Sharpening our wits on the grindstone of Life: Clowns to the left of me... .comment-link {margin-left:.6em;}

Sharpening our wits on the grindstone of Life

Monday, February 28, 2005

Clowns to the left of me...

Swartzeneger's plan to eliminate pension

Californians are up in arms about the Governator's new plan to shift the state's employees from their current pension plan to private accounts. Apparently, the current plan's administrators aren't doing so well investing the funds that're designed to provide state employees with their retirement benefits. So naturally, so the state doesn't lose money, they propose putting the onus on employees to take the risk to make sure they have enough to survive on after they retire.

Let me get this right. The current fund administrators, who rely on professionals to determine where to get the best return on investment, are not doing so well. So the solution is to bail out, and give the investment decisions to future retirees, who probably have as much investment savvy as I do. And obviously, I'm not rich, or I wouldn't be using a free blogging service.

So what they're saying is that their experts can't be counted on to make money for the plan, so you're on your own. You can either invest on your own intuition, or pay Wall Street folks to invest your money for you. Just like Social Security reform - it's a win-win scenario for the investment bankers, but a "pay me or starve" proposition for us ordinary folks.

Thanks, Ahnuld. We knew you'd say "hasta la vista, baby" to the most vulnerable of your constituency at the first opportunity. It sets a good precedent for your run for the presidency.

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