The Obama administration is pushing ahead with its plans to slash pension benefits for up to one million participants in “underfunded” multiemployer pension funds as part of its drive to make defined-benefit pensions a thing of the past for all US workers.
The White House campaign, carried out in a conspiracy with the major trade unions and multinational corporations, takes place in the wake of the 2013–2014 bankruptcy of Detroit, which set a precedent for slashing the legally protected pension benefits of retirees.
Kenneth Feinberg, the Obama administration’s appointee to oversee the pension cuts, held a hearing on behalf of the Treasury Department in Detroit Monday to hear objections to the plan to slash the pension benefits of some 270,000 retired truck drivers, package handlers and other members of the Teamsters Central States Pension Fund.
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What's happening in Detroit is merely a test case. Soon this will affect most (if not all) US retirees.
The pension funds are "underfunded" because Congress allowed them to be. An entire generation will be thrown under the bus so that the rich can be even richer.
Are you happy now?