“Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers” by Ellen E. Schultz was published in 20111 – 2012. This superbly written and well researched book mentioned that laws present at the time of publication prevented the same thing from happening to public pension funds but that legislation was being attempted to legalize the public plunder. It is well worth reading. David Sirota explains the massive theft clearly via Fred Klonsky’s blog which is reposted here.
– David Sirota
Chicago is the iconic example of all of these trends. A new report being released this morning shows that the supposedly budget-strapped Windy City – which for years has not made its full pension payments – actually has mountains of cash sitting in a slush fund controlled by Mayor Rahm Emanuel. Indeed, as the report documents, the slush fund now receives more money each year than it would cost to adequately finance Chicago’s pension funds. Yet, Emanuel is refusing to use the cash from that slush fund to shore up the pensions. Instead, his new pension “reform” proposal cuts pension benefits, requires higher contributions from public employees and raises property taxes in the name of fiscal responsibility. Yet, the same “reform” proposal will actually quietly increase his already bloated slush fund.
But it gets worse: an investigation by Pando has discovered that Emanuel has been…
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