The Register's Editorial: Cutting pension benefits is bad but necessary
Congress packed a lot of extraneous issues into the massive $1 trillion spending bill passed just before adjourning last week. Among them was a provision that allows pension benefits to be reduced for about 1.5 million retirees. That is bad news for those pensioners, but the alternative would be even worse.
The cuts are necessary because those retirees' pension plans are seriously underfunded and projected to go broke within the next 10 years. If the payouts are not reduced to extend the life of these pension plans, some retirees could see their benefits slashed by as much as 95 percent.
http://www.desmoinesregister.com/story/opinion/editorials/2014/12/21/cutting-pension-benefits-necessary/20722875/
The attack on Social Security is coming folks.
belzabubba333
(1,237 posts)djean111
(14,255 posts)Yes, I believe Social Security, the USPS pension fund and health care fund, and pensions for all but the higher government employees will all be enthusiastically attacked. That veto pen just may be a killer or savior of the next presidential election for the Dems.
Downwinder
(12,869 posts)procon
(15,805 posts)So, lets unpack this malarkey. Here we have another Republican run state government that made shady backroom deal to cut corporate property taxes. Then they had to steal money from wage earners to balance the books.
Maybe if they had not passed the "largest tax cut in Iowa history" that gave away juicy handouts and other corporate tax subsidies that only benefit big business, there would be more tax revenues available to pay those retirees pension benefits they earned.
Governor, lawmakers brag about largest tax cut in Iowa history
rurallib
(62,373 posts)antigop
(12,778 posts)The Central States pension fund is a big part of the problem. What you need to know about Central States:
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=5975589
antigop
(12,778 posts)Triana
(22,666 posts)Republicans always did. Not so Democrats.
But NOW that Democrats are mostly just Repub Lite, most support gutting Soc Security.
Every American who isn't fabulously wealthy is just a sitting duck waiting for these assholes to shoot us down.
And the IDIOTS who either voted Republican or didn't vote AT ALL are mostly to blame for the fact that most of us will never be able to retire or if we are forced to, will do so in abject poverty. That's what happened BEFORE social security and it will be that way again.
Congratulations. The New Deal is dead.
Someone here once told me: "relax. Obama will veto any Social Security cuts."
NO. He won't. He supports them and he has said so.