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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsA Huge Coal Miners’ Pension Plan Is On The Brink Of Failure. One Senator Is Blocking A Fix
Despite bipartisan support for a plan to save the workers' retirement and healthcare, Majority Leader Mitch McConnell stands in the way.By Joby Warrick and Lydia DePillis February 9 at 3:59 PM
hen Sen. Mitch McConnell strode into the Capitol for last months State of the Union speech, he took with him a guest whose presence was sure to be seen as a slap against the Obama administration and its policies on coal.
I brought along this unemployed coal miner here, McConnell (R-Ky.) said, gesturing to fourth-generation mineworker Howard Abshire, to see the person who put him out of work.
The Senate majority leader said he wanted to call attention to President Obamas heartless regulations that he argues have devastated communities in Abshires native eastern Kentucky. Yet just weeks earlier, McConnells office had delivered its own blow to Appalachian coal towns: It blocked efforts to rescue health and pension funds on which thousands of retired and disabled miners rely.
A plan that would ensure the solvency of the funds nearly made it through Congress in December as part of the bipartisan budget deal that cleared both chambers. But the bailout attempt backed by key lawmakers from both political parties was excluded from the deal at McConnells request, according to four Senate officials directly familiar with the events.
McConnells spokesman does not dispute that telling of events. And McConnell has not publicly explained his opposition to the measure.
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https://www.washingtonpost.com/news/wonk/wp/2016/02/09/a-huge-coal-miners-pension-plan-is-on-the-brink-of-failure-one-senator-is-blocking-a-fix/
mountain grammy
(26,648 posts)What a disgusting excuse for a human being is Mitch McConnell.
gratuitous
(82,849 posts)I'll bet being out of work in the coal fields sucks. You should be a little more careful in choosing your friends, though. I think your date for the State of the Union address doesn't have your best interests at heart. Because it looks like he's willing to take away what little you have left - health and pension funds - for no reason that he's willing to talk about.
hfojvt
(37,573 posts)McConnell probably wants the bailout to be on some other bill - so he can brag about it, without also garnering rightwing wrath for supporting the budget deal.
That's my guess, but for all I know, he voted FOR the budget deal.
kelly1mm
(4,734 posts)care costs? The union made bad investments and don't have the funds to pay, I get that. But why is that the tax payers problem? Millions of people without a pension are loosing (and have in the past lost) their retirement due to bad investments without a bailout.
Travis_0004
(5,417 posts)I always thought the way pensions are funded is backwards. Your pension should be funded as you are working, and when you retire, you basically have enough money in an account for you to live on.
The problem is you now have 13 retired miners for every active miner, and that just doesn't work.
Gidney N Cloyd
(19,847 posts)cloudbase
(5,525 posts)The Pension Benefit Guarantee Corporation, an agency of the federal government. Pension plans purchase insurance through the PBGC, and PBGC guarantees a percentage of a participant's pension should the pension program go belly up. Many defined benefit plans have yet to recover from the 2008/9 crash and are in federally overseen rehabilitation plans.
Sort of like if you have $500,000 in the bank (don't I wish!) and the bank fails. FDIC would insure your deposit up to $250k. You eat the rest.
kelly1mm
(4,734 posts)going to PBGC and the diminished payouts that would include. That is my issue - why should they get special treatment?