The Real News Network has the video and transcript Exposed: California’s Secret Plan to Gut Public Pensions. From the transcript with a “you know” filter applied:
A bunch of plutocrats have gotten together and decided that it’s a good time to swindle the American people yet again. And this time they’re going after public pensions. They are waging war on people whose only crime is to get up in the morning and go to work and serve their communities. It’s an audacious and cynical attack on people who have no responsibility for the state budget shortfalls that some of these groups are screaming about.
You will have to do research yourself to find out what is actually in the swindle. Taking the video at its word, we have to realize that it is not only government “entitlements” like social security that these people are after.
Just think that since the 401k and IRA were introduced, the private pension has all but disappeared. Even worse than that, the 401k has been turned into a corporate profit center because the company gives the contract to manage your 401K to a management company. And by “gives” I don’t mean for free.
Since the top 1% of the country has most of the income and assets, you wonder what there is left to squeeze out of the bottom 99%. I guess they make it up in volume. Then again, the top 0.5% can start taking from the next 0.5%. Does this increasing concentration of wealth at the top have a happy outcome for the rest of us? What do you think?