Pulling out the partisan gloves without the facts. Granted, pension funds are experiencing a great many problems, but it is too easy to blame the current administration. The fact of the matter is, no matter who occupies the White House, this is a problem. The costs of a defined benefit plan, like many pensions, are so expensive that they are cost-prohibitive today--which is why 401(k) plans, a defined contribution plan, is so popular.
Old economy companies, like United Airlines, are facing serious shortfalls in pension funding, often because the companies would raid the funds to help pay for short term needs, fully expecting, usually in good faith, that they would be able to repay the fund. Of course the repayment did not occur.
Public pension funds facing shortfalls are more a function of mismanagement and too high expectations rahter than federal government policies. If you don't believe, take a look at what happened in San Diego. The practice of promising massive pensions to government workers is going to have to change. It is far better to pay them a higher salary on the front end (and tax them on it) than to promise a massive benefit upon retirement.
Of course, Dean needs to have some sort of message to pound on in order to get notices. But, once again, please look carefully at the story and the message. There is not one kernal of an idea to fix the problem in all of Dean's rantings. If you want to fix the system and have a real debate about this, or any, issue, come to the table with an idea, otherwise you are just blowing smoke.
Dean Accuses Bush of Not Protecting Pensions
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