USA Today leveled an excellent criticism at a new California law that will create a new mini-Social Security system for private-sector workers here. These braintrusts can't even manage the public system they created, but presume to tell us that the real problem with pensions is that the government is not sufficiently involved in the private sector. The system will add burdens to private employers, create a constituency for higher benefits and may be designed merely to prop up the existing unfunded liabilities through the California Public Employees' Retirement System.
Wrote the editorial board: "With voters growing increasingly angry at lawmakers for agreeing to gold-plated retirement plans for unionized public workers, pro-union forces have sought a way to deflect some of that anger. They believe that a private-sector retirement fund, even one considerably less generous than what public-sector workers enjoy, will do the track." It's almost unbelievable, but welcome to California.