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3.24.2006
MSN Money - Financial Times Business News: US pension bill allows big cut in contributions: "Employers will be able to slash their contributions to underfunded pension schemes by tens of billions of dollars over the next five years under proposed legislation before Congress that was expected to have the opposite effect." I guess sometimes I try to imagine that I live in a different world wherein the article above would be considered outrageous instead of perfectly acceptable, where congress, instead of acting in the best interests of their wealthy friends decides to act in the interests of the working people of America. I find it hard to imagine that world, because I've never lived in that world. I look around and see lots of wealth handed out to shareholders. At the same time we read about how the federal government is having to borrow money from worker's retirement funds until they can get their debt limit raised and how congress is wanting to lend a helping hand to companies that are struggling to pay into their pensions. Meanwhile...: The U.S., also thrived, adding 69 new billionaires. The U.S. is now home to an astonishing 341 billionaires, just shy of half the world's billionaire population. Strong stock markets fueled much of this growth: Since the end of January 2003, the S&P 500 is up 38%, and the Nasdaq has gained 56%. How is this not class warfare? The Bush administration is preparing a budget request that would freeze most spending on agriculture, veterans and science, slash or eliminate dozens of federal programs, and force more costs, from Medicaid to housing, onto state and local governments, according to congressional aides and lawmakers. and... war on veterans? Veterans programs are also expected to be pinched, with flat funding, higher deductibles and co-payments for health care and a squeeze on benefit eligibility, aides said. Wise people said that putting republicans in charge would result in huge tax cuts that would lead to deficit spending that would lead to cuts in spending for the poor, middle class, elderly and veterans. They were right. We got what we asked for. Bush is president of the United Shareholders of America. The rest of us...? Too bad. (via eschaton) | |
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