General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAverage Social Security Check Is $1269, But CEOs With Nest Eggs Worth Tens of Millions Want to Slash
According to a just-released Institute for Policy Studies (IPS) and Center for Effective Government report, "Platinum-Plated Pensions: The Retirement Fortune of CEOs Who Want to Cut Your Social Security":
Business Roundtable CEOs corporate retirement accounts average $14.5 millionmore than 1,200 times as much as the median retirement savings of U.S. workers near retirement age.
A retirement fund of $14.5 million, combined with Social Security, would generate a monthly retirement check for these CEOs of $88,576. Thats 68 times what a typical U.S. retiree can expect to receive.
Ten Roundtable CEOs (including four who are also Fix the Debt members) have retirement plans valued at more than $50 million.
Three of these CEOs have retirement assets of more than $100 million: John Hammergren of McKesson, David Cote of Honeywell, and Mike Duke of Wal-Mart.
Dukes $113.2 million retirement fund is more than 7,500 times as large as his employees average 401(k) account balance of $15,000.
But there is nary a voice in Congress or the corporate media advocating austerity for the super-rich. According to the Social Security Administration, the current average Social Security benefit is a measly $1,269 -- and remember recipients paid into the fund and are being repaid their earnings in the form of barely livable retirement checks.
The economic inequity in the US, as often noted here, is only growing, reaching beyond a Grand Canyon gap. It's more like an intergalactic distance when CEO advocates of cutting Social Security have accumulated retirement accounts "more than 1,200 times as much as the median retirement savings of U.S. workers near retirement age."
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As IPS comments on the report, "In the current budget debate, the loudest calls for Social Security cuts are coming from two lobby groups led by CEOs who will never have to worry about their own retirement security." The two groups under scrutiny are The Business Roundtable and a public relations front group called Fix the Debt.
More at: http://truth-out.org/buzzflash/commentary/item/18323-average-social-security-check-is-1269-but-ceos-with-nest-eggs-worth-tens-of-millions-want-to-slash-the-program
daleanime
(17,796 posts)Cosmocat
(14,566 posts)are dying to let congress cut their SS benefits.
THAT is just who fucked up things are at this point.
TBF
(32,072 posts)avaistheone1
(14,626 posts)Jack Rabbit
(45,984 posts)And concocting lies about climate change really deserves a special gift: a cruise of the Arctic Ocean on an iceberg. Bon Voyage, guys!
msongs
(67,421 posts)Scuba
(53,475 posts)warrant46
(2,205 posts)Who get special under the table encouragement
hobbit709
(41,694 posts)enough
(13,259 posts)liberal_at_heart
(12,081 posts)sabrina 1
(62,325 posts)It's way past time. All I know is if any Democrat supports taking ONE DIME from SS, they are NOT a Democrat. It is one way to out the infiltrators, that is for sure.
L0oniX
(31,493 posts)YOHABLO
(7,358 posts)you know, maids, lawn maintenance, valets, luxury car makers .. gotta love that.
DirkGently
(12,151 posts)mopinko
(70,148 posts)at least those dollars are not ours.
L0oniX
(31,493 posts)AAO
(3,300 posts)I can get a room for $250/mo, Which gives me $250/week for booze drugs and prostitutes. On second thought, on that income I may have to go on the wagon.
PumpkinAle
(1,210 posts)(via a friend's work) who are extremely well off i.e. millionaires are claiming medicare. This is so so wrong - these people could more than afford any doctor's fees/healthcare insurance.
It makes me mad that they use the "but we are due it" yes they are over 70+ but they are also the ones who look down on those that need a helping hand.
This couple like the CEOs in the OP would fight tooth and nail to make sure the SS cap stays.
Grrrrr.
Buddha_of_Wisdom
(373 posts)If they are 65+ and a millionaire, then they can pay 95% of the Medicare, and the government kicks in 5%.
The poorer should pay just 5% of their coverage. Or even less.
PumpkinAle
(1,210 posts)I am so with you there.
Buddha_of_Wisdom
(373 posts)and make a surtax for weathy cheaters that makes over a billion that wants to slash it.
95% surtax on their wealth above 1 million.
Curmudgeoness
(18,219 posts)they would have a couple of us peons included in their roundtable meetings. I want to be there. I want to see the average schmuck represented. I WANT A VOICE!
Lugnut
(9,791 posts)Subtract $350 and that's where I am.