Congress slipped in Bailouts for (boomer) Pensions in last spending deal
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Date: February 21st, 2018 2:44 PM Author: Rose Insecure Locale
WASHINGTON — The sprawling agreement to boost government spending reached by Republicans and Democrats this month quietly included a step toward defusing what could be a financial time bomb for 1.5 million retirees and hundreds of companies in the industrial Midwest and the South.
The deal creates a select congressional committee to craft what could effectively be a federal rescue of as many as 200 so-called “multiemployer” pension plans — in which employers and labor unions band together to provide retirement benefits to employees.
Many of these plans are hurtling toward insolvency in the coming decade, with benefits owed to retirees projected to swamp what the plans can afford to pay. The 16-member, bipartisan committee will have to come up with a solution and legislation by the end of November, which the full Senate would need to vote on by the end of the year.
https://www.nytimes.com/2018/02/18/business/multiemployer-pension-crisis.html?smid=pl-share
(http://www.autoadmit.com/thread.php?thread_id=3899582&forum_id=2#35453527)
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Date: February 21st, 2018 3:59 PM Author: dashing filthpig
You know, I feel legitimately bad for the mostly blue collar workers who were promised something and are set to get fucked. And I can almost endorse this idea, but it needs a few tweaks:
1. Death penalties for the boomer company execs who negotiated these deals.
2. Death penalties for the union leaders who negotiated these deals.
3. Death penalties for the bankers and financial types who signed off on the 14% compound interest math that these deals relied upon.
4. Death penalties for the regulators who let this happen.
5. Probably some elected officials should get the death penalty too.
(http://www.autoadmit.com/thread.php?thread_id=3899582&forum_id=2#35454188) |
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