Suddenly America is waking up to the "problem" of public employee pensions:
http://www.nytimes.com/roomfordebate/2013/12/05/the-public-pension-problem
Most public employees worked diligently for decades for shit wages because they were promised good benefits. Now we're taking those benefits away. Why?
Here's is something everyone has forgotten (if they ever knew):
Prior to the era of Michael Milken and junk bonds, pension obligations had to be fully funded. But to allow Mr. Milken and his ilk to raid those pension funds, Congress changed the requirements so that pension providers only had to fund their day-to-day cash flow. All the "excess" funds were scarfed up by Milken and the junk bond peddlers and flowed to Las Vegas and other venues where the ruling class could use them to redistribute (to themselves) even MORE of our hard-earned money.
Without a radical restructuring of our banking and finance industry, this economic house of cards is going to come crashing down one day. I am currently reading the just-published book Gold Wars, and if what the author says is true we are headed for a financial catastrophe of Biblical proportions, and it will involve a lot more than pensions.
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