Pensions?
Truckers?
:rofl:
FreedomWorks (GOP PR group)
May 12, 2000
Scott Hodge
Virtually all of the major unions in the U.S. have joined Vice President Al Gore in a well-orchestrated campaign against any proposal that would to allow workers to invest a portion of their Social Security taxes in personal retirement accounts that they control. Like Gore, the union bosses say that personal retirement accounts will undermine Social Security and put workers’ retirement “at risk” to the uncertainties of the stock market.
If the stock market is so risky, then why does virtually every union pension fund in America invest the bulk of their assets in the “risky” stock market? Gone are the days when America’s major union pension funds invested most of their money in Las Vegas and Atlantic City. They are doing the smart thing by investing workers’ pension funds in real assets that will grow in value over time and be there when its time to pay workers’ retirement benefits.
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The Western Conference of Teamsters Pension Trust has 40 percent of its $22 billion in assets invested in domestic stocks.
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Al Gore and the union leadership are out of touch with their own rank and file: a recent Zogby poll showed that more than 66 percent of union members would “support Social Security privatization if it allowed you to take your Social Security money and invest it in a retirement account of your choosing.”
http://www.freedomworks.org/informed/issues_template.php?issue_id=566FAST FORWARD FOUR YEARSNovember 15, 2004
In the 1960's and 1970's, the Teamsters' huge Central States pension fund was a wellspring of union corruption. Tens of millions of dollars were loaned to racketeers who used the money to gain control of Las Vegas casinos. Administrative jobs were awarded to favored insiders who paid themselves big fees. A former Teamster president and pension trustee was convicted of trying to bribe a United States senator.
Yet for nearly half a million union members who are expecting the fund to pay for their retirement, those may have been the good old days.
Since 1982, under a consent decree with the federal government, the fund has been run by prominent Wall Street firms and monitored by a federal court and the Labor Department. There have been no more shadowy investments, no more loans to crime bosses. Yet in these expert hands, the aging fund has fallen into greater financial peril than when James R. Hoffa, who built the Teamsters into a national power, used it as a slush fund.http://www.cepr.net/Economic_Reporting_Review/nytimesarticles/teamsters_11_22.htmYou, too, can lose your life savings. Invest in Enron today.
You, too, can lose your retirement funds. Invest in BushCo today.