Workers Pensions About to get slashed.....Yay Deregulation.

One more time Deregulation turned out to be an awful, terrible, horrible idea.

One more time when the little people got royally screwed as a result of deregulation.

Anytime you hear that word you should run and hide. That word means you are about to get screwed.

A pension was a promise to employees that some money would be invested for their retirement. But once deregulation happened employers no longer had to invest the money. And they didn’t.

Employers only do things the government forces them to do. If the government is not forcing it then it will not happen. That is the reality.

So the employers took the money and used it for other things. They said they would make up the shortfall at a later time. They never did. Now there is not enough money to cover all the promises and who is going to pay the price? The workers….. of course.

Since there are no rules saying anyone else needs to be accountable (thanks deregulation) that means one more time it will be the fleecing of the workers. They did their job. They held up their end of the deal. Now (as always) they will be beaten down.

Corporations making record profits are accountable for nothing. Corporations with record breaking stock prices are accountable for nothing. Corporations bailed out with our tax dollars are accountable for nothing.

When corporations need to be bailed out the government is there waiting with the check book. Both Republicans and Democrats can’t write the checks fast enough. When workers need to be bailed out there is nobody home. Sorry you are on your own. Good luck.

There is only one group who is ever made to pay the price (for what others have done) and that is the workers. Club them over the head with a mallet and then continue to clubbing them because it is so fun. Capitalism at its finest.

http://www.wsj.com/…/kenneth-feinberg-to-oversee-cuts-to-pe…

“Many have been hurt by factors such as deregulation and other economic shifts. The plans also have been lightly regulated, allowing them to build up large unfunded liabilities.”

“About one million retirees and workers are participants in plans that are projected to run out of money eventually.”

Under the new law, trustees of many troubled plans will propose benefit cuts to stave off insolvency. (old laws to protect the workers were thrown away. New laws to screw the workers were passed. See how that works?)

When the banks were bailed out in 08 we were told bailout money HAD to be used to pay corporate bonuses. Those bonuses were owed by law and there was no way they could not be paid. Executives who ran their bank into the ground must be paid. But workers who earned Pensions have no such protections. Fox news was irate night after night (in 08) at the thought of bonuses not being paid to idiot executives. But if you watch tonight you will hear nothing about workers currently being screwed.