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snoodog · 2405 days ago · link · · parent · post: New York Teamsters Members Say Yes to Pension Cuts
We can't keep promises because we over promised and under invested in our future. The boomers in agragete spent all the money they should have been saving and investing then wrote themselves iou's that they expected their kids and grandkids to pay. Well there just isn't enough wealth to go around so cuts must be made. Did they get bamboozled by 7% Wall Street projections and poor investment (CALPERS)? Sure but they also looked the other way when companies outsourced everything under the sun in the name of shareholder value.