When we posed the question – Should the Golden State set up a new retirement system for private workers? Despite its, you know, perhaps-less-than-stellar stewardship of public pension plans? – readers were not keen on the prospect.
“This is the worst idea ever,” commented Greg Williams. “More nanny state nonsense?” wrote Marilyn Stanley McKellips. “Great idea trust the government that can’t even manage its own books to manage my pension as well,” quipped Michael Liechty.
The Orange County Business Council awarded this bill a Squirrel, snarking thusly: ”California’s current budget deficit is around $15.7 billion and its unfunded pension liability is around $500 billion. So, based on the strength of its fiscal management skills, the state would like to jump into the deep end of the red ink and develop a NEW pension system for the private sector. ‘No, really, trust me, THIS time I know what I am doing.’ Encouraging folks at every income level to invest in their future is a great thing, but, hello! Pot, meet kettle. Since even the state can’t manage to take their own advice, why should they force more expense and liability on the very businesses that are keeping them from the poor house? SQUIRREL!”