I recall as a negotiator at the 1982 Longshoreman's Master Contract negotiations the strike issue was fully funding the unfunded pension liability. The Longshoremen won. The air traffic controllers union had just been busted (end of pensions) and later in the 1980s with trucking deregulation countless teamsters got screwed out of their pensions. In the 1990s it was the pilots turn to get screwed. Not one single riot.
Here we go again. The teamsters are getting screwed by the teamster leadership, only possible since Hoffa was murdered.
Feel free to forward this by email to three of your friends.
Here we go again. The teamsters are getting screwed by the teamster leadership, only possible since Hoffa was murdered.
The cuts were made possible after the lame-duck Congress late last year passed the Multiemployer Pension Reform Act (MPRA), enabling any multiemployer pension fund to cut benefits to workers and current retirees if the plan is underfunded by at least 20 percent.Expect no riots. But do expect fewer dollars chasing the same amount of goods and services, as more and more people realize they will be getting fewer and fewer dollars. By definition, this is deflation.
“Baby Boomers are retiring in record numbers and the union workforce has been steadily declining for years. As a result, the Fund currently has more than three times as many retirees as active members — so, fewer contributions are coming in than benefits being paid out. To put this into perspective, for every $3.46 that the Fund pays out in pension benefits, only $1 is collected from contributing employers, which results in a $2 billion annual shortfall. Clearly, that math will never work,” the letter said.Same with your pension. The powers that be want inflation, but will get deflation. Deflation benefits small business.
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4 comments:
"The powers that be want inflation, but will get deflxation. Deflation benefits small business."
This is really intriguing reading. What is your definition of small business in this context and how does it benefit small business?
Give me and ansawer to these questions and I will provide you with an antithesis and together we can create a synthesis.
/Dan
Well, the hegemon defines small business as up to 500 employees, 50 mil in sales and not owned by more than 14 people.. something like that... I mean something that allows a family and perhaps a couple of employees to thrive, with access to the array of goods and services needed... where those who own the means of production can actually manage it themselves.
Deflation benefits small businesses because it wipes out the false economy inflation-based businesses and the vacuum small businesses can step in. Not how McDonalds while have 13% off the top line and 11 off the bottom is losing share to http://threebrothersburgers.com/ McD simply cannot repurpose its infrastructure to sell what people want...
Give me your views..
John
How does the stronger dollar in relation to most foreign currencies at the moment buffer deflation in the U.S. economy ?
That is a macroeconomic question, the bulk of the effect would be in the realm of the portion of the economy that is false. In the true economy, that portion, prices re falling regardless of the relative exchange rates as all central banks race to the bottom.
John
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