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By John W. Dean
$11.66
By Janny Scott
$16.04
$20
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The new cost-of-living index proposed in Obama’s latest budget is really a means to push lower living standards on people who need Social Security, University of Missouri economist Michael Hudson says.
Posted on Apr 12, 2013
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Flickr
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A new report issued by the Organization for Economic Co-operation and Development has advised governments to increase the retirement age in their countries. In the face of longer life expectancies, a higher retirement age is the only way to keep pension programs solvent, it says.
Posted on Jun 12, 2012
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AP / Lefteris Pitarakis
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As many as 2 million British public sector workers went on strike Wednesday to oppose the government’s plans to increase revenue by digging into their hard-earned pensions. Just over one-quarter of the civil service walked out, including members of Prime Minister David Cameron’s staff.
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Penguin Group
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Last month, award-winning Wall Street Journal reporter Ellen E. Schultz published a book-length expose on how corporate employers, consultants and financial firms retooled retirement plans to increase profit and enrich executives at the expense of employees and retirees. (more)
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Flickr / San Diego Shooter
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Facing a shortfall of a few billion dollars, the U.S. Postal Service is planning to drop 220,000 full-time jobs and close 3,700 post offices and 300 processing centers by 2015, while scaling back services and cutting retirement benefits. And that’s after laying off 110,000 employees since 2007. (more)
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Flickr / Borya
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On Sunday, President Obama and members of the U.S. Congress agreed to cut at least $2.4 trillion from federal spending over the next 10 years, some of which will come from programs that benefit retired Americans. (more)
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Flickr / Gilded:
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Republicans and a handful of “Christie Democrats” joined forces in New Jersey’s legislature on Thursday to punch through a bill that will require public workers to pay way more for their health insurance and pensions, curb unions’ collective bargaining rights and rob them of other crucial benefits. (more)
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Flickr / Tattooed JJ
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State governments are looking at a cumulative shortfall of at least $1.26 trillion needed to pay for pension and retirement health care services, The Pew Center on the States reported in a study published last week.
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Niall Kennedy: Some rights reserved
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As if dealing with the many known enemies of government workers is not enough, state employees in New York now also have to contend with the old gray lady herself, The New York Times. (more)
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Wikimedia Commons / ErgoSum88
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All that talk about Wisconsin being a potential test case for the rest of the country might be right, as now Ohio’s Senate is preparing for a vote this week that could end collective bargaining for public-sector workers in the name of—you guessed it—austerity.
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By Eugene Robinson — Let’s be clear: The high-stakes standoff in Wisconsin has nothing to do with balancing the state’s budget.
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AP /J. David Ake
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President Obama’s erstwhile “car czar,” Steven Rattner, has paid a high price—$10 million, to be exact, not to mention his former position in the current administration—for his investment group’s involvement in a shady pension fund scheme.
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AP / Francois Mori
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French President Nicolas Sarkozy and his camp are trying to keep their cool and push on with a vote on pension reform that would change France’s official retirement age, but the opposition isn’t backing down. In fact, labor unions have set aside ... (continued)
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AP / Thibault Camus
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President Sarkozy, you’re on notice. On Tuesday, French protesters took to the streets en masse to send the message that they do not approve of their president’s move to change the country’s official retirement age.
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Flickr/James Buck
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By Yasha Levine — Student protesters may think they are simply battling a wasteful, callous government bureaucracy that is more concerned about bailing out Wall Street banks than supporting a frivolous thing like education. But really the fight is about something much more basic and widespread: It is a fight between the young and the old, between California’s baby boomer pensioners and everyone under 49.
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Flickr / Samory Santos
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By Marie Cocco — The challenge of our time is to re-create America as a middle-class nation. [This is Marie Cocco’s last column.]
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candychang.com
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It’s hard to keep up the communist rhetoric when you’ve got Gucci. Harder still with millions of farmers struggling to scratch out a living while China’s select few live the good life. Beijing is hip to the growing class tensions, however, and will start subsidizing a national pension for rural workers.
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Since the dissolution of the Soviet Union in 1991 removed much of the padding from Cuba’s economy, Cubans have found some creative ways to alleviate the financial hardships of life under the communist system.
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Conservative free-market gospel has it that government should butt out of the economy. To understand the devastation that philosophy has wrought in America?s private pension system, check out this Malcolm “Tipping Point” Gladwell article.
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Greenland’s Great Melt Is Pinned on Climate Change
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