'Over and over again, America's seniors are being
told they must foot the bill for fiscal failures which
have already left them facing a weakened and
tenuous retirement. In Detroit, a bankruptcy judge
has ruled the city can cut pension payments to
thousands of retirees, despite a state law stating
otherwise. In Washington, the latest Congressional
budget deal targets retirees with $12 billion in
pension changes, including cutting pensions for
military personnel who retire in 2015 and requiring
new federal workers to contribute more to their
retirement. All of this couldn't come at a worse time.
Three decades of stagnant middle-class incomes,
disappearing pensions, limited ability to start and
maintain personal savings, and the failure of the
401K experiment lay the foundation for a retirement
crisis that could further threaten millions of older
Americans and their families.' -- Max Richtman,
President and CEO, National Committee to Preserve
Social Security and Medicare Social Security and Medicare
Attention, voters.
Labels:
pensions,
social contract,
social security
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