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.”
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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 ...
You shouldn’t. And neither should I.
and trips to the tanning bed.
Why is it my responsibility to pay for a retirement crisis created by irresponsible politicians? How ‘bout Boehner et. al. if they’re so concerned, give up their pensions first?
If crying Loser Boehner is touting it I’m pretty sure it’s worthless; suspect opposed.
“A blow to our economy that will mean a lot in terms of loss to the revenue of our country
Who knew? No wonder we are in debt by trillions.
Tax and spend! Oh, wait a minute. The new paradigm
is spend, spend, spend and forget the taxing part.
Nobody votes for candidates promising more taxes.
But spending ... ah, life.
Thank you for correcting my faulty recollection. I did remember that pilots were very angry.
And I gave you a wrong number; it was more like $40,000/yr.
As an aside, the pilot’s separate pension plan was fully funded but the PBGC took over all UA pension plan funds.
Had the pilots just been able to receive their own share of the pilot’s plan it would have been in excess of one mill. ea. No wonder they were pissed.
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