workers freedom

economics as if workers mattered

Half a pension too much for bankers to stomach

Bankers and bondholders have said they will appeal a judge’s tentative decision to slash the pensions of Detroit’s retired and soon-to-retire public employees in half. The cuts should be much deeper, they insist, so that the shareholders and coupon clippers can get a higher pay-out. That workers will likely lose their homes, go hungry, and finish out their diminished lives in destitution under the proposed plan is of no concern to them. What are thousands of starving workers to parasites who need the proceeds of the labors of hundreds of workers to support them in the manner to which they have become accustomed?


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