March 3rd, 2015. Today pension cuts go into effect in Detroit after the city filed for bankruptcy. Instead of being the first creditors to be honoured in the bankruptcy proceedings, the Detroit city retirees were placed behind bondholders and suffered a 4.5% cut.
March 4th, 2015. When faced with shortfalls in pension revenues, politicians are loathe to raise taxes on the wealthy who fund their campaigns, and loathe to raise taxes on their voters who would vote them out of office. So they cut public workers pensions. Here comes a call to cut pensions in Pennsylvania.
April 9th, 2015. 2.5 billion dollars in fees extracted by Wall St. for New York City pension fund. Unable to link to article in the New York Times. 97% of the profit made from the investment in Wall St. went back to Wall St. in fees. A lousy investment. Apparently the problem is not just in underfunding the pensions. Whenever I read that Wall St. wants our Social Security Dollars to invest in Wall St., be sure it is so that they can make money, not so that Social Security will make money. Talk about asset stripping by the 1%.
June 1st, 2015: Pennsylvania Passes Bill Gutting Future State Pensions and cuts to current pensioners. The bill has to go to the Republican dominated House and the to the Governor to be signed. Heres the Link: