Sunday, December 02, 2012

My retirement is taken care of. Why should I care about yours?

Seventy-one major American corporations have united in a "Fix the Debt" campaign.  The CEOs of these companies have an average of $9,000,000 in their company-funded retirement plan.  Twelve of these CEOs have more than $20,000,000 in their accounts; Honeywell's CEO has $78,000,000 in his account. The bosses are doing well.  

How are the employees doing with regard to their retirement? Forty-one of these 71 companies offer employee pension funds. Of these, only two have sufficient assets in their funds to meet expected obligations. The rest have combined deficits of $103 billion, or about $2.5 billion on average. General Electric has the largest deficit in its worker pension fund, with $22 billion.

The attitude of these CEOs seems to be "I'm doing well.  Tough darts you're not."  This attitude is also seen in the campaign's push to cut Social Security and Medicare.

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