[....DEFINED-BENEFIT PENSION: The good kind of pension plan. This is a retirement plan in which you are guaranteed a specific amount of pay upon retirement, according to a formula 27 people understand. These are regulated and guaranteed. Because they offer workers enough security to rise above being desperate and grateful for an occasional “cake day,” bosses hate them.
DEFINED-CONTRIBUTION PENSION: This is the 401(k)-type plan, in which the boss contributes something, the workers contribute something, and then the employees are free to gamble in the stock market with their retirement just like teeny tiny Warren Buffetts. If they happen to retire in a year when their entire nest egg is swallowed in a rapacious Ponzi scheme stock bubble, that’s the magic of the market. Savor it....
....PUBLIC SECTOR: Type of government job held by actual people, rather than hacks and blowhards. Also known as “big” or “bloated” government. By sheer coincidence, these actual people tend to be women and not white. They run toward explosions to help out. They clean up junkie diarrhea on the trains at 3 a.m. My wife, who works at a county hospital, where a hobo ejaculated on her foot during a medical exam. These are the last good jobs in America and must be defended if we want a middle class....] (emphasis added)
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