"Pension Reform"? I don't think it's a budget issue, I think it's another Wall Street money grab...

[arbusto_baboso]

Think about it. How much money will states save (and how soon) by "reforming pensions" of public employees. Very little, really. On the other hand, by ending assured public pensions, and replacing everything with 401(k)s and the equivalent, you pump a lot more money into the stock market.

Since they were temporarily blocked from grabbing the SS monies, maybe this is their end run?

[liberal N proud]

1. I think you are spot on

There is nothing to prove that these things they all say need to be removed from unions will balance the budget. Most of them don't even take effect this budget cycle.

[GeorgiaPeach]

2. +1

[EFerrari]

3. Of course.

Our whole system is predatory now.

[Warpy]

4. The problem is that the money has already been grabbed

and they don't want us to find out about it when we try to collect our pensions and get a card saying "oops! all gone! Surprise!"

[arbusto_baboso]

5. Most of it has been grabbed, not all.

But they won't rest until they have all of it.

After all, they need more money to fuck up on an even grander scale!

[rucky]

7. We have a winnah!

But sadly, your prize is no longer available.

[geardaddy]

6. K & R

You're likely right on.

[ParkieDem]

8. I don't think so.

Pension money is already invested on Wall Street.

The pension authorities of various states, school districts, local governments, etc. all invest pension contributions in a variety of investment vehicles. Hedge funds, mutual funds, derivatives, debt instruments, regular everyday stocks, all of these are held in huge numbers by pension funds.

Now, it could be that some RETAIL brokers want to get their hands on new individual clients in the event that retirement obligations are shifted from pensions to 401(k)s, but those numbers pale in comparison to how much pension funds have invested in the market already.

[EC]

9. It's a money grab alright

but it's the state treasuries that want the money that the unions hold for the pensions. When I applied for mine from Chrysler - it was through the union trust, they hold the monies now and the state wants that transfered into their accounts.