Walker’s Plot to Plunder Pensions: It’s in the Budget!

[Donnachaidh]

http://www.politiscoop.com/component/content/article/35-last-24h-news/284-walkers-plot-to-plunder-pensions.html

This article continues our discovery process of the ‘behind the text’ operations of Governor Walkers Special Session SB 11 Budget Bill. To summarize the previous articles, Scott Walker's very divisive Budget Bill creates a new entity to replace the Department of Commerce. He refers to the new authority as the “Wisconsin Economic Development Corporation” (WEDC). At present, WEDC does not exist according to Wisconsin State records. What does exist is Wisconsin Economic Development Association, Inc (WEDA Inc).

With this in mind we took another look at the “shock doctrine” Governor Walker and his GOP lapdogs are introducing as legislature, a laughable joke on the entire governmental body if it were even remotely funny.

What we found was truly shocking and difficult to unravel although, I submit, Scott Walker has done a fine job of keeping everyone guessing what is going to come next, just when you think you have seen it all, we discover something even more outrageous.

In 2009, roughly half of the state employee’s pension fund’s total assets were managed by state employees, who were paid a total of $28.4 million for their work. In addition, outside Wall Street professionals were paid $194.7 million to manage the other part of the fund's assets. Cutting Wall Street pay, or simply moving more fund management in-house, could easily generate the $30 million in new taxes Walker wants to assess on state employees.

More at the link --

[dixiegrrrrl]

1. I fear that not enough people have figured out the money they are putting into pensions

is, one way or the other, going to be grabbed by both state and Feds.
Turbo Timmy said as much in his warning of our current debt, that he is going to ( not thinking about, but DOING)
stop the Government's paying into Civil Service and Federal Employee Pension funds, to save money.

[xchrom]

2. Recommend