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As Millions of Workers Face Pension Cuts Thanks to Wall Street Greed, Executive Benefits Remain Lavish


#1

As Millions of Workers Face Pension Cuts Thanks to Wall Street Greed, Executive Benefits Remain Lavish

Jake Johnson

In October of 2008, while the economy was in the early stages of what the IMF called "the worst recession since World War II," the Washington Post reported that the "stock market's prolonged tumble has wiped out about $2 trillion in Americans' retirement savings in the past 15 months, a blow that could force workers to stay on the job longer than planned."


#2

Twenty-first century Dickensian economics. Dog bless us, every one.


#4

When Will the American people wake up. There is no justice. We have to find out where these S.O.B."s live and like the French, drag them out of their mansions.


#5

Part of the problem here is that without strong fiscal stimulus, and with only monetary policy of zero interest rates forever and Central Bank QE (as in Japan), there has been no strong recovery, and there remain no safe, fixed income investments for pension funds and 401k's to obtain yield, forcing them into riskier investments that always seem to collapse eventually, after Wall Street makes its fees of course. These leave these funds drained. As Paul Krugman famously said, "We don't run the economy for the benefit of one group (seniors)." No?! How about the banks Mr. Krugman? You DO run it largely for their benefit instead ...


#6

A saner approach is to regain control of the Democratic levers of power and make sure that Citizens United is soon defeated. The Koch Brothers can't live forever...


#7

I think Mr. Johnson hits the TIP of the iceberg.

A lot of School Teachers' pensions were invested in funds tied to Energy Interests like Fracking.

The diminished price of a barrel of oil coupled with the increasing costs of Fracking (which don't yield much in the way of profit when Oil prices are so low) have diminished the value of these collective funds.

When Eastern Airlines went out of business, flight attendants lost their pensions overnight. Oftentimes, one company will merge with another and the merger annihilates the former agreement... often taking the PROMISE of pension money along.

How about the Republican ruse to make sure that all Postal Workers' pensions are covered into the next decade when that demand is not placed on any other business or government-run entity?

Massive graft, corruption, and fiscal False Witness are what RUNS today's global economy and as MANY have pointed out, the gap between actual collateral and paper assets is wider than the distance between the sun and the moon.


#8

I read about the Central States Pension Fund in the Washington Post last week. What Jake Johnson doesn't tell us in the article is that workers whose pensions could be cut are members of the Teamsters. It's unfortunate that our union leaders in this country don't have balls anymore. If they did, the Teamsters would strike when their pensions are cut and every other union would strike in support because their pensions are next. But, alas, leadership will probably say it's the best deal they can get and go along with the cuts.

Whats really sad is that for years these workers had specifically been agreeing to take less pay in exchange for keeping their pensions. Of course, the government was there to bail out Wall Street. Too bad the supposed pro-labor President is rushing as quickly to help with union pension funds.


#9

What everyone needs to realize is that we have all come to embrace a system and life in which 99% of us will work 50-60 hours a week, do it fore 60+ years, and end up dying in debt and poor. I have coined this brilliant system the U.S.E.S. - United State of Embraced Slavery simply because we have all come to somehow accept our own enslavement, but what is even more genius of this system of slavery is that it transcends race and religion, even more so they don't even have to force it upon us as we accept it with arms wide open, and if that wasn't enough, most come running for more even! This is such a brilliant system to have enslaved the entire world that one has to question whether or not it is 100% human made. I mean really, how could any human or group of humans be capable of doing this? The aren't. And hence this is why whether you believe it or not, the system has had the help of other than worldly powers..... powers those in the western theologies would suggest as being Satan himself. And I am afraid that this is the truth. BUT, those of us who realize this truth and knowledge that I share today, and who allow for this world to die at least in their minds, well it is they who shall be empowered at the ready to realize the creation of the next world. Oh, we need a new world order alright, but we need a new world order of, by and for THE PEOPLE!

Love, Light and Power,

13


#10

I'm a retired Teamster. The Teamster leadership of Hoffa is antithetical to the union movement. It's "Change to Win" strategy of colluding with bosses in the same boardrooms is the opposite of building a democratic system that empowers workers and educates its membership on the issues, workplace and outside of it. By disempowering the workers, it intentionally undercuts the workers ability to fight the system with militancy. The Teamster, some might recall, endorsed Ronald Reagan for president, much to my shock when I was an early member of the union. It all was made plain though as I saw how they operated both locally and nationally. Presently, the insurgency group, "Teamsters for a Democratic Union" (TDU) is running a candidate against the status quo, corporate friendly leadership, but sadly many of the workers are frankly ignorant of what really goes on. This is partially due to the leadership itself, and partly due to the many members I use to encounter at work who believed all the right wing propaganda that the mainstream media outlets put out. These are people who saw the neoliberal, left of center Obama as a socialist. It was sad to see union members who had so little understanding of labor history or the economic and social reasons why unions are needed, all while they made a decent living because of being in a union, even if a top-down one. We need a new militancy and solidarity among the working class, and in truth it will not come from the top of the union movement, It will have to be bottom up.


#11

This is just what middle America wants ! They believe in rugged individualism don't they ? White America is now getting upset because they are having to do shitty jobs just like people of color have been doing for so long. Don't stupid White Americans want this shit ? All those colored people are always complaining too much about everything, right ? All of those Europeans and the people in those third world countries are so ungrateful. "We" are always helping them out, and they are always whining about it ( I am a White American). White America is just a bunch of genocidal racists, and they will vote for their favorite bigot, Trump. The United States was the model for Nazi Germany. It is the most violent and racist country in history.


#12

People still get pensions?


#13

Incorrect. The majority of low wage workers doing those "shitty" jobs for decades are white. The great majority of homeless poor are white, and they still don't get that whole "white privilege" thing. Bottom wage jobs overwhelmingly go to women. The US shipped out a huge share of our jobs since the 1980s, and the percentage of US jobs paying minimum wage or less has grown. If you are clueless about America's poverty crisis, you're a middle classer.

Rich black people, brown people, etc., are just as toxic as rich white people. Black people (for example) are just as eager to be genocidal maniacs, as African history shows. Just who the greatest killers are has nothing to do with skin color, but technical achievement/military advantage at any given time and place.


#14

I wonder how many of those people who are getting pension cuts are republicans....lol..Republicans never met a pension or ssn that they liked....I wonder if any state workers vote for a republican govenor ....lol if they do they are a glutton for punishment. Same goes for teachers ..surly their are some republican teachers hmmmm who do they vote for?...People who work regular jobs...I wonder how many of them vote republican?....If they do they are idiots.


#15

Then why do White workers like conservatives so much ? Why do they oppose the rights of immigrant workers from Mexico and other Latin American countries ? Why do they oppose the Black lives matter movement ?