[Sacajaweau]

Pension reform....or union reform??

[Vigilanteman]

Confucius say “ "They who use political muscle to extract unrealistic pension from taxpayer should not be surprised when taxpayer use political muscle to cancel said pensions."

[cicero2k]

In 2001, Grey Davis promised State of California employees that they would be as well off as Silicon Valley tech company founding employees. “they didn’t build that” was not yet a phrase applied to private wealth.

Then the downturn. Oracle Corp for example suffered 13 years of no growth in value. Employees holding that in their 401K did not advance.

Not so with state employees. Figure 8% growth each year. Gaps paid for by the taxpayers. They are sitting pretty.

The private sector role model: not so much.

[yefragetuwrabrumuy]

I would say that the first thing to do is pass a federal act, that to receive disability that does not involve a missing limb, a person must have their disability reviewed on an annual basis.

“The share of the U.S. population receiving SSDI (disability) benefits has risen rapidly to the point where it threatens to bankrupt the Social Security system. Republican have already propose curtailing its abuse.”

[Slambat]

“the outdated defined-benefit pension model used by state governments is not fiscally sustainable.”

Never was meant to be “fiscally sustainable”.
This pension reform just might be the foot in the door in
keeping or preventing states from going bankrupt by massive
federal bailouts. If I were a bond holder in any of these
states I would be worried.