Over the past week, the editorial writers at the Orange County Register have decided to launch another all out attack on the middle class. Their recent target, is higher education for the middle class.
It’s time for a class war over public union pensions… Despite defined benefit (DB) pensions, like the ones public employees get, being more economically efficient and offering better returns, private employers have mostly switched to 401(k) plans, or defined contribution (DC) plans, because they’re cheaper. Between 1979 and 2001, the portion of the workforce covered by defined benefit pensions dropped by half. By 2008, only 20 percent of private workers had such a pension.