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For most troubled funds, the biggest underlying problem is simple: not enough current workers compared to the number of retirees. Chalk that up to employer schemes like deregulation and union-busting, along with unions’ failure to organize.
Pension legislation historically has been bipartisan—and it very well might be again in the future. After more than a decade of failed efforts, the retirement security of 1.5 million Americans and their families, finally, took priority.
The upward redistribution of income has cost Americans workers $50 trillion over the past several decades. On average, extreme inequality is costing the median income full-time worker about $42,000 a year.
Robbing workers’ pension funds has long been central to Wall Street's business model. A recent Supreme Court ruling opened the door for financial managers to take their looting of those pension funds even further.
Reader Comments: COVID Crisis: Congress Must Lead; This is Our Future; Massive Unemployment-One-Third of Young People Lost Jobs; Sanders Campaign; Crisis Exposes How Fragile Capitalism Was; Bailout the Pension System; Workers Fight Back; Farm Crisis;
A provision nestled in the year-end federal government's spending deal guaranteed pension and health care benefits to more than 100,000 coal miners and their families.
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