Don't Fuck with Our Pensions
Over the last thirty years, in the wake of a settling conservatism that has creeped up on the populace like a silent fart, more and more of what working people have counted on to support them in their older age, including Social Security and pensions, have been actively attacked by the onslaught of right wing demagogues. Pensions in particular have become the new focus of concern in light of the Bush Administrations failed attempts to dismantle Social Security.
At one point in our history Big Business and Corporate America had an empathy for the American Worker and worked with them to forge a mutual alliance, beneficial to both. Employees supported their company and traditionally stayed with one employer for most of their lives. For being a loyal employee, companies rewarded them with health insurance, benefits and a decent pension. When employees retired they had the money to live their twilight years in relative comfort and felt safe that in the event of a medical emergency their pension and health benefits they earned would support them through difficult times.
Those days seem to have disappeared quicker than the hubcaps of a Cadillac in South Central L.A.
Across the country there is a systematic attack on non-government pensions by corporations. Workers have lost their sense of security and are fearful that their twilight years are going to be spent poor and destitute and on government assistance. Everyone is aware of the Enron, Global Crossing and Tyco scandal's, which destroyed the dreams of thousands of working men and women. The greedy bastards running these companies weren't content with their bloated salaries and bonuses. They wanted to raid the piggy bank to, at the expense of working people. Well known corporations including: IBM, United Airlines and Verizon Communication, have either terminated their pension plans or frozen them and now this hacking away at worker stability is spreading into other areas.
Destroying pensions in the private sector wasn't enough, however, now they are coming after the pensions of local and state governments.
There is one goal and one goal only in trying to do away with pensions plans on the government level; the weakening of the public sector and the unions that support them. The check that is needed to prevent Christian and Family "value" based Republican dogma from bubbling up like vile water all over the country. In the case of large pensions, such as PERS, hard line Republicans also want to weaken their ability to influence corporate behavior. PERS does not invest in companies that have a history of worker abuse, sanction sweatshops, are resistant to decent, union wages or demonstrate other anti-worker attitudes and behaviors. Hard line Republicans detest any time of corporate regulations and policies, even those which may affect workers in an adverse way. Their way of thinking has and always will be the bottom line. Workers for them are nothing but a bunch of numbers on a spread sheet program, throwaway fodder to be used and discarded at will.
Grover Norquist, the Nazi leader of the Pro-Bush group Americans for Tax Reform was quoted as saying in regards to pensions influencing corporate behavior, "We want to take that power and destroy it." Sorry fuck head, that ain't gonna happen. People are waking up and they don't like what they are seeing.
The Bush Administration and hard line Republicans nationally are working hard to privatize the entire system believing that it will save them money. This is a fallacy. In California, which has the largest pension in the country, PERS, 75% of the fund growth has come from investments, 12% is contributed by employees and 13% by the state. Tax payers contribute less than 15% In a state with a population of several million, the average tax payer is maybe contributing $2.50 a year to the pension. And honestly, even if it was more, they are supporting a system that supports the people who provide the services they use every day. It's like the assessment fee I pay every month. My fee pays for the pool, the upkeep of the grounds, painting, etc. Without it, the pool would be dirty, the grounds would be overgrown and the buildings would look old and dated.
The only people that will benefit from privatizing pensions are the Wall Street Fat Cats who would be taking in millions of dollars annually administering pension funds and for that matter Social Security. A large portion of which will go towards lining the pockets of the smug, smiling slime buckets who would be lining up in droves at the White House.
In the last six years the people of the U.S. have been frightened into believing a lot of nonsense, a lot adulterated bullshit, to sway them to believe and act a certain way. I can't think of an administration in recent memory who used fear as effectively as the Bush Administration to break and flaunt laws and manipulate the populace into believing such things as Social Security is crumbling and that government pensions suck up the nations tax dollars.
Here are some myths about worker government pensions:
Myth 1: Public employees receive lavish pensions.
Fact: The national average for public - pensions benefits is $18,500. It should be noted that police officers, firemen, teachers, employees working in corrections and the mental health system are constantly in danger. Anything can happen on the job and they deserve to be rewarded for their years of state service. When I retire I don't want to be on government assistance, I want to be able to live independently. That can only happen with a pension program in place.
Myth 2: States and Localities can't afford pension costs, which are rising fast.
Fact: The vast majority of pension benefits are covered by employee contributions and investment earning. Pensions are actually cheaper for tax payers the 401(k)s, which opponents of public employees are pushing.
Myth 3: Everyone gets Social Security, so why do employees need a pension?
Fact: Many state workers, including myself, don't have money that goes toward social security. We get safety retirement. Safety retirement is for those classifications who work in dangerous occupations. Since my Social Security money can't grow, I need another source of funding to retire. It's my primary income after I retire.
Myth 4: It is better to offer 401(k) style plans and give workers control of their retirement.
Fact: The truth is that the vast majority of people are clueless about how to manage their accounts. A pension should be something to be counted on, not a bet on a roulette wheel.
Myth 5: 401(k) plans get a bigger return and are a better deal then pensions.
Fact: Just yesterday the L.A. Times had an article on 401(k) plan and how much money participants are losing out to administrative fees. One person interviewed estimated that he is losing almost $450.00 a year in fees. I'm looking forward to seeing the changes that will come out regarding 401(k) plans after the fallout from the series clears up. 401(k)'s are profit making machines for brokerage houses. In government, pensions are funded to support the worker. Stability and earnings are stressed as they relate to this support.
The fight to preserve pensions is critical for our society. There are 6 million retired state and local workers who rely on them and 14 million more who are counting on them when they retire so they can live their twilight years comfortably, without worry. Public pension plans hold retirement assets worth $1.5 Trillion dollars. Don't be fooled by the manipulative ploys of hard liners. They don't care about you. They are about them. Hold the line and keep Bush Administration, hard line Republicans and Corporate America out of your pocket books.
At one point in our history Big Business and Corporate America had an empathy for the American Worker and worked with them to forge a mutual alliance, beneficial to both. Employees supported their company and traditionally stayed with one employer for most of their lives. For being a loyal employee, companies rewarded them with health insurance, benefits and a decent pension. When employees retired they had the money to live their twilight years in relative comfort and felt safe that in the event of a medical emergency their pension and health benefits they earned would support them through difficult times.
Those days seem to have disappeared quicker than the hubcaps of a Cadillac in South Central L.A.
Across the country there is a systematic attack on non-government pensions by corporations. Workers have lost their sense of security and are fearful that their twilight years are going to be spent poor and destitute and on government assistance. Everyone is aware of the Enron, Global Crossing and Tyco scandal's, which destroyed the dreams of thousands of working men and women. The greedy bastards running these companies weren't content with their bloated salaries and bonuses. They wanted to raid the piggy bank to, at the expense of working people. Well known corporations including: IBM, United Airlines and Verizon Communication, have either terminated their pension plans or frozen them and now this hacking away at worker stability is spreading into other areas.
Destroying pensions in the private sector wasn't enough, however, now they are coming after the pensions of local and state governments.
There is one goal and one goal only in trying to do away with pensions plans on the government level; the weakening of the public sector and the unions that support them. The check that is needed to prevent Christian and Family "value" based Republican dogma from bubbling up like vile water all over the country. In the case of large pensions, such as PERS, hard line Republicans also want to weaken their ability to influence corporate behavior. PERS does not invest in companies that have a history of worker abuse, sanction sweatshops, are resistant to decent, union wages or demonstrate other anti-worker attitudes and behaviors. Hard line Republicans detest any time of corporate regulations and policies, even those which may affect workers in an adverse way. Their way of thinking has and always will be the bottom line. Workers for them are nothing but a bunch of numbers on a spread sheet program, throwaway fodder to be used and discarded at will.
Grover Norquist, the Nazi leader of the Pro-Bush group Americans for Tax Reform was quoted as saying in regards to pensions influencing corporate behavior, "We want to take that power and destroy it." Sorry fuck head, that ain't gonna happen. People are waking up and they don't like what they are seeing.
The Bush Administration and hard line Republicans nationally are working hard to privatize the entire system believing that it will save them money. This is a fallacy. In California, which has the largest pension in the country, PERS, 75% of the fund growth has come from investments, 12% is contributed by employees and 13% by the state. Tax payers contribute less than 15% In a state with a population of several million, the average tax payer is maybe contributing $2.50 a year to the pension. And honestly, even if it was more, they are supporting a system that supports the people who provide the services they use every day. It's like the assessment fee I pay every month. My fee pays for the pool, the upkeep of the grounds, painting, etc. Without it, the pool would be dirty, the grounds would be overgrown and the buildings would look old and dated.
The only people that will benefit from privatizing pensions are the Wall Street Fat Cats who would be taking in millions of dollars annually administering pension funds and for that matter Social Security. A large portion of which will go towards lining the pockets of the smug, smiling slime buckets who would be lining up in droves at the White House.
In the last six years the people of the U.S. have been frightened into believing a lot of nonsense, a lot adulterated bullshit, to sway them to believe and act a certain way. I can't think of an administration in recent memory who used fear as effectively as the Bush Administration to break and flaunt laws and manipulate the populace into believing such things as Social Security is crumbling and that government pensions suck up the nations tax dollars.
Here are some myths about worker government pensions:
Myth 1: Public employees receive lavish pensions.
Fact: The national average for public - pensions benefits is $18,500. It should be noted that police officers, firemen, teachers, employees working in corrections and the mental health system are constantly in danger. Anything can happen on the job and they deserve to be rewarded for their years of state service. When I retire I don't want to be on government assistance, I want to be able to live independently. That can only happen with a pension program in place.
Myth 2: States and Localities can't afford pension costs, which are rising fast.
Fact: The vast majority of pension benefits are covered by employee contributions and investment earning. Pensions are actually cheaper for tax payers the 401(k)s, which opponents of public employees are pushing.
Myth 3: Everyone gets Social Security, so why do employees need a pension?
Fact: Many state workers, including myself, don't have money that goes toward social security. We get safety retirement. Safety retirement is for those classifications who work in dangerous occupations. Since my Social Security money can't grow, I need another source of funding to retire. It's my primary income after I retire.
Myth 4: It is better to offer 401(k) style plans and give workers control of their retirement.
Fact: The truth is that the vast majority of people are clueless about how to manage their accounts. A pension should be something to be counted on, not a bet on a roulette wheel.
Myth 5: 401(k) plans get a bigger return and are a better deal then pensions.
Fact: Just yesterday the L.A. Times had an article on 401(k) plan and how much money participants are losing out to administrative fees. One person interviewed estimated that he is losing almost $450.00 a year in fees. I'm looking forward to seeing the changes that will come out regarding 401(k) plans after the fallout from the series clears up. 401(k)'s are profit making machines for brokerage houses. In government, pensions are funded to support the worker. Stability and earnings are stressed as they relate to this support.
The fight to preserve pensions is critical for our society. There are 6 million retired state and local workers who rely on them and 14 million more who are counting on them when they retire so they can live their twilight years comfortably, without worry. Public pension plans hold retirement assets worth $1.5 Trillion dollars. Don't be fooled by the manipulative ploys of hard liners. They don't care about you. They are about them. Hold the line and keep Bush Administration, hard line Republicans and Corporate America out of your pocket books.
