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Old 12-29-2018, 05:04 AM
 
Location: The Woods
16,927 posts, read 22,162,991 times
Reputation: 9010

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https://www.msn.com/en-us/money/mark...cid=spartandhp


The issue of the private sector and workers losing pensions came up in the thread on federal pensions, but I figure this deserves its own thread. Here's why private sector workers have lost so much. Because we allow rich investors to do what this article describes. And whereas executive pensions were protected, workers'' were not. They gut a company, grab the money, and run to the next one, passing the workers on to the government to be taken care of. These investors are parasites.

 
Old 12-29-2018, 05:12 AM
 
10,587 posts, read 12,052,982 times
Reputation: 6428
While mostly everyone hates unions, and there are good reasons to do so in many cases, we have sort of "thrown the baby out with the bathwater" so to speak. The establishment has done a very good job of doing everything to erode any power workers may have. Workers are not powerful on their own and really can only demand better treatment as a group. We've lost the power to do that. The only other power a worker has is if there is an imbalance between employees and job openings. While the economy has certainly improved over the last 10 years, and there are often more jobs than people to fill them, somehow the benefits are creeping back up to compete for these workers.

I don't know the answer to this problem and I think the days of workers having some protections are over forever. I'm not sold on the whole 401K as your safety net. It can work of course and it's really going to be the main leg of my retirement; however, I'm not thrilled with relying on the stock market for my retirement. I consider myself a fairly smart person, work in the accounting field, and I've tried really hard to understand personally investing in order to help myself more; however, it just overwhelms me.
 
Old 12-29-2018, 05:36 AM
 
4,398 posts, read 8,999,210 times
Reputation: 2352
Quote:
Originally Posted by arctichomesteader View Post
https://www.msn.com/en-us/money/mark...cid=spartandhp


The issue of the private sector and workers losing pensions came up in the thread on federal pensions, but I figure this deserves its own thread. Here's why private sector workers have lost so much. Because we allow rich investors to do what this article describes. And whereas executive pensions were protected, workers'' were not. They gut a company, grab the money, and run to the next one, passing the workers on to the government to be taken care of. These investors are parasites.
While this situation is upsetting, this not the reason why private pensions are declining. The reasons private pensions are declining is because they aren't offered in the first place anymore.
 
Old 12-29-2018, 06:59 AM
 
Location: Willamette Valley, Oregon
3,877 posts, read 1,066,716 times
Reputation: 5361
It seems the only good pensions left are in Government jobs, and even those are changing, many are going to 401K's. I retired in 2011 and got a very good pension from the State of Oregon. I also hear that public sector pensions are going to drive the state into bankruptcy. I hear a lot of "those people need to die."
 
Old 12-29-2018, 07:05 AM
 
77,470 posts, read 33,009,900 times
Reputation: 15408
Workers no longer matter. The only thing that matter is stock holders. They create nothing, (yes, they once did) but it all has become so distorted and it's not going to last forever.
 
Old 12-29-2018, 07:11 AM
 
Location: Willamette Valley, Oregon
3,877 posts, read 1,066,716 times
Reputation: 5361
Quote:
Originally Posted by pknopp View Post
Workers no longer matter. The only thing that matter is stock holders. They create nothing, (yes, they once did) but it all has become so distorted and it's not going to last forever.

Do you foresee a change? Are things going to get better for the average worker?
 
Old 12-29-2018, 07:23 AM
 
66,168 posts, read 30,006,767 times
Reputation: 8573
Quote:
Originally Posted by arctichomesteader View Post
https://www.msn.com/en-us/money/mark...cid=spartandhp

The issue of the private sector and workers losing pensions came up in the thread on federal pensions, but I figure this deserves its own thread. Here's why private sector workers have lost so much. Because we allow rich investors to do what this article describes. And whereas executive pensions were protected, workers'' were not. They gut a company, grab the money, and run to the next one, passing the workers on to the government to be taken care of. These investors are parasites.
You might want to rethink exactly WHO is invested in the private sector...

American workers/retirees have $27 trillion invested in their pensions/retirement accounts. In fact, CalPERS (the California Public Employees Retirement System), a union pension plan, is the largest institutional investor in the US. Its investments WAY outpace any of the Wall Street financial houses', banks', etc., investments.

What American Workers'/Retirees' $27 Trillion in Pension/Retirement Investments Looks Like

Source: Federal Reserve Flow of Funds Report

We can cut that $27 trillion worth of pension/retirement investments and reset everyone's pensions and/or retirement accounts back to zero. Are you good with that?
 
Old 12-29-2018, 07:24 AM
 
77,470 posts, read 33,009,900 times
Reputation: 15408
Quote:
Originally Posted by Willamette City View Post
Do you foresee a change? Are things going to get better for the average worker?
Probably not. Things are going to get messy all around. Too many people that are getting screwed over siding with those doing the screwing for things to get better.

I'm rooting for the yellow vesters.
 
Old 12-29-2018, 07:32 AM
 
Location: The Republic of Texas
65,948 posts, read 33,410,138 times
Reputation: 14082
We work, so they can eat.
 
Old 12-29-2018, 07:37 AM
 
77,470 posts, read 33,009,900 times
Reputation: 15408
Quote:
Originally Posted by BentBow View Post
We work, so they can eat.
Sometimes simple answers are the best.
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