Thomas Gaist — Top Democratic advisor calls for nationwide pension cuts and financial restructuring

In an article for the Wall Street Journal last week, “More Detroits Are on the Way,” Richard Ravitch, co-chair with former Obama economic advisor Paul Volcker of the State Budget Crisis Task Force (SBCTF), warned of ticking “pension bombs.”

A lifelong Democrat, Ravitch argued that too many states and cities are living “beyond their means,” and called for sweeping measures by the federal government to force through major spending cuts at the state and local level.

Ravitch, a former Wall Street investment banker who helped impose deep social cuts during the near bankruptcy of New York City in the mid-1970s, is emerging as the leading mouthpiece for the bipartisan assault on the rights and social conditions of the working class. Last month, Ravitch was appointed by US Bankruptcy Judge Steven Rhodes to advise Detroit on its restructuring plan.

Writing in the Journal May 15, Ravitch argued that Washington must threaten to withdraw federal funds from states that refuse to balance their budgets through cuts to pensions and health care....

 "In an article for the Wall Street Journal" says it all.

WSWS
Top Democratic advisor calls for nationwide pension cuts and financial restructuring
Thomas Gaist