"A Farewell to Retirement Security"

[bvar22]

<snip>
By 1980, pension plans covered nearly 36 million private-sector workers. Not all of these were union members. Once unions had pioneered pensions, non-union employers began offering these retirement plans as well.

For years, many pensions were of the “defined-benefit” variety, where employers set aside funds that were to be paid out to workers upon retirement. Workers put their faith and futures into these pensions, which were seen as an unbreakable promise that a lifetime’s work in even the dirtiest job would guarantee them senior years in comfort.

That began to change in the 1980s, as the collapse of unions, financial crises, business failures and new accounting rules slashed away at these pensions. “Defined-contribution” pensions like 401(k)s were introduced, which shifted the financial burden and investment decisions to workers. They also lost the certainty that once came with traditional pensions. The transition has not gone well for some workers financially and emotionally.

<more>

http://inthesetimes.com/article/16084/boeing_pension_retirement_middle_class/

"That began to change in the 1980s"

Gee. What else happened in the 1980s?
Oh yeah. Reagan and Trickle Down was the punch to the gut,
and then "Free Trade" was the sucker punch to the jaw that knocked out the American Working Class.

[Skittles]

1. bye bye pensions

and people who think their public pensions are solid? Increasingly they will not be funded, and voters will not agree to raise taxes to fund a benefit they themselves will not receive.

[Gidney N Cloyd]

2. As long as voters are encouraged to believe public pensions are a giveaway program, you're right.

Public pensions aren't mere benefits, they're deferred compensation.

[Skittles]

8. maybe that was true back in the day

but wages have been dropping for a long, long time

[Gidney N Cloyd]

9. Wages certainly have dropped and that affects what workers can expect in their deals going forward.

Workers with pensions to date should expect those pensions to be paid out. They put in and their employers put in and we can't defend employers, whether private or public, walking away from obligations like that. That's no more acceptable than a bank failing because they paid the execs and investors first and savings of regular folks just go 'poof.'
With public pensions those funds go 'poof' usually because they were diverted to general programs rather than raising the revenue the honest way-- because that would cost votes.
Voters are more than happy to get their roads built etc without their taxes going up but they don't recognize it was all on the cuff and those tabs need to get paid eventually.

[Skittles]

14. won't happen

not defending it - just living in the real world

[Egalitarian Thug]

3. K&R But even without imposing the 401(k) on us, they parties had been busy legalizing theft

for decades already. Look at the origins and evolution of ERISA. The parties of business were treading that sneaky path through at least two previous administrations by the time America took that hard right turn to stupid.

[bvar22]

4. There was a time in my memory when voting FOR the Democrat...

...was voting to protect Pensions for the Working Class.

In our day these economic truths have become accepted as self-evident. We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be[font size=3] established for all—regardless of station, race, or creed.[/font]

Among these are:

*The right to a useful and remunerative job in the industries or shops or farms or mines of the nation;

*The right to earn enough to provide adequate food and clothing and recreation;

*The right of every farmer to raise and sell his products at a return which will give him and his family a decent living;

*The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad;

*The right of every family to a decent home;

*The right to adequate medical care and the opportunity to achieve and enjoy good health;

*The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;

*The right to a good education.

All of these rights spell security. And after this war is won we must be prepared to move forward, in the implementation of these rights, to new goals of human happiness and well-being.
--FDR, SOTU 1944

Please note that the above are stipulated as Basic Human RIGHTS to be protected by our government,
and NOT as COMMODITIES to be SOLD to Americans by Private Corporations

*"The RIGHT to adequate protection from the economic fears of old age, sickness, accident, and unemployment"

Thank You, FDR.
A Political Party that would STAND for those Fundamental Human Rights,
and OPPOSE those who would try to take them from us.
That is WHY I joined the Democratic Party in 1967.
I miss THAT Democratic Party.

[Egalitarian Thug]

5. Me too. It was the behavior of its leaders that kept me away from it for my first

20 years of my voting life, and it is that same behavior that made me leave again. I stay registered as a 'D' but the best we've got here, have only the not-a-republican brand to recommend them.

[reformist2]

12. FDR's bill of rights are out of date. I think we have a right to a basic income, regardless of work

or job status. Jobs in the farms and mines? That's nice, but sorry, it's a little quaint now. Actually, the
outmoding of those industries as sources of employment speaks to the impracticality of trying to guarantee everyone "a job"... better
to guarantee everyone an income instead.

[99Forever]

6. These days...

... it's becoming more and more difficult to see anyone inside "the beltway" bubble that gives a crap about anything but taking care of themselves.

Something WILL give, and it's going to get ugly. I'm partial to these:

[URL=.html][IMG][/IMG][/URL]

[riderinthestorm]

7. K&R! nt

[moondust]

10. And Wall Street giggled.

Millions/billions diverted into the stock market, perpetually generating investment fees, propping up stock prices, and providing insurance against anybody getting any crazy ideas about reining in Wall Street excesses: "Don't even think about messing with America's retirement!"

What's not to like?

[WillyT]

11. K & R !!!

[sabrina 1]

13. Once they started betting on the Gambling Casino on Wall St with peoples pensions, it was

obvious what would happen. Remember what happened to people who lost everything due to the 'investing' of their pensions on Wall St. Many people didn't even know their pensions were being used to gamble on Wall St with. THAT is what is wrong.

They got their hands on all these big public funds and gambled them away just like they did with mortgages.

Who in their right mind EVER allowed them to get away with such a scam???

Well it's up to the people now. We know what has been going on so there really is no excuse.

I can't express the anger I and so many feel wrt towards these greedy, criminal con artists who have destroyed so many lives, not just here but across the globe. And to think that there has been no effort to hold them accountable. We are living in an evil period of history, and I use that word consciously, the evil that has been perpetrated against innocent people around the globe over the past few decades is of massive proportions. And they are ALL complicit, every last one of them who did NOT STAND up regardless of the consequences, once they knew.

[Gidney N Cloyd]

17. Meanwhile so many people-- even on DU-- just shrug their shoulders and say "that's life."

[Enthusiast]

15. Kicked and recommended a shit load!

[DCBob]

16. .. and 401k are a poor substitute for pensions.

The future for the elderly does not look good in this country.