Cities and state politicians have simply refused to pay their legally required pension obligations for decades. They have borrowed from and/or created bonds based on pension systems. By continued underfunding (theft by taking owed money and giving it to others) and layering interest on interest, the guaranteed impoverishment continues its cancerous gnawing. These same politicians are now aiming to victimize the victims of their systemic theft as they themselves posture politically as “saviors” of the systems. To use Vietnam era logic and language, “We had to destroy the village to save the village.”
Destroy the pension system to save the pension system – at the price of suffering and impending doom to human beings who were part of the hard working middle class. These blamed victims are now demonized as lazy and undeserving.
TODAY: Cleveland employees are being threatened. This is NOT new or a Trump executive order. The ongoing systemic plan (not a mere conspiracy theory) is a long range working plan for pension raiders on a national basis.
“The reductions were made possible under a 2014 law that, for the first time, allowed financially troubled pensions to shrink payments to retirees if it would improve the health of the fund. Prior to the law, troubled pension plans could only cut benefits for current workers. Reductions for retirees were only possible after a fund had become insolvent.
However, many bond holder investors are promised high interest levels and security to the investors first rather than to retirees first.
As reported earlier nationally,
“This proposal would devastate retirees and their surviving spouses. The proposal would also torpedo basic protections of the federal… pension law … thatonce benefits are earned they can’t be cut back.”
To further dismantle governmental safeguards and to profit the bondholders and the politicians whose campaigns receive contributions from the financial interests who will profit from this savagery, the political system preaches ideologies which are mere smoke and mirrors allowing pension managers and emergency managers to fill their own pockets and the pockets of those they actually serve. Corruption as government shifts into yet even higher gear. American retirees are treated as collateral damage, the war euphemism for innocent victims who are maimed and murdered.
“Several of the nation’s large multi-employer pension plans are on a course that would leave them insolvent within a decade. If that occurred, the federal insurance fund that protects the retirement benefits of more than 10 million Americans… could collapse.
In a proposal made more than a year ago, a coalition… said the only way to salvage the most distressed pension plans… is to allow them to cut retirement benefits before they run out of money.
This is illogical logic once the backgrounds and purposes are disclosed. Savage logic.
Teachers, counselors, mental health workers, and all public employees are under attack – even after they pay for their own retirement with each paycheck’s mandatory contributions. Systemic theft by politicians is ignored and unpunished.
At whatever age, we must take to the streets or allow yet another step of divide and conquer to cripple and kill us financially and physically.