Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Lasher

(28,923 posts)
7. Recent history proves you are correct.
Fri Apr 26, 2013, 01:10 PM
Apr 2013

Defined Benefit Pension Plans were once common. They were fully funded by employers so that employees could look forward to a financially secure pension and medical insurance. This started to unravel during the '70s. Employers wanted to get their hands on those big pots of money. We started seeing behavior that is now familiar in today's predatory venture capitalist management style.

Along the way it has been a tangled web that includes Cash Balance Plan conversions that were eventually replaced with 401(k) saving plans; manufactured bankruptcies made popular by the airline industry; and shitty, catastrophic-only medical insurance in the place of employee benefits that once paid for everything.

This travesty might have been prevented if the government had held the capital. In that case the money would have been safer but vultures would still have circled over it. After all, Social Security benefits are under attack today from a cast that includes a Democratic President. And there are people even at this website who work pretty hard to rationalize theft of the Trust Fund.

Recommendations

0 members have recommended this reply (displayed in chronological order):

Or we could force every employer to prefund retirement benefits BethanyQuartz Apr 2013 #1
Only if we let the Federal Government hold the benefits. rhett o rick Apr 2013 #2
If we let federal government handle it we'll need that lockbox BethanyQuartz Apr 2013 #5
Recent history proves you are correct. Lasher Apr 2013 #7
Or at least a third party bound by an air tight trust agreement. n/t Cleita Apr 2013 #8
That goes for the pension plans for public employees at the state level too. JDPriestly Apr 2013 #11
Raise-the-Cap!!! bvar22 Apr 2013 #3
Ugh. Hearing Hillary say raising the cap is "a 1 trillion dollar tax increase on the middle class" SunSeeker Apr 2013 #12
Have you posted that as an OP? JDPriestly Apr 2013 #13
Increase SS benefits? siligut Apr 2013 #4
Lost the Rec button, I'll Rec. it here Downwinder Apr 2013 #6
Rendell was also wrong on the Eagles draft FreeBC Apr 2013 #9
I often wonder if Obama was using reverse psychology on the GOP.... KauaiK Apr 2013 #10
If the GOP always does the opposite, why did he appoint so many Republicans, especially Bush AnotherMcIntosh Apr 2013 #16
Good point. Touche KauaiK Apr 2013 #17
K & R. I regret that I can only give this one Rec. freshwest Apr 2013 #14
Remove the cap entirely. And make capital gains and foreign source income subject to SS taxation. AnotherMcIntosh Apr 2013 #15
K&R That picture is like an ad for a horror film. forestpath Apr 2013 #18
My dad worked for Bethleham Steel for 35 years. They went under and stole the pensions. Dustlawyer Apr 2013 #19
A whole lot of America is going to have nothing but SS to retire on. Jasana Apr 2013 #20
Well, finally someone is making sense! It's obvious the program is excellent, successful, sabrina 1 Apr 2013 #21
Latest Discussions»General Discussion»Elite Conventional Wisdom...»Reply #7