How the hell can California give a living wage to every retiree? How does that make sense? Someone has to pay that wage, you don't just "give" away a living wage to people that aren't working. Not to mention they're already broke.
So im assuming the idea is to raise everyones taxing to pay for the retirees 'living wage', since they evidently are incapable of saving for their own retirement. What a fucking idiotic idea.
Perhaps if you reread the article, you'll understand what it says. Here is the answer to your specific question. You'll notice it does not include raising everyone's taxes.
Advocates say the government role will help recruit more people to save and can keep costs low with efficiencies of scale derived from all those participants–much as some big public-employee plans do.
The idea is to get more people saving for their own retirement, which is what should be happening anyway and isn't for a variety of reasons which are spelled out in the article.
I have no idea whether this plan would work or not. I am not either advocating for or against it. What I do know is that the current systems in place aren't working out for a lot of people. Since it is unlikely we will just let seniors starve in the streets, something will have to give at some point.
I think the term "living wage" is subjective. What is considered a living wage for someone who is still working, is likely different than what someone needs to survive when they are retired. I am retired. Although I make more money then I did when I worked now, I don't spend as much as I did than. For me, this is a win/win situation.
