Dave Low and Chuck Reed faced off now on KQED’s forum on Friday, August 28. Listen to the audio recording here.
We need you to post comments on why Reed’s pension initiative is a bad idea.
* We don’t have a pension crisis, we have a retirement INSECURITY crisis where 1 in 7 seniors in America live in poverty and where nearly 1 in 5 who are NEAR RETIREMENT have zero money saved.
* Instead of dismantling public pension systems, we should be helping create more employer-based retirement plans: 1 in 4 workers with full-time jobs don’t have access to a retirement plan.
* Reed’s proposal is an attack on the retirement security of teachers, nurses, firefighters, police and other public employees.
* It will reduce retirement income for millions of Californians that fuels our economy. For example, the $12.7 billion CalPERS paid benefits results in $30 billion in economic activity.
* Many public employees (for example, teachers, firefighters and police) do not receive Social Security; this measure will undermine the ability of retirees to live with dignity.
* It will be difficult to recruit and retain teachers, firefighters, police officers and other public employees if promised benefits can be taken away.
* This measure is being funded by the same failed politicians and Wall Street bankers who drove the economy into ruin and who will profit from risky 401K style plans.