I’m impressed when a reporter does his or her job properly and balances the news instead of feeding the mob that bellies up to the slop-trough of Yellow Journalism, which is based on sensationalism and crude exaggeration.
Don Thompson’s misleading AP piece, Public retirement ages come under greater scrutiny did not impress me.
However, Kevin G. Hall did. Hall writes for the The McClatchy Company, the third-largest newspaper publisher in the United States with 31 daily newspapers in 15 states. Hall provided a more realistic, honest balance of Why employee pensions aren’t bankrupting states.
In his piece, Hall wrote, “From state legislatures to Congress to tea party rallies, a vocal backlash is rising against what are perceived as too-generous retirement benefits for state and local government workers. However, that widespread perception doesn’t match reality.”
According the Hall, “Pension contributions from state and local employers aren’t blowing up budgets.” They amount to just 2.9 – 3.8 percent of state spending, on average.
In addition, Hall says, “Nor are state and local government pension funds broke. They’re underfunded…”
With those facts, we should ask what is the real reason to turn on public-worker sector pension plans.
The answer may be Wall Street and US bank private-sector greed, the same greed that caused the 2008 global economic crises.
According The Council on State Governments, in 2006 before the crash, the total amount of money held by these federal, state and local public-pension plans was almost $6 trillion dollars, and greed, it seems, has no limits.
If you do not believe me, ask people such as Bernard Madoff [$50 billion], Scott Rothstein [$1.2 billion], Tom Petters [$3.7 billion], Allen Stanford [$8 billion], March Dreier [$400 million], Lou Pearlman [$500 million], Michael Kelly [$428 million], the Greater Ministries International church [$500 million], Scientology minister Reed Slatkin [more than $600 million], and Nicholas Cosmo [$370 million].
Return to The Private-Sector, Jealousy-Misery Media Factor – Part 4 or start with Part 1
Lloyd Lofthouse is the award-winning author of The Concubine Saga. When you love a Chinese woman, you marry her family and culture too. This is the love story Sir Robert Hart did not want the world to discover.
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