Or the banking sector getting bailed out. Or Fannie and Freddie getting bailed out. Or states getting bailed out. Or insert most anything.
Believe me I know I grew up in Bethlehem across the street from the blast furnaces. The town went from bustling blue collar middle class where everyone had a good paying job to no work, people losing their homes alcohol and drugs after losing everything. A lot if people left as I did.Yup, and everyone with a pension got screwed. Then taxpayers got to foot the bill.
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Some were even forced to repay some of their pensions.
But the rich took their piece.
Then Wilbur Ross, a billionaire corporate raider did to the steel industry what he had previously done to the textile industry. Being 45 minutes from the Bethlehem PA location, I know a lot of people that were affected.
We lived down the street in Hellertown in the early 70s and remember the cokeworks smell almost every morning. Then went to the Crossroads for a beer and cheesesteak. Ahh the good old days.
Saucon Park was my favorite hangout as a kid. Little league baseball and that swimming pool. There was a soda factory in Hellertown where my dad would get a case of cream soda for us all the time. A-Treat sodas?.
I’m m sure your right but I’m also sure those pension recipients are going to have a great Christmas and life moving forward.
My dad was an IRS agent designated with auditing these pension plans years ago. He called them out. A lot of shenanigans and they weren’t being properly funded or managed. Part of the payout includes a rule change to allow them to be even more reckless with the money and how they invest it. It’s effectively taking $90B and temporarily paying back his unions, the system will collapse as soon as they run though the money.
It's a clear pattern of behavior.
In Philly, "If it's Frank's, thanks!"
I mentioned Mr. Ross. He is just one of the “Gordon Gecko’s” out there. An ex GF was a victim of Carl Icahn when he raided TWA. He was also another one of Trump’s financial advisors.
www.latimes.com
I agree. But you left out corrupt union rep pensions as well.
Generally included in failed pensions, but yes, worth mentioning specifically. So many different ways we get screwed, at 20, 30, 40, or more, years of service.
A-Treat makes the best Birch Beer.
Postie’s was better. Especially the big local picnics that had barrels of the white birch beer, that as young boys, we could mix up half and half with whatever beer was on tap. It looked the same, and as long as you weren’t causing problems, nobody really cared.
