Sirota and Taibbi: Exposing the Agenda to Fleece Billions from Workers’ Retirement Savings | Alternet
… the legend of the lazy, budget-devouring public-sector employee as the cause of America’s fiscal crises has in many cases been carefully manufactured by Wall-Street-funded organizations. Their goal is to pretend that modest retirement benefits are the cause of pension shortfalls. They promote this story even though data show that stock market declines from fraud in the financial services industry were most responsible for those shortfalls.
To be sure, there’s a good number of public employees that I’m determined to see return every last cent of their pension benefits … I’ve named many of them in previous posts.
But most public employees deserve every dollar of their pensions. And they won’t have them if citizens are flimflammed into believing that 401-k style accounts will be of benefit to them.
Governors already know what to do to achieve fiscal stability.
They have to open a state bank – like North Dakota’s – and begin to make loans and collect interest rather then obtain loans and pay interest. To do this, all that state governors need to do is admit that North Dakota’s 100-year-old bank hasn’t got anything to do with socialism – loans and interest are functions of capitalism, regardless of who’s making the loan or collecting interest.
I want a Florida state bank now – not some sham revised pension system – so that Miami-Dade Police Officer Vicki Thomas can collect her pension later: