Scranton Mayor Slashes Pay For All City Workers—Including Police And firefighters—

[whell]

Originally Posted by icenine

What private pensions? Where have you been the last 20 years? You are not concerned about the loss of pensions in the private sector and the lack of good health care benefits for private employees? Are you just glad that public employees are going to feel your pain too?

Kind of an idiotic thing to say, IMHO. First, there are a number of large companies that still offer pensions. I'm fortunate enough to work for one. And yes Bill, a few industries either blew up or went through bankruptcy and offloaded their pension obligations to the PBGC, and companies today pay premiums to the PBGC if they want to offer a pension. However, federal pension funding and reporting rules make it almost impossible now for most companies to offer pensions due to heavy administrative expense.

As far as health care, no worries. Obama fixed health care with PPACA.