America’s Growing Retirement Crisis

http://billmoyers.com/2013/12/12/america%e2%80%99s-retirement-crisis-grows-as-cities-raid-pension-and-health-plans/

Across America, states, counties and cities are taking steps that will make retirement for ex-public employees much harsher. Courts, politicians and corporations are all working together to chip away at deferred wages: reducing pensions or eliminating promised healthcare, or both. Said simply, they’re looting retirements and pushing people toward poverty.

This is the course unfolding in federal bankruptcy court for the city of Detroit. It is what the Illinois Legislature passed last week in a giant pension reform bill that excluded the city of Chicago, whose red ink reckoning comes next year. It’s what’s before California cities that have filed for bankruptcy, or are seeking voter approval to cut into retirement benefits, such as Stockton, San Bernadino, Riverside and even wealthy San Jose.