It’s high time our working people expressed thanks to the Republican Party for their poor retirements.
Remember that the Republicans have been killing pensions ever since the Economic Recovery Tax Act of 1981. They’ve been very successful so far. There aren’t any pensions for new employees in the private sector anymore. In Congress and the state legislatures, any and all efforts by Democrats to encourage and defend pensions were repeatedly suffocated by the GOP’s slick and disingenuous “tax-and-spend liberal” attacks.
In a related move, the Republicans gave away the federal government’s surplus to tax cuts mostly for millionaires and billionaires instead of investing it in Social Security and Medicare. Don’t forget the time they also tried to privatize Social Security.
Today, they are going after the only pensions left. Pensions are just too expensive for employers trying to compete in the global economy, the GOP says. Working people need to lower their expectations.
And the Baby Boomer generation is retiring with about $35,000 in retirement savings on average. Did you know that 401(k) plans were originally designed to be tax shelters for millionaires and billionaires?