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Originally Posted by NotGolfer
Aren't the retirement benefits of unions put into a pension fund? Then why was if when the auto factories went out of business folks lost their retirements?? Was it like a ponzi?? Just asking because I don't know. My dad was union but he was born in 1900 so back in those early days of the 20 century...I'm sure unions helped folks get decent wages plus work conditions etc. But that being said...haven't we lost the need for unions? I'm just asking because I don't know. Seems that the higher up management of companies seem to benefit more than the workers in alot of ways.
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The pension fund is put into investment vehicles and many states and companies lost on the investment.( like any investor) Wall street loves to get a hold of pension funds. Some pension funds were sold a bill of goods by Wall Street.
Many pensions have language that fund can call back pensions if the company "needs" the money or goes bankrupt. That's why many companies and investors like bankruptcy because they make a great deal of money. There has been a very conscience effort to break unions so these shady contacts can be written. Its the high high salaries of the CEO's that breaks companies and wanting to move them to third world countries.
Unions are needed more than ever. Paying workers a decent wage will bring back this economy. Workers and their families spend money everywhere. Keeping workers in poverty and living with benefits cost every taxpayer money.
This company is a prime example of blaming the Union when it was really over the top greed at the top.(CEO's salary) This greed leads them to put their companies in third world countries where workers are slaves. The hell with America.
As was said its not that simple but I can tell you the rich own the media and spin for the rich CEOs.
Many many in the Villages have pensions from the North.
The poorest workers are in the right to work states with no union. (South) These people work hard every day and will always be in poverty (year earnings 15,000)and also need government help to not starve while the top one percent can't spend all they make. Pay cash for everything and will pass this money down to children who will make more money, Rich get richer.
What am I doing on a computer! Must get out in the sun.