Bush's War Against Older Workers
by Congressman Bernie Sanders of Vermont
Excerpt:
"President Bush may or may not go to war against Iraq, but we do know that he has already declared war against the economic well-being of the middle class and working families of this country.
While he cuts back on Medicare and the needs of veterans, he wants even more tax breaks for the very richest people in this country. While he pushes efforts to privatize Social Security, there is no attempt to raise the minimum wage above its paltry $5.15 an hour. While he expands our disastrous trade policies that have already cost us millions of decent paying manufacturing jobs, he is proposing to slash the pay and benefits of federal employees through a massive and dangerous contracting-out scheme. While our healthcare system disintegrates and prescription drug costs soar, his Administration proposes legislation written by and for the pharmaceutical industry.
And now, in the midst of all of this, there is a new economic assault being waged against older American workers. The Bush Administration has recently proposed IRS regulations that would allow corporations to undertake a major raid on the pension benefits that older workers have accumulated. These new proposals, if adopted, would allow companies to avoid federal anti-age discrimination laws, and convert traditional defined benefit pension plans into so-called "cash balance" plans. Under the proposal, promises made to older workers about pension plans that increase retirement benefits based on longevity would be undermined. While corporations would save billions in pension expenditures, some 8 million older workers could see their benefits reduced by 30-50 percent.
Cash balance payment plans have rightfully been condemned by a variety of groups, including the AARP, the Pension Rights Center and the AFL-CIO, because they target the benefits of older workers in violation of current federal law. The Equal Employment Opportunities Commission (EEOC) has received over 800 complaints related to cash balance conversions. And, since September 1999, the IRS has withheld approval of these plans because of concern about their age discriminatory effect. Now, however, the Bush Administration wants to allow these conversions to go into effect."
http://www.buzzflash.com/contributors/2002/12/28_Workers.html
(Can I expect anyone to say that a Congressman's opinion is not valid just because of where it was published? Gosh, I hope not...)