I read what you wrote twice and I fail to see where we differ in our opinion on this matter. It's implied that the reason why they would drop their defined benefit plan is because it's much cheaper. So where are you exactly finding an issue? As for the last paragraph, that's the core argument in this thread and in the article. It's easily in the top handful of issues that are killing this country financially.
Like Clacy said, it's a spot on analogy. When unions demand guaranteed raises, more generous pension payouts, health care, etc with absolutely no sensitivity to the economic environment in which they are operating, then they are nothing more than a strong-armed legalized mafia. Hell, if I were a politician I'd cite that 500 million in pension obligations due for the city of Vallejo. Meanwhile, they had 6 million on hand. Multiply that stat by xxx and we start to get a much clearer picture of the black hole in this economy.
dont even need to read the piece or this thread you are the morons that put up with the union mafia, the teacher mafia, and the civil service mafia without rioting in the streets. you got what you asked for . hope your kids appreciate what you've done for them kick ass or bend over
My issue is with what I quoted you on. You stated that companies dropped their defined benefit plans because it would bankrupt them and that's not the case. If 401k plans were not created private companies would still have their defined benefit plans and they wouldn't be going bankrupt because of them. There are still companies that have open defined benefit plans today and more than have frozen plans that, while still paying out to their current participants, are closed to further contributions and new participants.
rhode island is the first state domino likely to fall. http://www.nytimes.com/2011/10/23/b...is-now.html?_r=1&scp=2&sq=rhode island&st=cse
"Earn all you can" (in the private sector)... is sometimes thought of as greed.... but it's generally not. "Extort all you can from somebody else"... IS greed. It's how public employee unions operate. Private company unions, despicable as they are, have limits as to what they extort. If they demand too much, the company which is required to pay the wages and benefits goes out of business... and the union members are SOL. Public employee unions expect tax payers to pay ever larger and egregious sums to them. They are not only despicable, they're immoral. Should be illegal.