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Investment Analysis Clubs / Macro Economic Trends and Risks
|Subject: Re: Proposal to end public pensions||Date: 7/10/2013 8:15 PM|
|Author: Dwdonhoff||Number: 428415 of 511007|
Maybe we should go ahead and destroy public pensions and Social Security and put everybody under the thumb of Wall Street.
I see no reason to *destroy* defined benefit plans... just have them executed by the enterprises that do that correctly, are held to standards of reliability & culpability, and are required to back up their commitments with actual cash reserves.
If XYZ annuity company shirks its commitments, or even goes titsup... there are safety nets and industrywide backup plans in place to manage that... the contract owners have a much better chance of walking away *WITH* something.
When the government goes BK (real, or just re-organizing) everyone is screwed.
If people really want defined benefit plans (and they do,) then they'll pay the real price for them (and they do, including employers.)
Get the politicians out of the business of investment management. They're good at campaigning & politicking, not commerce.
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