This state and our nation should learn a lesson from the bankruptcies that now plague California. Defined-benefit pension plans should be erased from our financial landscape and replaced by fully funded 401(k) plans controlled by the worker himself and not some fund manager making friends with "the rich folk."
Workers do not need union bosses, corporate executives or state fund managers giving promises for their old-age retirement. To paraphrase Tom Cruise, "Show them the money!"
Sunday, April 7, 2013
Lessons Of California Bankruptcies
I think we are headed in this direction on every front.