George Rebane
“The sages of Sacramento have done such a splendid job of not adequately funding California’s public pensions that now they want to do the same for non-government workers. Their latest brainstorm is to establish state-administered retirement plans for workers in the private economy. This is not a joke. … .” as reported in the 22aug12 WSJ.
Wending its way under the Sacramento dome is SB1234, a bill to create another huge bureaucratic mess in California intended to extend the power of a totally inept, corrupt, and bankrupt state government over one more aspect of our lives – private sector pensions. The idiots in our legislature are using the imminent Social Security funding shortfalls to argue that our state government, that can’t manage the proper funding of a cup of Starbucks, will now pick up the slack to provide a happy retirement for our private sector.
These capitol turkeys have done nothing but catastrophic damage to the private sector every time they touch it with their incompetent hands – check the impact of their latest AB32 green jobs disaster. As soon as this Senate bill goes through the Assembly’s little amendments, they’re taking it to Gov Moonbeam for his siggy that is forthcoming as sure as the morning’s sun.
This new law and bureaucracy are awful as witnessed by the heavy small business lobbying against it (here) since it was introduced last February. “The legislation would require employers that don’t already sponsor retirement plans to enroll their workers in state-administered “individual retirement accounts,” but they are really defined-benefit pensions in disguise.”
Oh, and did I mention that union dominated CalPERS – you know, the 7.5% return boys – want to pitch in and help mismanage the new retirement portfolio? That this is being considered may be “no joke”, but if we look at this latest abomination from another direction, it may yet be the biggest joke on the California economy concocted by our capitol cretins.
rebanesruminations.com 
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