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'Fix The Debt' CEOs Underfund Employee Retirement, Demand Cuts For Elderly

sarahlee310:

A group of high-profile corporate CEOs are lobbying Capitol Hill this week toput Social Security and Medicare cuts at the forefront of deficit reduction negotiations. Their own retirement funds, however, are secure: The coalition includes 54 CEOs who have amassed combined pension assets of more than $649 million from their companies’ executive retirement plans, according to a new report from the Institute for Policy Studies, titled “A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts.”

The CEOs’ employees are much less secure in their retirement than the CEOs. According to the report, less than 60 percent of the 71 public companies offer pension plans for their employees. Of the 41 companies that do, 39 of them haven’t contributed enough to their workers’ pension funds to enable the plans to pay out their anticipated obligations. Among the companies with employee pension funds in the red, these deficits exceed $100 billion.

[…]

As the debate heats up over whether to cut Medicare, Social Security or Medicaid in order to maintain federal spending and corporate tax breaks, companies with well-compensated CEOs who preside over underfunded employee pension funds invite a new round of questions about the motives, and methods, of the CEOs pressuring Congress and the White House to cut programs for the middle class.

I sincerely hope that everyone reading this has been in touch with their Congressional Rep and Senators to tell them in no uncertain terms that we will not accept any cuts to safety net funding.  They will cave to these CEOs if the majority of us do not let them know we have not disengaged and are paying attention.

Filed under Fix The Debt pensions Social Security austerity Medicare safety nets economy middle class politics

7 notes

Romney's Lead with Older Voters Evaporates

The latest Reuters/Ipsos poll “indicates that during the past two weeks — since just after the Democratic National Convention — support for Romney among Americans age 60 and older has crumbled, from a 20-point lead over President Obama to less than 4 points.”

“Romney’s double-digit advantages among older voters on the issues of healthcare and Medicare — the nation’s health insurance program for those over 65 and the disabled — also have evaporated, and Obama has begun to build an advantage in both areas.”

(Source: sarahlee310)

Filed under polls politics Election 2012 Mitt Romney Barack Obama Medicare healthcare seniors

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"Least We Can Do" Marco Rubio

This video pisses me off!  It’s not the lie that they are telling about the medicare cuts that are suggested by the Ryan/ Romeny plan (it would lead to the elimination of Medicare by 2016, which would effect my parents and my grandparents).  No, it’s the fact that they keep talking about how deep this recession is and how my generation can’t find jobs, but they can’t seem to get that this means that our generation will need some kind of guaranteed safety net in our retirement too. What? Are we supposed to trust the stock market after the Crash of ‘08?  On what planet does that make sense?  The stock market scares me now more than ever, especially since Boomers are still screwing around in it.  

I don’t see why I have to accept that I won’t have guaranteed healthcare or retirement even though I pay into a system that provides it.  What’s their alternative?  Do they have one?  Nope, I’m on my own.  Which means I’m left to work until I die for a paycheck that hasn’t increased in 35 years.  In fact, in the wake of the recession, the paycheck has been reduced.  What the hell is that?

There are folks looking out for the elderly and folks looking out for the Boomers, but who is looking out for me?

Filed under Generation X Generation Y retirement stock market medicare age Budget deficit election GOP conservative Romney/Ryan

61 notes

Mitt Romney’s Medicare Defense: Don’t Tell Seniors The Truth | Surrogates Admit Romney Will Cut Medicare Benefits For Current Seniors

On Fox News Sunday, Romney adviser Ed Gillespie tried to address the conundrum. “There are other reforms as well. As you know Governor Romney supports increasing over time bringing the Medicare eligibility age in line with the Social Security retirement age.”

But raising the Medicare eligibility age is a benefit cut, and implementing the increase before 2016 would violate Romney’s pledge to leave the program unchanged for people between ages 55 and 65.

Avik Roy, an outside health care adviser to the Romney campaign, admits that committing to billions of dollars in higher Medicare spending in the near-term will make it difficult for Romney to achieve its separate goal of reducing overall federal spending to modern lows. But he notes that Romney could make up the difference elsewhere in the budget or, by “mak[ing] other changes to the Medicare program, such as increased means-testing, that don’t alter the program’s basic structure.”

Further means-testing of Medicare would amount to a benefit cut to current seniors.

These admissions rest on top of the fact that by repealing the Affordable Care Act, Romney would wipe out new Medicare benefits included in the law. Repeal would result in higher payments to doctors and hospitals, and the restoration of overpayments to insurers participating in Medicare advantage. But for beneficiaries, it would re-open the Medicare prescription drug donut hole and eliminate coverage for preventive services and annual checkups that the ACA created.

(Source: sarahlee310, via abaldwin360-deactivated20130708)

Filed under Mitt Romney politics Medicare 2012 elections healthcare

109 notes

Fox Falsely Claims Obama Is Gutting Medicare While Ryan Is Trying To Save It

abaldwin360:

Fox is pushing a Romney campaign falsehood that President Obama rather than Rep. Paul Ryan (R-WI) plans to gut Medicare as we know it.

Ryan has received strong criticism for his plan to transform Medicare into a voucher system. Trying to deflect the attacks on Ryan’s plan, Fox contributor Angela McGlowan claimed that the Obama’s Affordable Care Act (ACA) cuts hundreds of billions of dollars from Medicare.

In fact, the savings the ACA makes to the Medicare program would not cause a decline in quality of care under Medicare, and Ryan has proposed identical savings. But Ryan’s plan goes much further, ending Medicare as we know it by transforming it into a voucher plan.

read more and watch the video

Well, that didn’t take long, did it?

The claim was also made on “Meet the Press” and on “This Week”  by Romney campaign surrogates.  Rachel Maddow shot it down on “Meet the Press” and George Stephanopoulos laughed it off on “This Week”.   

(via abaldwin360-deactivated20130708)

Filed under politics Paul Ryan Fox News lies ACA Obamacare Medicare

Notes

From NPR “Double Take Toons” this morning.  I think that pretty much says it.  While I am concerned about Medicare, I’m more concerned that BOTH PARTIES have no problem throwing the rest of us under the bus.  Those folks 55 and over will clearly be cared for (love ya Moms and Grandma!), but what about the rest of us?  The stock market still isn’t safe and I’m beginning to thing retirement is something those of us under 55 will only read about in history books.  While while the Affordable Healthcare Act will help some, these jokers are doing all they can to dismantle it and decent healthcare in my old age is looking less and less likely.  Is anyone looking out for the rest of us or are we still being held hostage by the “Me Generation”?  
What about my daughter?  Is anyone (other than me) worried about her education? And I’m talking basic education, we haven’t even approached the sky rocketing prices for post-secondary ed!  Come on! What happened to defending the future? Anyone?  ANYONE?? :::crickets:::

From NPR “Double Take Toons” this morning.  I think that pretty much says it.  While I am concerned about Medicare, I’m more concerned that BOTH PARTIES have no problem throwing the rest of us under the bus.  Those folks 55 and over will clearly be cared for (love ya Moms and Grandma!), but what about the rest of us?  The stock market still isn’t safe and I’m beginning to thing retirement is something those of us under 55 will only read about in history books.  While while the Affordable Healthcare Act will help some, these jokers are doing all they can to dismantle it and decent healthcare in my old age is looking less and less likely.  Is anyone looking out for the rest of us or are we still being held hostage by the “Me Generation”?  

What about my daughter?  Is anyone (other than me) worried about her education? And I’m talking basic education, we haven’t even approached the sky rocketing prices for post-secondary ed!  Come on! What happened to defending the future? Anyone?  ANYONE?? :::crickets:::

Filed under Medicare Federal Budget federal debt