Divide and Conquer: “This proposal would devastate retirees and their surviving spouses.”
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.