Employers need a system that doesn't place their businesses at risk, and employees and retirees need to know that their retirements are secure. They deserve a pension system that they can count on, yet Congress waits to take action.
As he pursues his national "explorations" the governor is sure to be asked about this failure to follow through. And if he really wanted to have bragging rights about what has happened in New Jersey, he clearly missed his best chance by failing to fight for true budget reform.
Some Illinois lawmakers (26 of them, actually), Democrats and Republicans, state representatives and senators, have chosen to forgo the pensions they are entitled to through the General Assembly Retirement System.
Every contract for managing pension fund money should be posted on the web and show in plain language the exact fee structure. That way anyone in the country can examine it and assess whether a particular government is overpaying.
New Jersey's day of fiscal reckoning is here. The state currently faces a more than $800 million shortfall for the current budget period ending on June 30, and another $1.2 billion shortfall for the following period.
You can retire on social security and live a nice life. What? I thought that was impossible? Yes, it really can be done. I'm not advocating that you do this but the reality is that many people are facing this scenario.
We don't know how much was in that account. We do know it barely amounted to pocket change for Cerberus, which stands to profit handsomely from the wind-down of World Airways and the sale of assets from a sister airline.
America's retirement crisis is as consequential as our healthcare crisis. We mustered the will to do the hard work of extending access to healthcare to all Americans. We must also meet a just and civilized standard for retirement, so that retirement is a time of security, not poverty.
If we can't reform our system, we at least need to communicate to baby boomers that they need to stay at their decently-paying jobs at least another decade, rather than "retiring" and ending up taking part-time, benefit-less minimum-wage jobs to try to make ends meet.
In 1970, Chicago had a booming middle class. In the 40+ years since then, the middle class has disappeared from the city, squeezed out by growing lower and upper classes. It has left the city with two different economies.