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Thread: Save our pensions = call congress

  1. #21
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    Default Re: Save our pensions = call congress

    Here is the Teamster site press release.

    (WASHINGTON) – The Teamsters Union applauds today’s announcement of the formation of a bipartisan, House-Senate Joint Select Committee to find a solution to the nation’s growing pension crisis which could threaten the retirement security of as many as 1.5 million active and retired workers. Sen. Sherrod Brown (D-OH) secured the formation of the committee as part of the budget compromise announced today.

    The committee, which will be comprised of six senators and six members of the House evenly divided by party, will work toward reporting a bill to solve the pension crisis. The legislation also imposes a deadline to ensure Congress will act this year. The committee members, who will be appointed by House and Senate leaders, will also be required hold five public meetings to hear directly from retirees, workers and businesses effected by the pension crisis.

    “This is a positive step toward moving legislation forward that will finally address the pension crisis,” said Teamsters General President Jim Hoffa. “This committee must put aside partisan politics and advance legislation as quickly as possible that provides a real solution to this crisis. I applaud Sen. Brown’s work to secure the formation of this committee and thank him for continuing to lead the fight to ensure millions of Americans can retire with dignity.”
    https://teamster.org/news/2018/02/te...pension-crisis
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    Default Re: Save our pensions = call congress

    I am encouraged by this but I sense a lack of bipartisanship. I'm reading between the lines on Schumer's statement and it appears the republican majority wouldn't even allow the Butch Lewis Act out of committee. I wonder what was in the bill that they didn't like?

    “We Democrats would have liked to take up and pass the Butch Lewis Act. We couldn’t reach an agreement to do that, but now we have a process and potentially the means and motivation to get it done.”
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  3. #23
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    Default Re: Save our pensions = call congress

    BUDGET BILL MAY INCLUDE PROVISION FOR A BI-PARTISAN COMMITTEE ON PENSION CRISIS

    I am pretty angry about the treatment or lack there of with the Butch Lewis Act.

    The Senate version of the budget bill has a provision to establish a House-Senate Joint Select Committee to propose a solution to the pension crisis for consideration by Congress in December. Senator Sherrod Brown (D-Ohio) who has been a strong supporter of the pension protection movement, announced it was the best he could do.

    The Butch Lewis Act, a reasonable solution to the pension crisis, will not be enacted in the budget deal. This is a setback to the movement, but does not come as a surprise because the Republican leaders in Congress have not been supportive.

    It remains to be seen if the House version of the budget bill includes the provision for the joint committee, which will be charged with holding public hearings and proposing a solution to Congress by the end of November. However, it will require bipartisan agreement to have the proposal come to a vote.
    Budget Bill May Include Provision for a Bi-Partisan Committee on Pension Crisis - Teamsters for a Democratic Union
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  4. #24
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    Default Re: Save our pensions = call congress

    Finally got an e-mail back from my congressman's office after a few phone calls and a few e-mails..

    Date: 02/09/2018 AM
    Subject: HR 4444

    Mr.



    Thank you for taking the time to contact the office of Congressman Tom Marino. I am more than happy to talk to Congressman Marino about supporting HR 4444. We are happy to look into that piece of legislation and we will be sure to monitor this bill as it moves through the legislative process. Please do not hesitate to reach out if we can provide any further assistance. Thank you,



    Michael P

    Legislative Correspondent/ Legislative Assistant

    Office of Rep. Tom Marino (PA-10)

    2242 Rayburn House Office Building

    Washington, DC 20515

    P: 202.225.3731

  5. #25
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    Default Re: Save our pensions = call congress

    Quote Originally Posted by 2631 View Post
    I am encouraged by this but I sense a lack of bipartisanship. I'm reading between the lines on Schumer's statement and it appears the republican majority wouldn't even allow the Butch Lewis Act out of committee. I wonder what was in the bill that they didn't like?
    ''I wonder what was in the bill that they didn't like?''...That's easy 2631...Money!!...Money that's not earmarked to their 'Constituency'...the 1%...Like that POS Paul Ryan crowing about some poor sap making an extra $1.50 a week thanks to the GOP tax cuts that shows his loyalty and his disconnection with Working Class Americans...Hey Paul...should we 'GENUFLECT' Now or Later?...One more thing Paul...FU!!!!

    It is certainly no mystery and not breaking news...opensecrets.org does a wonderful job of illustrating the BRIBE flow which translates into ''LAWS'' benefitting Corporations and Oligarchs...Billions of Dollars paid to the Prostitutes in Congress to perform unnatural acts of economic perversion...Why do you suppose we do not have Medicare for All...take a hint...not because it is way more expensive than private insurance,or does anyone believe the American people are solidly behind our wars of regime change around the globe?

    Most Americans don't contribute to the political actors...We operate under the assumption(making asses out of ourselves)that Congress, indeed the ENTIRE Government works to benefit ALL Americans(joke).

    The Koch Machine spent $20 Million promoting the recent tax legislation/theft...Upon it's passage they gave that POS PIMP of the House $500 Thousand,a lot of cash right?...''PEANUTS'' compared to their PROJECTED BILLION PLUS Tax Break...''THIS YEAR ALONE''!!!!

    https://www.truthdig.com/articles/de...ule-oligarchs/
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  6. #26
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    Default Re: Save our pensions = call congress

    Quote Originally Posted by 2631 View Post
    I'm really getting annoyed with the lack of any response from my republican congressional representatives. Here is my latest attempt at getting my rep. Tom Rice's position on the Butch Lewis Act. I emailed it to his aide who promised to get back to me 12 days ago.
    Last week I called Rice's local office to ask again about the response from the congressman he had promised me 3 weeks ago. I was told my request would be forwarded to the DC office and they would get back to me.

    I don't know why I even bother asking republicans anything. I just got back from another town hall type meeting with congressman Rice. I again asked him if he was familiar With HR 4444 the Pension Rehabilitation Trust Fund? Again he said he didn't know anything about it. I reminded him that it was stalled in his Ways and Means committee. I then asked how he could not know about a bill that had 148 cosponsors? He then slipped and said they were not in any position to bail out private pension funds. So that told me he knew about the bill. I told him it was supposed to be an IRS trust fund and not a bail out. I asked him if the bill was dead and he wouldn't answer me. He then blew me off by saying I would definitely get an answer next week and moved on to the next questioner.

    We were only allowed to ask one question. I know the bill is dead but I just wanted to confront him. But it didn't do any good. You can't embarrass a politician. I'll probably get some type of form email with the usual political double talk............. And for the gun loving NRA members he said that he would not vote for any bill that banned assault type weapons. He would not return and continue to accept campaign contributions from the NRA. But he added the typical politicians response that he cannot be bought by any lobby.
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  7. #27
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    Default Re: Save our pensions = call congress

    And people wonder why I don't have any faith in politicians.

    After a very busy start to the year in Washington D.C., I wanted to hear from all of my constituents. So, we hit the road and hosted Coffee with your Congressman events in every county across our district! This week, we traveled to Cheraw, Bennettsville, Dillon, Marion, and Murrells Inlet. We discussed current events, upcoming legislation and important issues impacting our country and local community. I'm so appreciative of the opportunity to share updates on my work in Washington D.C. and hear how I can best serve you and your families. If you were unable to attend, or if I can be of help in any way, please contact one of my offices!
    In the past month I attended 2 of his coffee things and got nothing but political double talk and outright lies. I'll take a Yankee democrat's lies over a southern republican's any day.
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  8. #28
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    Default Re: Save our pensions = call congress

    Interesting article on ours (both public and private) pension funds and seems to blame Wall Street and the Bankers.....and it's not going to stop!

    America's Pension Crisis Is About To Detonate | Investment Research Dynamics


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    Short Sellers Journal
    IRD Investment Research Products
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    Powered by Kranzler Research
    America’s Pension Crisis Is About To Detonate
    March 3, 2018Financial Markets, Gold, Housing Market, Market Manipulation, Precious Metals, U.S. EconomyCalpers, market crash, pension crisis, stock bubble, underfunded pensions

    Dr. Paul Craig Roberts sent me an article by Catherine Austin Fitts and asked if I had read it. The article is titled, “The State of America’s Pension Funds.” The article is worth reading, though I believe Ms. Fitts underestimates significantly the degree to which political and Wall Street criminality – along with money management incompetence – has infected and destroyed the U.S. pension system – both public and private. Furthermore, I believe she errs in her believe that the pension crisis can be fixed.

    I’ve re-posted below my view of the looming pension system melt-down that I shared with Dr. Roberts.

    “My guestimate for the amount stolen or shifted illegally through these mechanisms is $50 trillion, although I can argue the number higher.” I agree with her assessment there.

    Craig, I concluded in 2003 that the elitists would hold up the system with printed money and credit creation until they had swept every last crumb of middle class wealth off the table and into their own pockets. Back then, I said housing was next asset to be drilled and cored. Let’s review: The first bubble removed at least $5-10 trillion of wealth from the public via the bailout of the banks and the wealth lost by people who chased home prices higher and then lost those homes to foreclosure or short-sale. Most of those homes are now sitting in the rental portfolios of large Wall Street investment funds like Black Rock and Colony Capital.

    I also concluded that the last remaining middle class asset was retirement funds (Pensions, 401k’s, IRAs) and that looting that asset class would be the elitists coup de grace. Retirement assets are by far the largest middle class asset in aggregate (something like $20 trillion now). Let’s review: Every dollar of under-funding is a dollar of wealth transferred away from the pension plan members to either current beneficiaries or the promoters of the fund investments. A lot of money is also paid to “professionals” who skim huge salaries and benefits to put money to work with hedge funds and private equity funds, most of which will be wiped out in the next big bear market.

    I have a close friend who works at a pension fund. It’s an off-shoot of a big State pension plan which happens to be one of the more underfunded pension funds in the country. My friend has to be a member of the pension fund as an employee of the fund he helps manage. He told me that as of Jan 1 he now has to contribute 12% of his pre-tax income to the pension fund. It’s criminal. That’s in addition to the amount his employer has to match. The money helps fund current beneficiary payouts. He needs his salary/job to support his family so he does not have a choice but to keep working at his current position unless he can find something else that pays equally as well. The job market for investment fund analysts is extremely difficult right now. His wife has to work for them to make ends meet (their kids are all under 12)

    Based on a detailed study he did internally, he estimates the true underfunding of all public pensions in aggregate is at least $8 trillion. Not the $3.5 trillion referenced by Catherine Austin Fitts. He’s an insider and has access to better data than the outsiders and academics who have done studies that conclude $3-5 trillion of underfunding. THAT’s with the stock AND bond markets at all-time highs. How in the hell is that possible? The difference, or funding gap, is the wealth that is being confiscated.

    The under-funding device is a very subtle and brilliant mechanism of wealth transfer. No one thinks about it that way but that’s what it is. A massive wealth transfer mechanism.

    I worked for some of these insiders at Bankers Trust. I can tell you first-hand, for a fact, that these people will do ANYTHING to take money from ANYONE, legally or illegally. I saw this first-hand. They are all very bright, well-educated and completely devoid of morals or ethics. My direct boss was like that and everyone above him was even worse. They hate nothing more than leaving, literally, even dimes and nickels on the table.

    That’s why the system is doomed.

 

 
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