Jul 14, 2003
President Bush announced that he will submit new regulations to Congress concerning workers' pensions. If companies claim they are failing, he wants to allow them two years in which they need pay nothing whatever into their pension funds.
This is another way of letting companies legally raid their pension funds and enter bankruptcy court with little or no money to put toward their pension liabilities.
It's an expanded and souped-up version of how the steel industry has been dumping its pension obligations. One company after another has been going through bankruptcy, changing ownership, leaving workers with their retirement benefits shredded to pieces. The biggest remaining companies end up more profitable than before.
The greed of the bosses has no bounds – not when they feel they have a free hand.
It's time the workers began to tie their hands.