Friday, April 08, 2005

Good News to California Public Employees & Teachers!

Governator Schwartzenegger has backed off his threat to privatize the California Public Employees' Retirement System and the California State Teachers' Retirement System. (See this AP report) These are the largest and third-largest pension funds in the U. S. and the Governator wants badly to change them from fixed benefit government pensions to fixed contribution pensions with no guarantee of any kind.

Schartzenegger wants to do the same thing Bush wants to do with Social Security, and the Californians have gotten wise to him.


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