Rich keep getting richer while pensions are slashed
Gordon Gekko, from the movie “Wall Street,” captured the essence of our current-day, all-pervasive philosophy: “Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies and cuts through to the essence of the evolutionary spirit.” So says the modern-day prophet for the current movement of “me first-ism.”
It is a good thing if you are on the winning side of that philosophy. The sad reality is that for every winner, there are many more losers. Currently many Michigan Teamsters are about to have their pensions drastically cut. They will shoulder the burden of that greed through their hard-won benefits while the “fat cats” will once again bask in the glow of unfettered greed.
According to the Detroit Free Press, “The Central States Pension Fund’s own checkered history means it is not exactly a sympathetic character in the labor movement’s fight to hold on to pensions for retirees. The fund was ripe with corruption.”
And those unscrupulous villains who perpetrated that corruption will not have to pay. Their golden parachutes have carried them far away from such mundane trivialities. They care little about social contracts negotiated long ago.
So the next time you are ready to castigate unionism, just remember that unions are not the villains here. And also remember the dire warning issued by the Free Press: “Other retirees in troubled multiemployer plans are watching because this rescue plan could end up being a model to copy elsewhere.”