LATER: Dubious, indeed. And then there's San Diego's Prop B, which passed 2 to 1 and will phase public employee new hires (other than police officers) from pensions to 401(K)s AND will freeze pensionable pay for current employees for five years. That one will end up in the courts, most likely.
It's pretty clear that were it not for the 2008 recession and the demise of Lehman et al., this wouldn't even be an issue before the voters. But the notion that private employees who've lost their own savings should spend their tax dollars to bail out public employees whose pension funds hit the skids is more than the market can bear. And the PR of it all is such that everyone blames the teachers instead of the speculators who put us here.
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