Saturday, February 19, 2011
PUBLIC PENSION FUNDS...
In a link, below, a union representative here says pension fund "reform" for PUBLIC employees represents a red herring designed to get public employee money into the hands of PRIVATE, individual, greedy Wall Street speculative investors.
True, but, not quite sufficient.
PUBLIC EMPLOYEE PENSION MONIES ALREADY AGGREGATED, BUNDLED, INVESTED INTO PRIVATE CORPORATIONS and SPECULATIVE FINANCIAL DERIVATIVES, THROUGH THEIR COLLECTIVE BARGAINING LABOR UNION.
They are WELL represented throughout the Middle East and the globe.
This FACT represents a MAJOR class contradiction and conflict of interest.
CALPERS, California Public Employee Retirement System, being amongst the nation's largest.
I have this information CONSTANTLY on my posts, but, it remains totally ignored.
The ONE AND ONLY BIG difference between PUBLIC and private employees, PUBLIC employees get a GUARANTEED, DEFINED pension BENEFIT, income.
The reason being it falls upon their local CITY, STATE OR FEDERAL GOVERNMENT, i.e, TAXPAYERS, to SUBSIDIZE any shortfall, DIFFERENCE, when and if THEIR PENSION FUND PRIVATE INVESTMENTS SUCK, i.e., do NOT realize a projected rate of return, profits.
As usual, instead of EXPANDING, DEMANDING, ONE SINGLE, NATIONAL, GUARANTEED, FULLY FUNDED pension system, such as our national, but, underfunded, SOCIAL SECURITY, we have MULTIPLE, competing ones, ALL INVESTED IN PRIVATE SECURITIES, EXCEPT for one NATIONAL Social Security system, based STRICTLY on a tax collected from earnings.
NO PRIVATE INVESTMENTS, which is why "they" want to get rid of it.
However, Social Security SURPLUS monies collected annually are utilized and distributed to offset OTHER GOVERNMENT projects.
So, an artificially manufactured local State, City and Federal budget crisis was, in the first place, intentionally deepened, designed and advanced through TRILLIONS OF TAX PAYER DOLLARS subsidy, gift, giveaways, boondoggles, private bond offerings and DEBT TO THOSE VERY SAME PRIVATE CORPORATIONS and NEVER CHALLENGED BY THE SAME UNIONS WHO SUPPORT THE VICHY DEMOCRATS in the first place.
Likewise for a NATIONAL, SINGLE PAYER MEDICAL INSURANCE plan, thus, expanding Medicare, part of our Social Security system.
Likewise, of course, NO expanded PUBLIC ownership, nationalization, of ANY of our industries and/or natural resources, subsequent job stability, incomes, education, etc.
Nor a tax on every single stock market transaction.
Just more privatization as far as the eye can see, THANKS TO ALL COMBINED ABOVE and BELOW, their utmost stupidity, short sightedness and CLASS COLLABORATION.