Main Menu

America Will Die Old and Broke: The Systematic Right-Wing Plot to Ransack the Middle-Class

Despite what conservatives say, the safety net works—which is why the 1 percent wants to stage a hostile takeover.

Through a quirk in state term limits combined with a terrible midterm election, the Nevada legislature has been taken over by amateurs and extremists. The legislature is now debating whether to dismantle the Nevada public employee pension system (PERS), a system that has gotten consistently high marks for transparency, responsibility and stewardship.

This attack on retirement benefits follows a very familiar pattern of fabricating data to destroy retirements that work and that people really like. It’s the same nonsense and lies used to destroy private pensions two decades ago, but this time it’s being done as part of a partisan wet dream of “limited government.” It’s a strategy as American as fast food and crumbling infrastructure.

This latest skirmish in the retirement wars perpetuates the biggest lie ever foisted on America—that we cannot afford retirement benefits.

Private pensions have indeed been systematically destroyed in recent decades, and replaced by “defined contribution” 401k plans. The conventional wisdom is that pensions are “too expensive,” but this is the heart of the lie. A great many private pensions were once over-funded, but a change in law allowed companies to “invest” the “excess” funding in other parts of their business. Once businessmen could legally raid the pension fund, the idea of private pensions was over. Many books have been written about the great pension theft. I recommend, for one, reading “Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers.“ Spoiler alert: you will feel rage.

 

READ MORE