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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe 2015 Federal Budget Ended Pension Protections for Millions of Retirees
In the last few days of the 113th Congress, lawmakers snuck a rule into the 2015 federal budget that endangers retiring Americans by eliminating the governments legal obligation to insure pensions in the event the funds cannot pay retirees.
University of Missouri, Kansas City economist Michael Hudson explained the change on The Hudson Report at The Real News Network on January 5.
In drafting the budget, he explains, the U.S. Congress declared as illegal a 1974 law that had been enacted to protect employee pensions. Now, if pension funds cant raise enough money to pay their retirees, the funds cannot go to the Pension Benefit Guaranty Corporationa government insurance programto make up the difference. The retirees will simply receive less money.
Specifically, Hudson says, Weve abolished the government guarantee on pension funds if the pension fund is run by a labor union, meaning that it has more than one employer contributing to it, like airline funds, truckers funds were going to give the fund managers, mainly the financial managers on Wall Street, the right to cut back on these pensions that are due. Employees were promised this money during wage contract negotiationsand they often accepted smaller salaries because they understood their pensions would give them greater security in retirement. .................(more)
The complete piece is at: http://www.truthdig.com/eartotheground/item/the_2015_federal_budget_removed_pension_protections_for_retirees_20150105
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The 2015 Federal Budget Ended Pension Protections for Millions of Retirees (Original Post)
marmar
Jan 2015
OP
William Black wrote about this in December. He noted how lobbyists and operatives from Wall St eg,
sabrina 1
Jan 2015
#3
SummerSnow
(12,608 posts)1. and people still vote for these bozos
onecaliberal
(32,489 posts)2. At the same time these evil pos
Made sure we WILL bail out the banks after they fuck the world economy over once again.
sabrina 1
(62,325 posts)3. William Black wrote about this in December. He noted how lobbyists and operatives from Wall St eg,
calling Congressmembers directly to insist on provisions in the budget such as Corporations being able to do this with Pensions.
I thought at the time that Congress would NEVER allow that to happen. He knew better.
Who is representing the People?
When they want to call a member of Congress to directly petition them, how do they do that?
Does Congress have any means of communicating with those who elected them??
This is SHAMEFUL and a list of those who voted for it needs to be all over the internet so we can get rid of them as soon as possible.
Jefferson23
(30,099 posts)4. OWNED, like an animal , for them to do as they please. n/t
Scuba
(53,475 posts)5. And the Republicans will be able to go on TV and honestly state that Democrats did this.
BrotherIvan
(9,126 posts)6. It's just too much
Democrats should NEVER EVER do things like this. And anyone who defends this can kiss my butt.
NewDeal_Dem
(1,049 posts)7. I hope people will come together to stop all this soon.
xchrom
(108,903 posts)9. du rec.