Local Republican's screamed "FOUL" and "UNFAIR" last year when Milwaukee County Executive <strong>Scott Walker</strong> failed to win support in a borrow and reinvest scheme that he was confident would save taxpayer dollars.
Walker wanted to borrow pension obligation bonds to invest in the stock market. He claimed that it the difference between the amount that would have to be borrowed plus interest, and the amount that could be gained from investing in stocks, would make it so he would not have to raise taxes and be able to provide services.
How lucky can one guy get?
A majority of the Milwaukee County Board of Supervisors rejected his plan. Those liberal, irresponsible Supervisors, as Walker would call them, didn't let him get his way.
It's a good thing.
Fast forward one year and the stock market is in a nose dive. People who were heavily invested in the stock market a few years ago and were thinking they would be able to retire soon are thinking they'll have to work a few more years.
Walker isn't the only Republican that benefited from not getting his way. <strong>George W. Bush</strong> and the Republicans in Congress wanted us all to invest Social Security in the stock market.
It doesn't seem so smart anymore does it?
Several unions held together to reject corporate proposals to turn their pension plans into 401K plans which would invest in stocks. It turns out, the unions had a pretty good idea there.