Economic Troubles Mount
Recent economic events demonstrate an international illusion that austerity measures and an assault on the benefits of the working poor and struggling middle class will lead to growth and recovery.
Attacks on collective bargaining rights by Republican governors in Arizona, Indiana, and Wisconsin, have met a bi-partisan collusion with Democratic governors and mayors in enacting draconian measures for teachers, nurses, firefighters, and police.
Our spineless president in the White House has not said a word on the assault on unions in this nation or that austerity will not be the solution to a crisis caused by chicanery, fraud, and greed.
Governor Cuomo now wants new state employees to have an irrevocable choice between a defined benefit pension plan and a defined contribution pension plan. This will establish a Tier 6 in our retirement system further dividing workers and causing greater economic inequity. This is another attack on a middle class lifestyle. It has become increasingly evident that defined contribution plans lead to poorer results for the retiree and the larger society without any benefits to the taxpayer. Lifting people up towards a sustainable dignified lifestyle during retirement benefits business, families, and the federal, state, and local budgets.
JOHN PAUL CULOTTA