Now that voters in San Diego and San Jose have overwhelmingly passed pension cuts for city workers, other struggling cities may follow suit....moving to cut not just the benefits of future hires, but also those of current city workers, whose pensions generally have much stronger legal protections than those of private-sector workers......San Diego and San Jose Pass Pension Cuts:
Social Studies Social Security 101 The US Social Security system is best known for providing income to the nation’s elderly population based on the amount of money they earned during their working years. The Social Security Act of 1935 established the program amid the worsening poverty crisis that older Americans faced during the Great Depression. By 1934, more than half of those aged 65 and older lacked sufficient income to cover their basic living expenses. Today, most US workers are familiar with seeing a percentage of their pretax income deducted from their paychecks and contributed to the nation’s Social Security trust funds. Starting a...

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