Corporations have not been putting appropriate funds into pension plans. Now, as the baby boomers come due to retire we have a problem coming and its going to be huge. The executives made them selves look good and got their bonuses (pronounced bone-us) by effectively stealing from the pension fund. The government, which insures these pensions, has no regulatory agency with teeth to prevent this from happening. So, soon its going to be the S&L crisis all over again.
"We don’t pay taxes. Only the little people pay taxes."
Leona Helmsley, criminal...
Let me a see a show of hands, who is tired of paying the rich with tax dollars that would be better spent rebuilding our infrastructure, teaching our children, providing research for new technologies, defending our nation or caring for the needy? When the executives steal, they eventually steal from us, the tax payers. Ah, and let us not forget that the richest American now have the least tax burden. When millions of working people suddenly discover they have been screwed by these firm, let us hope that they organize into a political movement so that we can start to roll back the time of two Americas.
- Human Toll of a Pension Default
- Is There a US Pension Crisis?
- Pension Pains