Illinois joined other cities and states in cutting pensions as way to curb costs. Should public employees who have already earned their retirement be subject to cuts? Judy Woodruff talks to Andrew Biggs of the American Enterprise Institute and Steven Kreisberg of the American Federation of State, County and Municipal Employees.
Can you imagine working for 30 years under the promise of a pension and then having it revoked? A pension is not some frivolous bonus, it is a payment or compensation for work done. You are essentially robbing someone of their already earned wages.