Eyes wide open …
“Gov. Arnold Schwarzenegger says getting rid of public pension plans for California’s state and local government workers is about helping to balance the budget. Peel back the budget wrapping on his plan, though, and you will find the governor’s real agenda: the California prong of a national attack on the pension funds that have stood up for corporate reform and the interests of ordinary families and investors hurt by the recent wave of corporate scandal. The governor has proposed privatizing government pension plans and replacing them with individual 401(k)-style private accounts. His proposal strikes at the power of public pension funds, which have used their financial clout to protect the retirement savings of 2 million Californians â teachers, police officers and other public servants.”
That’s from Phil Angelides, Treasurer of the state of California, in his opinion column in this morning’s LA Times.
