Employers will be able to slash their contributions to underfunded pension schemes by tens of billions of dollars over the next five years under proposed legislation before Congress that was expected to have the opposite effect.
The legislation was proposed by the White House last year to lessen the risk of a taxpayer bailout of the Pension Benefit Guaranty Corporation, a federal safety net for pension schemes.
Atrios has the point exactly right:
Look, this is all just part of the greatest heist ever imagined. It begins with the attempt to steal the Social Security trust fund. The next step is to allow theft from corporate pension funds. And then finally they'll remove protections from 401(k) funds to allow creditors to take those funds.
It's not like we had a particularly sound or solvent safety net to begin with. Is it too much to ask that the government stop destroying it for the sake of the rich and powerful, who don't need it, and the ideological crazy people, who don't care?