I say eliminate the pensions, liquidate them and put the money in each public workers newly formed 401K account
The government can contribute and so can the employee as well or the government can do a matching funds kind of deal.
This way it is all budgeted and the money is in the control of the retiree, not corrupt government insiders using the funds as their personal piggy banks
ahh....but that’s the OTHER reason the Dems love Ghilarducci’s plan.
It would make the Federal Government the single largest pension-fund manager in human history. Deciding what stocks to buy or sell....would allow the Feds to deploy an absolute iron grip on the shorthairs of private corporations.
Don’t want to play ball with us on environmental policy? Fine, we’ll sell and drive your stock down to eight cents a share.
“I say eliminate the pensions, liquidate them and put the money in each public workers newly formed 401K account”
You forget that the government is obligated by contract. You just don’t liquefy contracts without both parties consent.