Jan 24, 2005
Governor Arnold Schwarzenegger is proposing to end pensions for California state employees, starting with those hired after July 1, 2007.
The "Terminator" says pensions are "out of control," and costing the state too much. He blames retirees for causing the $8 billion deficit in his budget.
Oh, really? Never mind that some of the biggest, most profitable corporations in California don't even pay taxes! Never mind that the top one% of income earners in California are getting $12 billion in federal tax cuts this year!
No – Arnold wants to cut the pensions of retirees who will have given their whole working lives to the state – and replace them with 401(k) plans!
No thanks! We have been around long enough to know what that means – instead of gambling our retirement away on the stock market, we might as well go to Vegas and play blackjack!
Arnold might as well be honest and tell us straight: "You better die young because I'll take away what you deserve after working all your life."
There is only one answer to this: This ain't a Hollywood movie, Big Guy, and you won't get it your way this time!