In “Easing Out the Gray-Haired,†Nelson D. Schwartz (New York Times, May 28, 2011) describes the problem that law firms and other businesses have when older  workers resist retiring after their productivity has begun to decline. It is in the interest of the firms, according to the article, to replace them with younger, more productiveContinue reading “The Hammer and Anvil: Older Workers Pressured to Retire Despite 401(k) Crisis”
Author Archives: admin
National Teachers Strike Possible in UK over Pension Benefit Reductions
http://www.guardian.co.uk/education/2011/may/01/headteachers-strike-ballot-pensions-reform The largest union of head teachers in the United Kingdom may launch a national strike over a government plan to reduce pension benefits. The government proposals would raise the minimum retirement age to 68 from 60 and 65, increase contributions, and base the amount of the pension on the career income average rather thanContinue reading “National Teachers Strike Possible in UK over Pension Benefit Reductions”
Stockman’s March to Social Madness
David A. Stockman, Ronald Reagan’s Director of Management and Budget, came right out and said it in an April 24, 2011 New York Times op-ed, “The Bipartisan March to Fiscal Madness:â€Â Social Security should be reduced to a means tested program that would benefit only the poor. Instead of being the primary source of middle andContinue reading “Stockman’s March to Social Madness”
Removing the Income Cap and Taxing Property Income: Two Easy Ways to Assure Social Security Solvency
The alleged long term shortfall in Social Security revenue can be easily remedied if the rich were required to pay taxes for the program based on their total incomes as they are required to for other parts of the federal budget such as defense. Right now they pay Social Security taxes on currently only theContinue reading “Removing the Income Cap and Taxing Property Income: Two Easy Ways to Assure Social Security Solvency”
From Connecticut to Chile: The Neo-Liberal Assault on Retirement Security (article)
Reposted from This Week in Sociology, April 4-10, 2011, edition 3 http://www.thisweekinsociology.com/ Since 1981 shaky 401(k) schemes that depend on stock market investing have increasingly replaced secure, traditional pensions in the United States. The financial services industry encourages a belief that these schemes produce generous benefits. But 30 years after their introduction, the first generationContinue reading “From Connecticut to Chile: The Neo-Liberal Assault on Retirement Security (article)”
From Connecticut to Chile: The Neo-Liberal Assault on Retirement Security (video)
You Tube video of James W. Russell speaking at the Left Forum, Pace University, New York City, March 19, 2011. Click here.
Connecticut Public Employee Activists Fight for Pension Justice
Out of the limelight, public employee activists have achieved a near victory in their quest for a fair pension plan. However, fulfillment of a national precedent setting grievance award to allow Connecticut state employees to transfer from a defined contribution 401(k) type retirement plan into the state’s traditional defined benefit pension system has been delayed.Continue reading “Connecticut Public Employee Activists Fight for Pension Justice”
Why Employee Pensions Aren’t Bankrupting States by Kevin G. Hall, McClatchy Newspapers
http://www.mcclatchydc.com/2011/03/06/109649/why-employee-pensions-arent-bankrupting.html?storylink=addthis WASHINGTON — From state legislatures to Congress to tea party rallies, a vocal backlash is rising against what are perceived as too-generous retirement benefits for state and local government workers. However, that widespread perception doesn’t match reality To read more, click here.
1. An Overblown Crisis for State Pension Funds by Zach Carter, Huffington Post
 http://www.huffingtonpost.com/2011/03/07/state-pension-plans_n_829112.html WASHINGTON — In early 2010, Goldman Sachs announced two blockbuster numbers: profits of $13.4 billion for the prior year and compensation of $16.2 billion — the equivalent of about $500,000 for each employee at the Wall Street titan. All of this lucre, of course, came courtesy of a massive federal bailout of Wall StreetContinue reading “1. An Overblown Crisis for State Pension Funds by Zach Carter, Huffington Post”
New York Times/CBS Poll Finds Strong Public Support for Public Employees, Their Pensions, and Right to Collective Bargaining
Despite a well financed right wing anti-public employee campaign that includes the attempt to take away collective bargaining rights from Wisconsin public employees, a just released New York Times/CBS national poll has found strong public support for public employees, their benefits, and collective bargaining rights. To read the article, click here.  The results of theContinue reading “New York Times/CBS Poll Finds Strong Public Support for Public Employees, Their Pensions, and Right to Collective Bargaining”