Harold Schaitberger, general president of the International Association of Fire Fighters based in Washington, said, "Going forward, this is as much about politics and the priorities of public officials as it is about bankruptcy and the court." Schaitberger said that elected officials in the United States are expected to continue to "push for austerity no matter the cost to the lives of workers and public safety."
All across America, Wall Street is grabbing money meant for public workers. Not only did these middle-class workers already lose huge chunks of retirement money to huckster financiers in the crash, and not only are they now being asked to take the long-term hit for those years of greed and speculative excess, but in many cases they're also being forced to sit by and watch helplessly as Gordon Gekko wanna-be's are put in charge of their retirement savings.
The Dumbest Retirement Policy in the World - A failed public policy experiment is tearing the country apart. It was a bad idea from the get-go, but new research shows that America's 401(k) revolution has left us even worse off than we thought. Here's a look at how we got into this mess, and where it will take us if we don't wise up.
How’s your 401(k) doing? Working Americans ask themselves this question — and angst about the answer — a great deal these days. Any why not? For most Americans, retirement reality has turned chillingly stark: Either you have a robust set of investments in your 401(k) or you’re facing a rocky retirement.
Economic Policy Institute