Where Did All Our Pensions Go?

AFL-CIO Now

10/07/2012; Jackie Tortora

The Betrayal of the American Dream

A total of 84,350 pension plans have vanished since 1985. This figure shocked Pulitzer Prize-winning authors Donald L. Barlett and James W. Steele, who just released their latest book, “The Betrayal of the American Dream.” Their chapter on retirement chronicles the heist of the American dream’s secure retirement by the financial elite and is a very important section of the book, says Steele, who spoke with the AFL-CIO about the retirement crisis. Steele says there is another number we should pay attention to: $17,686. That’s the median value of 401(k) accounts in 2011. For most working people, the amount in their 401(k) account would pay them less than $80 a month for life.

“What’s happening with retirement is almost parallel to what you see happening in other parts of the economy,” says Steele. Continue reading “Where Did All Our Pensions Go?”

Barbara J. Easterling: We Must Educate Younger People About Unions

 

09/02/2012; Barbara Easterling

 Barbara J. Easterling is president of the Alliance for Retired Americans. She was previously the secretary-treasurer of the Communications Workers of America.

Barbara J. Easterling is president of the Alliance for Retired Americans. She was previously the secretary-treasurer of the Communications Workers of America.  

As we near Labor Day, I want to encourage you to help younger generations better understand why labor unions are so important. Too many people either know very little about unions or only know what politicians and Fox News tell them.

I joined a union on my very first day on the job as a telephone operator in Akron, Ohio. It was one of the best decisions I ever made. Our generation—and those who came before us—used our rights at work in the community to create good jobs and good wages. We helped build strong neighborhoods where you could raise a family.

In my experience, a union is the only way workers can earn good pay and be treated with respect and fairness on the job. It’s just too tough any other way.  When you look at the powerful interests that workers are up against—whether it is right-wing politicians or cold-hearted corporations—you see how badly the deck is stacked against you if you don’t have a union.

As union members, you can speak firsthand how collective bargaining helps earn the wages and benefits that support families and build strong, stable communities. And for former union members, collective bargaining directly affects retirement—the better you work, the better you retire. I worry that decades of low wages, little or no health insurance and inadequate savings are sowing the seeds for a serious retirement security crisis that will affect everyone in our country.

While some politicians mock unions as a cheap way to score political points, we all know the truth—collective bargaining is a backbone of the American middle class. We have a lot to be proud of—so let’s get out there and spread the word!

The AFL-CIO and other unions such as ASFCME have young worker outreach programs designed to get younger union members more involved. Learn more about the AFL-CIO’s outreach with young workers.

Tagged under:
%d bloggers like this: