>>In San Diego and San Jose, voters overwhelmingly approved ballot initiatives designed to help balance ailing municipal budgets by cutting retirement benefits for city workers. Around 70 percent of San Jose voters favored the pension measure, while 66 percent of San Diego residents supported a similar measure. "This is really important to our taxpayers," Mayor Chuck Reed of San Jose, said Tuesday night. "We'll get control over these skyrocketing retirement costs and be able to provide the services they are paying for."

I feel bad for the retirees, since (if this is like most such programs) they were sold a bill of goods that could not possibly be sustained.

Anyone who believes Social Security will take care of them in their later years ought to be paying attention - this is a snapshot of your future. Better start saving your own money now for independent retirement, like you should have all along. If SSA is still there, consider it a bonus. But I wouldn't count on it.

http://www.nytimes.com/2012/06/07/us/politics/voters-in-california-approve-pension-cuts-results-suggest.html?_r=1