The next big target in Governor Scott Walker’s crosshairs is
the Wisconsin Retirement System, and the lies have already begun. At stake: literally billions of dollars.
Governor Walker and his minions – ALEC, The Heritage
Foundation, and their ilk – and their radio mouthpieces, like Charlie Sykes,
Vicki McKenna, Jerry Bader, and their ilk – are already busy spreading the lie
that the Wisconsin State Retirement System is a “drag on the economy.” You’ll hear that phrase a lot.
Outfits like the crypto-conservative Heritage Foundation
will gin up some bogus numbers that will indicate participants in the state
retirement system have a Cadillac setup, far better than any pension plan
available in the private sector. They’ll
create the fiction that the taxpayers are funding lavish retirements for lazy,
unproductive state workers.
And Charlie and Vicki and Jerry will shout these lies at the
top of their lungs until enough people are taken in by the lies, paving the way
for “reform” to the system.
In this case, that unnecessary “reform” means taking control
of the money away from the state investment board and converting the system
from a pension plan to a 401(k) system, all to be “managed” by private banks
and investment houses.
You know: the folks who brought us wonderful innovations
like mortgage-backed securities and credit default swaps. The folks like Jamie Dimon, who have a
multi-billion dollar “oops!” every so often.
Those with short memories may not recall the early drumbeat
to “privatize” Social Security that President George W. Bush began in the
summer of 2001. He was laying the
foundation to move Social Security from the government to Wall Street. The Dow was booming; the rich were getting
fantastically richer; and then something happened that ended President Bush’s
plan to move trillions of dollars to his investment banker buddies. 9-11 happened, and the dialog about
privatizing Social Security suddenly disappeared.
Anyone who’s participated in a 401(k) plan knows exactly
what happened to their retirement money when the economy came tumbling down in
2008. In a matter of months, half their
life savings – or more – disappeared.
Oops.
Here is the truth: the Wisconsin Retirement System is
extremely strong, is one of the best-managed retirement systems in the nation,
is not a “drag on the economy”, and doesn’t need fixing.
But Governor Walker will fight hard to privatize it, to move
those billions of dollars over to the Wall Street crowd. Because if he can pull
this rabbit out of the hat, he will be rich beyond the dreams of avarice, and
his family and heirs will live in comfort forever. Even if he’s drummed out of office, if he can
do this gigantic favor for the Wall Street gang, they’ll reward him with board
memberships, honoraria, and perks that would make Donald Trump blush.
The battle is already on, but the war isn’t over. Be afraid; be very afraid. Your pocket is about to be picked again.
