Well, I guess most Cheeseheads are stupid enough to be persuaded by soundbite television then and probably shouldn't even have the right to vote if that's the case. The most glaring statistic is the percentage of union members who voted for Walker. Says it all. There was a time for unions, and they are still necessary for dangerous industries, but the gravy days are long gone, and workers have many more protections afforded them than a century ago.
As for pensions, public employees in states like CA were able to work overtime, do pension spiking, and retire in their 50s. Many made a lot of money on their houses too. The pensions were based on flawed actuarial assumptions to begin with, and the state is still allowing accounting shenanigans that assume unreasonable IRR. That's one of the primary reasons CA is circling the drain. Meanwhile, those same "retired" people are fleeing the state in droves to more capital-friendly destinations.
Some of you talk about Sweden. Guess what - when economic times are bad, pension benefits get cut in tandem, and when times are good, they get a "raise." CA, IL, NY, and NJ spent like drunken sailors (no offense to sailors) during "Tulip Mania," and now they need to rein in spending. Simple as that. There is NO money. Many municipalities and cities are bankrupt - states too when we get right down to it. The CINN states are our PIIGS.
This is not the 1% vs the 99% as per soundbite TV. It's the Boomers and their parents versus their children and grandchildren. That's the class war. The sooner the Boomers realize they lived through the greatest period of prosperity ever based on over leverage, the sooner they'll show a little humility and suck it up. And the sooner we realize that capital is far more mobile than labor, the much better off we'll be.
Meanwhile, the Fed will continue to undermine the middle class...
http://online.wsj.com/article/SB10001424052702303753904577452793597495290.html