CEOs causing Social Security crisis

CEOs causing Social Security crisis                                                                               Over the last 33 years CEOs of major corporations have been cutting pensions and shifting employees to risky 401(K)s. 401(K)s generate huge fees for Wall Street, force workers to gamble with absolutely no market savvy, and turn what loyal employees thought were safety-net pensions into uncertain retirement. Stock market losses from the Great Republican Recession and the dramatic drop in company pensions have already forced a third of all Americans over the age of 65 to turn to Social Security for over 90% of their income.  On top of these tremendous losses, CEOs––with retirement accounts averaging over $80,000 a month are demanding that retirees, whose average SS check is $1,200 a month, accept lower retirement money and wait to 70 to retire in order to pay for the debt caused by the Great Republican Recession.  How, you ask, can CEOs get away with something so damaging without a public outcry? CEOs belong to a powerful lobbying organization called the Business Round Table, a club that spends billions of dollars gulling the public into believing that money talks, corporations are people, CEOs deserve success, and retirees who don’t have financial clout can be hoodwinked into paying for corporate failure. The public is so fixated on greed, so indoctrinated by authority, and so nose-led by tradition that we not only meekly accept punishment, we justify calamity by calling it conservative values. For the past 40 years the wealthy class has been waging war on public interests. Since the Reagan Revolution, the sunny-faced Gipper has grinned like a poster boy covering over conservative corruption. How much longer will the burgeoning ranks of retirees stand quietly by groveling as the biggest losers in the growing battle of American class warfare?  Richard Dorsey, Hacienda Heights, CA.

 

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