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The 'Hunger Games' Economy
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.jpg) Dec. 18, 2014 | ECONOMY | …In what could have been a scene in the Hunger Games movies, the big banks and our elected leaders joined together to steal from blue-collar workers. For the first time in 40 years, since the Employee Retirement Income Security Act was adopted in 1974 to ensure workers would collect pay they deferred into pension plans for their old age, Congress decided that benefits already earned can be taken away. This historic shift got one sentence in The New York Times: "It allows certain multi-employer pension plans to shore up their finances by cutting retirees' benefits." Notice the focus on the money and the pension plan without mentioning that up to 1.5 million workers and retirees will be affected, or that the first big plan failures are not expected for more than a decade. Read more here.
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