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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBill That Obama Extolled Is Leading to Pension Cuts for Retirees
The Washington Post reports that the Treasury Department is on the verge of approving an application from the Central States Pension Fund a plan that covers Teamster truckers in several states to cut worker pensions by an average of 23 percent, and even more for younger retirees. Over 250,000 truckers and their families would be affected. Workers over 75, or those who have acquired a disability, would be exempt from the changes.
The bill that enables this known as the CRomnibus because it was partially a continuing resolution to fund the government (CR) and partially an omnibus spending package to fund other parts of the government for a full year was littered with riders, nonbudget changes in law that attached themselves to the legislation like barnacles to a ship. These riders included the elimination of an entire section of Dodd-Frank derivatives regulations (as written by Citigroup lobbyists) and a large increase in the donation limits to party committees.
Despite the riders, Obama endorsed the bill and even whipped for its passage, assisted by JPMorgan Chase CEO Jamie Dimon.
Snip
https://theintercept.com/2016/04/20/bill-that-obama-extolled-is-leading-to-pension-cuts-for-retirees/
Downwinder
(12,869 posts)Response to LiberalArkie (Original post)
cyberpj This message was self-deleted by its author.
Wellstone ruled
(34,661 posts)Many of us retired Teamsters door knocked and lit dropped for this Guy. What really sucks is,how many Billions did we give to the Banksters who jacked the crap out of these Pension Programs as well as,setting the rules as to what we could invest in and with whom. Lehman Brothers smashed many a Teamster Fund,as well as Wall Streets Toxic Mortgage Bonds,yes those same risk free mandated by law we were required to invest in.
Been watching a major theme happening in the White House,and we should just hold our noses and vote for any Democrat. That is why Bernie has many a ear.
Egnever
(21,506 posts)For federal workers including the military who hadn't seen raises in over three years.
Compromise is hard and part of compromise means you lose on some issues the idea he was pushing for cuts to pensions is laughable.
A Little Weird
(1,754 posts)Pensions is one of them.
Egnever
(21,506 posts)Nosnense.
Response to Egnever (Reply #4)
cyberpj This message was self-deleted by its author.
Egnever
(21,506 posts)What a crock. Sounds pretty republican to me, I only care if it affects me.
Screw everyone because your niche group didn't get what they wanted.
What about the head start funding that was increased in the bill I suppose that also was bulshit.
Here's a good article on more social spending increases. While not enough to be sure, the idea Obama supported this bill because of cuts to pensions is so wildly unbelievable I find it difficult to fathom how anyone on this site can swallow it.
http://thinkprogress.org/economy/2014/10/21/3582474/sequestration-update/
And don't forget we were also on the brink of yet another government shut down.
doc03
(35,344 posts)pension plans. Only 65% of these benefits are guaranteed by the PBGC. The Teamsters Union and other unions supported this
because instead of defaulting and putting them under the PBGC and being cut 35% they are now able to reduce the benefits 23% to keep them afloat. I have one of these plans myself sponsored by the USWA so far it is in fairly good shape. So if anyone is to blame it is
the Union's mismanagement of the funds.
Hoyt
(54,770 posts)Dont call me Shirley
(10,998 posts)Egnever
(21,506 posts)And head start and meals on wheels and hud housing and public health....but fuck all of them right?
And Obama wrote the whole thing himself am I right?