maybe not drawing full pension at 50 would help more than fleecing us taxpayers...
Posted on 07/21/2019 3:57:54 PM PDT by Freedom56v2
Former House Speaker John Boehner and former Rep. Joe Crowley are joining forces in a bipartisan effort to combat a looming pension crisis affecting nearly 1.3 million American retirees Opens a New Window.
Boehner, the Ohio Republican who retired in 2015, is part of the Retirement Security Coalition, a leading force that is raising awareness to the underfunded multiemployer benefit plans.
“The job Joe and I have taken on is to try to elevate the seriousness of this problem," he told FOX Business’ Neil Cavuto Opens a New Window. on Thursday. "And Congress really does in fact need to act."
An estimated 10 million people participate in the multiemployer pension plans and 120 plans that cover 1.3 million workers may go bankrupt. There are 1,400 plans that will be insolvent in 20 years, according to the Pension Benefit Guaranty Corporation. “These pensions are becoming insolvent,” Crowley, the former congressman from New York who defeated in a major upset by Alexandria Ocasio-Cortez in the 2018 midterms, said. “We have 15 already that have gone south, we have 13 on [their] way.”
Snip
Boehner said the current political climate seems “a little strange” but Congress Opens a New Window. has come together to deal with important issues affecting Americans.
“It’s tough to get anything done in Washington,” he said. “But when you got 10 million retirees whose pensions are on the line, Congress knows this issue is important."
Failure to save the pensions, Crowley said, could have a severe impact on the U.S. economy because it has the potential to leach onto other retirement plans Opens a New Window. .
“A blow to our economy that will mean a lot in terms of loss to the revenue of our country
(Excerpt) Read more at foxbusiness.com ...
Politicians are very qualified to solve this problem. Look at the great job they did with Social Security. It’s only a little bit upside down.
Congress is too busy fixing other important things, like securing free stuff for illegal aliens that flooded into our country by the millions. Who’s got time for old Americans?
I don’t have a pension, why should I have to pay for their pension?
maybe not drawing full pension at 50 would help more than fleecing us taxpayers...
I see Boner is delighting in making Big Bucks as a lobbyist whore - in between his golf and his alcoholism.
Agreed!
Let me translate for you:
multiemployer = union
No real detail on which retirement funds are underfunded and why. This has only just begun and has been foreseen for many years in advance. This is another known problem where the can has been kicked down the road time and again.
“...to the underfunded multiemployer benefit plans.”
_________________________
Why are they now underfunded?
This is how it will begin.
Taxpayers in Idaho, a state that pays very low middle class or working class wages to public workers, will be asked to bail out the cadillac pensions of public and private workers in high tax and spend states.
This is not what America is about.
Teachers who make 45k a year should not be asked to bail out teachers who used a union and jacked up the pay for the same task to 90k or more. This is true for autoworkers, police, fire, utility workers, etc etc.
Every American has the right to pick and choose a job based not only on their own pay and benefits, but on the sustainability of their expected retirement. I should NOT have to bail out an entity that paid firefighters 200k a year with overtime that counted towards their retirement benefits!
This is going to be a huge problem for our nation moving forward in addition to the crushing government debt at all levels. The private sector is in the same bad shape as government is within many sectors and Americans do not see the hidden cost in utility rates, the cost of cars, the cost of healthcare, and the list goes on.
We all want a good retirement. I think most of us also want to leave a financially viable and sustainable world for our children. We have a debt problem and when you add our pension debt problem to that (to include social security) we are in very bad trouble.
No real detail on which retirement funds are underfunded and why. This has only just begun and has been foreseen for many years in advance. This is another known problem where the can has been kicked down the road time and again.
This may be a clue...
The Retirement Security Coalition includes employers, labor unions and policy experts in conjunction with UPS, the United Association of Plumbers and Fitters and the U.S. Chamber of Commerce.
Many of the pension of which they speak are those of Leftist states that have promised their unions golden pensions that were incapable of being paid. Why should the Federal Government, i.e. the rest of us taxpayers have to pay for the corrupt and irresponsible Leftist state governments and the equaly corrupt unions.
“Congress is too busy fixing other important things, like securing free stuff for illegal aliens that flooded into our country by the millions. “
I rode through the park down the road from my house this afternoon and there was a Mexican birthday party going on complete with Pinata and everything. We pay for their housing, healthcare, education, food and give them tax rebates all so the employers can make extra money. It’s a very sick system we have going on here.
The last couple of weeks he has been stumbling around trying to regain the public eye. His first feeble recent attempt was as a #NeverTrump stooge. I wish that jackass would crawl back into the bottle forever.
Republican Socialism
What is this? Unions that demanded too much and cities that bought favors with lies?
No way to bailing out corrupt liberals.
Me either. I am employed in a business that was not one of Obama’s favored ones. At the time of his election I had two kids in college and $50k in savings, now I have none, no pension and considering bankruptcy, and I’m supposed to pay for these people to have a pension along with a few million govt employees my age that have been retired for 10 years already?
It’s better to go bankrupt early, and get bailed out early. If / When the tidal wave comes, the public will revolt and there won’t be any money left
Jumping to social security and Medicare I have this question that I wonder if someone can answer. I am sure that the government workers pay their share of social security and Medicare payroll taxes, but does the government pay its share?
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