'Over and over again, America's seniors are being told they must foot the bill for fiscal failures which have already left them facing a weakened and tenuous retirement. In Detroit, a bankruptcy judge has ruled the city can cut pension payments to thousands of retirees, despite a state law stating otherwise. In Washington, the latest Congressional budget deal targets retirees with $12 billion in pension changes, including cutting pensions for military personnel who retire in 2015 and requiring new federal workers to contribute more to their retirement. All of this couldn't come at a worse time. Three decades of stagnant middle-class incomes, disappearing pensions, limited ability to start and maintain personal savings, and the failure of the 401K experiment lay the foundation for a retirement crisis that could further threaten millions of older Americans and their families.'
Max Richtman, President and CEO,
National Committee to Preserve
Social Security and Medicare