, we're talking about a situation in which the parties involved in creating the "agreements" knew full well they were soaking the system, and that the rates of return were unsustainable. And to rub salt in the eyes of privately employed taxpayers, they even had the gall to "guarantee" their benefits by amending the state constitution.
Since fraud was part of the original plans, it's my opinion that reducing or eliminating the benefits is an entirely lawful outcome.
I won't argue that there are workers who never fully understood the criminal aspect of it all, but I would argue that they have not legally "earned" anything.
You're absolutely correct to point out the parallels of private pension funds and Social Security. Benefit reductions and/or eliminations are on tap for all of us, IMHO, as the economy won't be able to support the enormous amount of debt, directly and indirectly obligated.
