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America’s Second Civil War : Public Pension Reforms

Posted by Larry Doyle on June 12, 2012 9:14 AM |

Do you hear that echo in the distance? What is that sound we have been hearing since the 2010 Congressional elections and still do today?

I strongly believe the din — which many political, financial and media heavyweights would discount if not outright deny — is a raging undercurrent of civil unrest among the heretofore silent majority.

What is the issue and whom are the silent majority targeting? Public pension costs and the cabal of political and union operatives who have jointly fleeced the American taxpayer for far too long.

Americans have had enough.

We heard this message in 2010 and we heard it just last week in battleground Wisconin.

Why did President Obama and the majority of the national Democratic power base avoid Wisconsin like the plague? They knew the outcome and did not want to bring greater focus upon themselves and their withering cabal by getting on the stump.

I find it particularly humorous to read how Governor Scott Walker ‘survived’ the recall vote.  A 7 point margin in politics is not survival. A 7 point margin is a routing of the opposition. What else did the Wisconsin slaughter accomplish?

It served as a rally call to those in other states to take up the charge and give no quarter in bringing fiscal sanity back to our nation. Do not think for a second that the call is not being heard across the land and deep into Democratic headquarters in Washington.

What are some of the other battlegrounds? The People’s Republic of California as highlighted by the Santa Cruz Sentinel which recently wrote, Clean up Pension Mess:

In San Jose, 70 percent of voters resoundingly supported Mayor Chuck Reed’s proposal to restructure city worker retirement plans, and in San Diego, two-thirds of the voters who cast ballots approved a similar measure.

With these results, the expectation is that other cities in similar spending binds may put up their own pension rollback measures.

This should not be construed as a vindictive strike at public workers, many of whom do not draw excessive pensions. It’s also not a statement that public employees who put their lives on the line should not be recognized, or fairly compensated, once they retire. But clearly, over a decade or more, local and state governments, egged on by public employee unions, began to grant retirement benefits they couldn’t afford. Many of these deals were made without much public notice or opposition.

I have no doubt that those supporting the cabal will pull out all the stops to maintain power and stem the tide of fiscal sanity sweeping the nation. Ultimately, the cabal will be overwhelmed by the wave of Americans whom have simply had enough.

The need for fiscal sanity is LONG overdue. No doubt, there are and will be plenty of others who will look to profit politically and financially from the tide of fiscal sanity BUT ultimately the big winners will be America’s future generations.

That is a group and this is a cause worth fighting for.

March on and keep punchin’!

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

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