The assets owned by public pension funds represent the largest pool of financial assets held by the public, and the size of this pool -- more than $5 trillion -- gives the public an important and influential channel of influence on the private sector as one of its largest investors, and they are using that influence to create a more equitable and sustainable private-sector economy.
The debate over public pensions shows clearly the contempt that the elites have for ordinary workers. While elites routinely preach the sanctity of contract when it works to benefit the rich and powerful, they are happy to treat the contracts that provide workers with pensions as worthless scraps of paper.
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