The only thing more frustrating than the media's refusal to cover America's retirement crisis is that the trade group for the mutual funds who manage 401(k) assets continues to insist that the crisis doesn't exist.
Rand is the guy who accused the president of being too tough on BP during the largest oil spill in American history. His feelings about corporations resemble how pre-Reformation Catholics felt about the Pope -- absolute infallibility.
For many years the American Right -- and many of the most powerful elements of corporate and Wall Street elite -- have conducted a war on public employees. It's time for Progressives -- and Americans of all stripes -- to wake up and smell the coffee.
In the past two days we've seen a federal judge rule that Detroit can go bankrupt, putting its workers' pensions in jeopardy, and we have seen Illinois' legislature vote for substantial cuts in its retirees' pensions. Undoubtedly these two actions are just the tip of the iceberg.
Senate Bill 1 passed the House in May but was defeated in the Senate. Now it's back, in a different form supported by Democrat and Republican legislative leaders, for a possible vote today in Springfield.
Congress is again fighting over the budget with Republicans now demanding cuts in federal employee benefits. Is this really about the budget? Or is it about destroying government? Meanwhile hundreds of billions of taxes owed by corporations remain uncollected.
The initiative would not only cut the retirement benefits of future public sector workers, but of current government employees as well. Should the measure make it to the ballot and prevail, that provision will surely trigger a bitter legal fight.
If you're among the millions of Illinoisans sick to death of the words "pensions reform," here's some good news: It's looking more likely than ever that the General Assembly will act on a bill in two weeks that'll get those words out of the daily news cycle and into the courts.
That's the one good thing you can say about what's going on in Detroit: It will hopefully motivate the politicians, employees and unions everywhere else to face reality and not believe the Tooth Fairy will somehow deposit the cash under their pillows.
Can a municipality claim bankruptcy when its assets potentially surpass its debts? That's the question facing a federal judge, who will determine in the coming weeks if Detroit is eligible to file bankruptcy, despite having billions of dollars worth of assets.
The most recent alarmist language from pension opponents is that Californians must make a choice between providing a secure retirement for our state's seniors and paying for every other social service and progressive cause.
Recently Bay Area climate activist Tom Steyer described the agonizingly slow pace of U.S. political action on global warming as the equivalent of driving a car at a hundred miles an hour towards a cliff. He's right. The longer we wait to address warming, the harder it gets to do so.
Senate President John Cullerton is getting behind a pension reform compromise bill being hammered out by the General Assembly's special, 10-member conference committee that has been working on a bill since June.