The legislative extortion this year is horrible for the elderly, but not all of the elderly. Extortionists divide-and-conquer by promising some that they will not be hurt – this time. Who will be paid what they are legally entitled to since it is their own earned compensation (pension)?
Who won’t be hurt? Retired engineers? Retired lawyers? Retired power company employees? Retired college professors? Who…? No one knows. The bill is too long to be read and studied by the tomorrow’s arbitrary vote deadline. All of the details have not been disclosed. The vague wording will open the door for other groups and corporations who want to claim underfunding.
United we stand, divided we fall.
Those who have already earned their compensation are the scapegoats, but they are old and cannot organize and gather legal defenses quickly enough to avert disaster. Besides, lawmakers make and unmake laws to suit the needs of their corporate donors.
UNDERFUNDED means that legislators chose to take money legally required for one thing and gave it to something else. The “something else” often refers to legislation that favors and profits those same personal and corporate donors who finance the campaign funds for those same legislators. This used to be called corruption. By the way, this is bipartisan extortion; corruption, greed and cruelty are bipartisan.
This massive omnibus bill makes elderly retirees “collateral damage” in the ongoing attacks against the middle class which is fast becoming the lower class because of plutocratic demands to amass wealth at the expense of everyone else.
What can YOU do? Call your own Senators and Representatives by using your zip code HERE.
Tell them to stop this human sacrifice and legislative extortion.
For more known details about this horrific state of affairs, read the following sources.
“Dubbed the ‘cromnibus,’ the package includes 11 appropriations bills to fund most of the government through September 2015, and tacks on a continuing resolution to fund the Department of Homeland Security through February 27… The bill was posted after 8 p.m. Tuesday. Passage of the bill would avert a shutdown… The delayed release of the funding bill will push the lame-duck schedule back, with lawmakers itching to wrap up work for the year and return home for the holidays.” – read more from The Hill.
“Congress is hatching a lame-duck sneak attack to keep multi-employer pensions solvent by cutting current retirees’ pensions. The precise language of this last-minute political deal still has not been made public, as elected officials are working behind closed doors. There have been no public meetings or opportunity for public comment. The goals by those behind this appear to involve adding such a provision in the last week of the Congress on an unamendable must-pass government funding bill.” read more from NJ.com.
“About a quarter of the roughly 40 million workers who participate in a traditional “defined benefit” plan—those that pay retirees a guaranteed check every month—are covered by these multiemployer plans.” read more from CNBC.com.
“For the first time, the benefits of current retirees could be severely cut, part of an effort to save some of the nation’s most distressed pension plans. The change would alter 40 years of federal law and could affect millions of workers, many of them part of a shrinking corps of middle-income employees.” read more from the Washington Post.
“After all, with many high-fee Wall Street firms failing to deliver returns that beat low-fee stock index funds, investors like Warren Buffett are saying public pension systems shouldn’t be plowing retirement savings into hedge funds, private equity and other so-called “alternative investments.” That is an especially powerful argument when such investments keep allowing the financial industry to charge ever-higher fees in near-total secrecy.“ read more by David Sirota on Bill Moyer’s site.