Dwight D. Eisenhower: Responsible Republican
"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are [a] few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid."
- President Dwight D. Eisenhower, 11/8/54
posted by Zappatero @ 8:03 AM
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May 11, 2005
Disappearing Pension Funds: The Need for Stronger Social Security
Washington, DC – Yesterday, a bankruptcy judge in Chicago ruled that United Airlines may turn over its pension plans to the federal government as part of its efforts to exit bankruptcy protection. This move amounts to the largest pension default in U.S. history, and means that 134,000 current and former United employees will lose more than $3 billion in retirement benefits. [Chicago Tribune, 5/11/05; New York Times, 5/11/05]
“Recent events further highlight the need for a strong Social Security system for all Americans,” said DNC Chairman, Gov. Howard Dean. “That’s why Democrats want to work on a real plan to ensure the long term security of Social Security. We will continue to fight the risky Republican scheme to turn a guaranteed benefit into a guaranteed gamble. When all else fails, Americans need to know that they can rely on the Social Security benefits they’ve spent a lifetime earning.”
Sorry for cross-posting, but this is a short but absolutely correct summary. The MIDDLE CLASS can't afford to lose Social Security benefits, because this administration is making it OK for their employers to renege on their pensions. So all that vaunted "private ownership" of our retirement is smoke and mirrors - if our employers decide they need the cash, we are out the door at 30 cents on the promised dollar. If indeed that much - look at Enron.
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