WLNOB has been posting on the pension crisis. It is not just the Public Pensions. When they change the laws to cut those benefits, the laws will be changed for everyone, and then the Corporations can come after Private Pensions. On another pension front, 401(K)s are a fraud, so what pensions you have, you better work to keep: "The truth is this: the concept of a do-it-yourself retirement was a fraud. It was a fraud because to expect people to save up enough money to see themselves through a 20- or 30-year retirement was a dubious proposition in the best of circumstances. It was a fraud because it allowed hustlers in the financial sector to prey on ordinary people with little knowledge of sophisticated financial instruments and schemes. And it was a fraud because the mainstream media, which increasingly relies on the advertising dollars of the personal finance industry, sold expensive lies to an unsuspecting public. When combined with stagnating salaries, rising expenses and a stock market that did not perform like Rumpelstilskin and spin straw into gold, do-it-yourself retirement was all but guaranteed to lead future generations of Americans to a financially insecure old age. And so it has."
Posted on: Wed, 07 Aug 2013 22:59:29 +0000
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