Bailout Committee Protest

According to a press release from the Pension Rights Center:

On Thursday July 12th, thousands of active and retired mineworkers, truck drivers, warehouse workers, bakery workers and others who worked hard to earn a lifetime pension are rallying in Columbus, Ohio to urge lawmakers to protect their benefits. The rally is being organized to coincide with a field hearing that will be convened in Columbus on Friday, July 13th by members of the Joint Select Committee on the Solvency of Multiemployer Plans.

………………….

There are currently 1.5 million blue-collar retirees and workers in 130 financially-troubled multiemployer pension plans who stand to lose as much as 50-70% of their pension benefits if Congress does not act quickly. “At a time when the country is so divided, this is a perfect all-American issue for Republicans and Democrats to unite on, and find the right solution,” says Karen Friedman, the Executive Vice President of the Pension Rights Center. “Retirees earned these benefits and if their pensions are cut, it will affect their families, their communities and the economy.”

Sounds reasonable enough but I have a few questions for these protestors (and the bailout committee) to ponder.

  1. Won’t that bailout money be coming from another set of people who also worked hard?
  2. Why is there a need for a bailout? Were there no funding rules in place for these plans?
  3. What about the vast majority of private sector hard-workers who were gulled into accepting inadequate 401(k) plans to replace secure defined benefit plans?
  4. If this bailout goes through then where is the incentive to fund defined benefit plans honestly?
  5. Who’s next?

11 responses to this post.

  1. Posted by NJ2AZ on July 11, 2018 at 11:27 am

    i’m not necessarily saying i support a ‘bailout’, but if there is one they should cap any benefit at the SS maximum.

    Reply

  2. Posted by skip3house on July 11, 2018 at 11:32 am

    All 5 above are truth questions. Will anyone tell truth that Funds people, members/officers, can not do plain 8th grade arithmetic/problem solving/ or understand basic logic? Seems they want time to pass before the SHTF? How do you arrest dead people?

    Reply

  3. Posted by Tough Love on July 11, 2018 at 4:35 pm

    Re youR #s 1 to 5 ……………… EXACTLY !

    Reply

  4. Posted by geo8rge on July 12, 2018 at 8:36 am

    Policy suggestion: Fed Gov will give each state a few billion to spend on bailouts of whoever and whatever they want. Ohio can then bailout teamsters, W Virginia can bailout coal miners, while Iowa can bailout farmers. NY can bail out bankers and NJ can cut property taxes. Each state can address their own sad sacks. It would be fun to watch the proceeding on CSpan where each group explains why they are more miserable and deserving than everyone else.

    Reply

  5. So tired of folks just not taking responsibility for themselves, from across the political spectrum to across the white/blue collar environments. The games people play with other people’s money is just so astoundingly immoral.

    You work, you save, you retire, you die.
    OR.
    You work, you don’t save, your work, you die.

    Pretty simple.

    Reply

    • Posted by geo8rge on July 12, 2018 at 12:34 pm

      “Pretty simple. ”

      You work, you tax other people, you don’t save, you collect a pension, you marry a 20 something, you and she have full health benefits, you die, she collects spousal benefits for another 30 years.

      You work, you promise other people a pension but don’t fund it, you save, you retire to another state or country, you die.

      Reply

  6. Posted by Tough Love on July 13, 2018 at 8:24 am

    Off topic.

    Just read a great comment from a DR. X on another site (quoting) ….

    “If you have a private sector pension, read the annual (if not quarterly) reports that show the funding percentages. They’re almost certain to be higher than the bogus reports that the public sector plans put out, and be based on more realistic investment assumptions.

    Are you protected against fraud, of course not, no one is. Are you protected against a massive market drop? Of course not, only public sector plans are since they’ll either produce another fraudulent report or cause a tax increase. ”
    ——————————————-

    Yup, Taxpayers are always treated as the SUCKER in the room when it comes to Public Sector pensions.

    Which is why Taxpayers should renege on funding/paying the 50+% share of these ludicrously excessive Public Sector pensions that assuredly would NOT have been granted in the absence of the Public-Sector-Union/Elected-Official COLLUSION …… with the former BUYING the favorable votes of the latter with BRIBES disguised as campaign contributions and election support.

    Reply

  7. Posted by MJ on July 13, 2018 at 2:27 pm

    @lion……it sounds like these jobs are modest at best……..bakery workers, warehouse workers, truck drivers….I’m sure everyone paid into this pension thinking they would be paid upon retirement plus their SS. Unlike public workers who earn more, work less and get better health benefits, sick/vacation time, job security and earlier retirement ages it doesn’t sound to me like these workers would be able to save a whole lot more.

    Just sayin…

    Reply

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