Expert with ties to N.J. says if pensions aren't protected, nation will suffer

He is an unlikely Jeremiah, a funds manager in a pinstripe suit with a résumé that includes a stint as chairman of the Federal Reserve Bank in Richmond, Va. Yet Thomas Mackell Jr. is warning of a future in which the homeless elderly live under bridges and the old and the young engage in “intergenerational warfare” over disappearing jobs.

Where are the jobs? Sent to China by our dear corporations for a few bucks more. Thanks Alot.

If something doesn’t happen soon, this country will go the same way as every other empire,” said Mackell. Citing the growing income gap between rich and poor, the deterioration of infrastructure, and, most of all, the problems facing the 77 million aging members of the Baby Boom, the financial funds manager called America’s prospects “abysmal.”

“What he had to say was pretty frightening,” said Jack Brennan of Hillsdale, chairman of the Association of BellTel Retirees, a group with 112,000 members throughout the country.

“But his purpose wasn’t to scare us, but rather to energize us into taking action.”

The action — protecting pension benefits and health care for retirees. “We have to keep fighting for what we fought for years ago,” Brennan said.


America' working class is waking up to this teaparty assault by the richest americans

Braun: Expert with ties to N.J. says if pensions aren't protected, nation will suffer | NJ.com

"The action — protecting pension benefits and health care for retirees. “We have to keep fighting for what we fought for years ago,” Brennan said."

And, do we do that by requiring businesses and unions to fully fund pension plans? Oh, hell, no. They're tapped out bribing politicians. We "protect" pension plans by putting the soon-to-be-minority, taxpayers, responsible.

Patrickt said:

"The action — protecting pension benefits and health care for retirees. “We have to keep fighting for what we fought for years ago,” Brennan said."

And, do we do that by requiring businesses and unions to fully fund pension plans? Oh, hell, no. They're tapped out bribing politicians. We "protect" pension plans by putting the soon-to-be-minority, taxpayers, responsible.

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Business is doing fabulous on the backs of the workers...GE 14 billion profit NOT A DIME IN TAXS...go sing your song on broadway patrict its a broken record that no one believes

Thank for this article lpast.

I found this part to be most enlightening:

What’s worrisome about Mackell is his ability to see the future. Years ago, he predicted unemployment would top 9 percent, states would take bargaining rights from public employee unions, and Congress would seriously consider cuts in Social Security and Medicare benefits — all ideas that seemed over the top then.

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I will make a prediction of my own: Mackell will be the object of ridicule and scorn by the right wing who are hell bent on destroying unions, destroying most of government, and destroying America as we know it returning us to the Gilded Age. Mackell is swimming upstream against a right wing very strong current that does not want to hear about the nightmare that will be at the end of their wet dreams.

Patrickt said:

"The action — protecting pension benefits and health care for retirees. “We have to keep fighting for what we fought for years ago,” Brennan said."

And, do we do that by requiring businesses and unions to fully fund pension plans? Oh, hell, no. They're tapped out bribing politicians. We "protect" pension plans by putting the soon-to-be-minority, taxpayers, responsible.

Click to expand...

Actually pensions defined pensions are insured by PBGC

The PBGC is not funded by general tax revenues. Its funds come from four sources:

Insurance premiums paid by sponsors of defined benefit pension plans;
Assets held by the pension plans it takes over;
Recoveries of unfunded pension liabilities from plan sponsors' bankruptcy estates;[4] and
Investment income.

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Pension Benefit Guaranty Corporation - Wikipedia, the free encyclopedia

lpast said:

He is an unlikely Jeremiah, a funds manager in a pinstripe suit with a résumé that includes a stint as chairman of the Federal Reserve Bank in Richmond, Va. Yet Thomas Mackell Jr. is warning of a future in which the homeless elderly live under bridges and the old and the young engage in “intergenerational warfare” over disappearing jobs.

Where are the jobs? Sent to China by our dear corporations for a few bucks more. Thanks Alot.

If something doesn’t happen soon, this country will go the same way as every other empire,” said Mackell. Citing the growing income gap between rich and poor, the deterioration of infrastructure, and, most of all, the problems facing the 77 million aging members of the Baby Boom, the financial funds manager called America’s prospects “abysmal.”

“What he had to say was pretty frightening,” said Jack Brennan of Hillsdale, chairman of the Association of BellTel Retirees, a group with 112,000 members throughout the country.

“But his purpose wasn’t to scare us, but rather to energize us into taking action.”

The action — protecting pension benefits and health care for retirees. “We have to keep fighting for what we fought for years ago,” Brennan said.


America' working class is waking up to this teaparty assault by the richest americans

Braun: Expert with ties to N.J. says if pensions aren't protected, nation will suffer | NJ.com

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Start a company then, and hire all those Americans and do it differently.

American said:

Start a company then, and hire all those Americans and do it differently.

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Now why did he not think of something so obvious, so simple and so easy to do to cure all that ails the American economy?

haymarket said:

Now why did he not think of something so obvious, so simple and so easy to do to cure all that ails the American economy?

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Stop you bellyaching, it is that simple. Start a ****ing company and show us how you do it better than those other mean ole nasty companies.

How about people try living within their means and saving/investing for their retirement instead of expecting a paltry deduction from their paychecks to cover them for 20+ years of "comfortable" retirement?

American said:

Stop you bellyaching, it is that simple. Start a ****ing company and show us how you do it better than those other mean ole nasty companies.

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A perfect solution to a national problem.

haymarket said:

A perfect solution to a national problem.

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We need a robin hood..and have all the working class follow him..in a couple of weeks we would all be rich and we can tell the teaparty snots to go get real jobs and really earn a living and STOP WHINING

lpast said:

He is an unlikely Jeremiah, a funds manager in a pinstripe suit with a résumé that includes a stint as chairman of the Federal Reserve Bank in Richmond, Va. Yet Thomas Mackell Jr. is warning of a future in which the homeless elderly live under bridges and the old and the young engage in “intergenerational warfare” over disappearing jobs.

Where are the jobs? Sent to China by our dear corporations for a few bucks more. Thanks Alot.

If something doesn’t happen soon, this country will go the same way as every other empire,” said Mackell. Citing the growing income gap between rich and poor, the deterioration of infrastructure, and, most of all, the problems facing the 77 million aging members of the Baby Boom, the financial funds manager called America’s prospects “abysmal.”

“What he had to say was pretty frightening,” said Jack Brennan of Hillsdale, chairman of the Association of BellTel Retirees, a group with 112,000 members throughout the country.

“But his purpose wasn’t to scare us, but rather to energize us into taking action.”

The action — protecting pension benefits and health care for retirees. “We have to keep fighting for what we fought for years ago,” Brennan said.


America' working class is waking up to this teaparty assault by the richest americans

Braun: Expert with ties to N.J. says if pensions aren't protected, nation will suffer | NJ.com

Click to expand...

A few more bucks? You're kidding right? You do realize we easily have the highest corporation tax in the world, not to mention some the most harsh regulations and BS rules in the world. A pair of new Jordan shoes made in the United States generally cost $100, but in China I just purchased two pairs for $82, because of cheaper labor.

Secondly, public unions shouldn't keep demanding for more pensions and maybe they would get a more reliable guaranteed pensions, like private unions. Just take a look at the graph below, as public unions keep demanding for more in a bad economy, maybe they should follow step to private, who are far more reliable and conservative with money, since it's actually THEIRS