Democrat Treasurer Chiang Upset GOP Congress Protecting 6.8 Million Californians From Incompetent Government

State Treasurer John Chiang, claiming to be a moderate Democrat, is one of those responsible for CalPERS—unfunded liability of $1.4 trillion and CalSTRS, unfunded liability of close to $200 billion—both of which are implementing a double digit increase in the mandatory contributions just to keep the checks flowing and the doors open.  Now, he supported a bill to MANDATE California workers—6.8 million—that do not have an employer retirement program to give part of their paycheck to government for a new pension plan.

““The House vote could deprive 6.8 million California private-sector workers the opportunity to save their own money for retirement through a workplace payroll contribution. Secure Choice promotes personal responsibility to save for retirement at no cost to taxpayers and minimal cost to employers.

I wonder if Chiang forgot about IRA accounts the workers could set up.  I wonder if Chiang understands it is not his paycheck he wants to steal from.  The workers earn the money, why should incompetent, mismanaged and corrupt government officials now control their pension money as well?  Glad to see a Republican Congress is returning the paychecks of workers to the families of America, instead of the hack politicians in the State capitols.

Photo courtesy of waltarrrrr, flickr

Photo courtesy of waltarrrrr, flickr

Treasurer Chiang Issues Statement on Congressional Vote

Against California’s Secure Choice Retirement Plan

State Treasurer John Chiang, 2/15/17

SACRAMENTO — “Today, Congressional Republicans sided with Wall Street interests over Main Street workers, voting to reverse a Department of Labor ruling that is key to making California’s Secure Choice retirement program work.

Secure Choice, hailed as the greatest achievement in retirement security since the passage of Social Security in 1935, now faces great legal and economic uncertainty.

“The House vote could deprive 6.8 million California private-sector workers the opportunity to save their own money for retirement through a workplace payroll contribution. Secure Choice promotes personal responsibility to save for retirement at no cost to taxpayers and minimal cost to employers.

“I encourage Californians to join me in calling on the Senate to cast ‘No’ votes on House Joint Resolution 66.”

 

About Stephen Frank

Stephen Frank is the publisher and editor of California Political News and Views. He speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows. He is a fulltime political consultant.