Piercing The Veil

In all the huffing and puffing about the significance of a few off-year elections, there's one or two little items that got lost in the shuffle.

Here's Charlie Pierce, on trying to see beyond the trees, and into the forest - or something.

This was a raid, plain and simple. These pensions are not retirement plans. They are deferred compensation. They are money that workers are owed because they and their unions were willing to compromise on salaries in exchange for moe money after the workers retired. This is the kind of thing that has been going on all over the country for quite some time under the guise of "unfunded liabilities," which, in most cases, are "unfunded" because the people who were supposed to fund these plans reneged over decades to do so. (It is also a scam beloved of new brotastic centrist Governor Chris Christie, among others.) It is generally sold by the grifters promoting it as a rank appeal to worker jealousy. (That garbageman has a pension and you don't? No fair! And everybody forgets to ask why private-sector workers don't have pensions any more.) As such, it has worked extremely well. It certainly should have sold itself in Cincinnati. Instead, mirabile dictu, the voters saw through the charade and shredded it at the polls.

--and--

This was an assault on money owed to city workers, money that got itself squandered by, among other people, the vulpine bastards on Wall Street. The vote in Cincinnati was a carefully selected test case for ripping off workers for the benefit of large financial services institutions. That it failed was one reason to cheer last night. The next time someone tells you the Tea Party is a vehicle of protest for ordinary Joes and Janes, feel free to laugh in that person's face.