CA renter really needs to accept that the pensions evaporated with the economic crash. There is nowhere to get that money from but from an economic rebound and recovery in asset prices, or higher taxes on everybody.[/quote]
Yes and deflation would obliterate those pensions.[/quote]
That’s why I find her positions extremely selfish and self-centered.
She wants an economic crash and deflation for everybody. But she wants employment contracts to protect public salaries and pensions at peak levels, no matter what the economic conditions are.
She recognizes the majority of pension funds’ assets were based on Wall Street investment returns. But then those asset values went poof with the financial crisis. Now she wants the taxpayers to make up the loss pension fund values.
As pri_dk pointed out, seizing the money of bankers will only make up a small amount of the pension funds’ shortfall.[/quote]
Brian,
I’ve said **multiple** times that I favor deflation and would gladly roll back public employee compensation to pre-bubble levels (mid-90s? mid-70s?) as long as **everyone** takes the hit together — including those who own assets.
Compensation for public employees is ALREADY down from peak levels, as I’ve mentioned many times before. Where did I say it was at peak levels and shouldn’t change?
Not only that, but I’ve stated **multiple** times that I disagreed with the pension boost passed during the dot-com era when pension funds were overfunded and disagreed when public agencies stopped paying into their employees’ retirement accounts (pension contribution holidays should never have happened).
Additionally, I’ve always said that public employees should (and will) end up paying far more toward their retirement accounts.
If you can show that I’ve said otherwise, please link to my post(s). Until then, stop putting words in my mouth.
What I HAVE said is that those who created our financial mess should take the first hit. I’ve never wavered on that, and I never will.
