Whose retirement is "good enough" Carl DeMaio?
Carl DeMaio made the rounds on local morning tv Monday, part of a last-minute media blitz in support of his pension-privatization plan before it went before the City Council. And while he was at it, he returned to one of his stranger, if familiar arguments: That if relying on the stock market is 'good enough for taxpayers, it should be good enough for city employees.' Maybe Carl DeMaio has been talking to different San Diegans than the rest of us, but who thinks that the current state of retirement security is 'good enough' for anyone (except rich folks like DeMaio)?
To take just one example, a recent study found that one in four middle class Americans say they'll need to work until they're 80 years old in order to retire comfortably. Eighty! And that's just the middle class. How about the people who make less -- or are about to? This is the system that Carl DeMaio thinks is "good enough?"
Another study found that confidence in employer-provided benefits has taken a nosedive in the last year -- down 32 points. Tumbling at the same time was confidence in Social Security and Medicare -- down 22 points. That adds up to an all-time low for the retirement confidence index, and only 23% of working Americans are very confident that they'll be able to meet basic living expenses in retirement. Again, this is the system that Carl DeMaio imagines is "good enough?" Not only good enough, but so good it should be imposed on even more people?
And we've been down this road before. Back in 2009, retirement cuts led to a spike in firefighter retirements, and wouldn't you know? Carl DeMaio cast the lone vote against emergency funding to cover the gap. DeMaio's latest proposal likes to sell itself as exempting police from a full elimination of pensions, but it slashes retirement funding for new recruits while existing cuts are already making it hard to retain recruits, and DeMaio has said he fully plans to target police pensions in the near future. Just what level of police protection meets Carl DeMaio's definition of "good enough?"
San Diego housing prices have hit yet another post-bubble low, economic insecurity is spiraling out of control, foreclosure rates are rising, and San Diego needs solutions. But Carl DeMaio's response doesn't even see a problem. He sees a model that's "good enough" and should be expanded. Granted, Carl DeMaio has been working his whole career to get to this point, but celebrating of current conditions hardly seems like a solution.
