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Now we're bailing out DEFENSE CONTRACTORS Pensions ????????

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housewolf Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:42 PM
Original message
Now we're bailing out DEFENSE CONTRACTORS Pensions ????????
Edited on Wed Nov-16-11 01:56 PM by housewolf
http://motherjones.com/mojo/2011/11/defense-pentagon-contractor-pension?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+Motherjones%2Fmojoblog+%28MotherJones.com+%7C+MoJoBlog%29

Taxpayers Get Stuck Saving Defense Contractors' Pensions

By Adam Weinstein
| Wed Nov. 16, 2011 10:11 AM PST


The federal government forks over billions of dollars a year to keep high-earning defense contractors' pensions afloat, according to a new story by the New York Times' Gretchen Morgenson:

The so-called supercommittee in Congress has until Nov. 23 to find more than a trillion dollars of new savings in the federal budget.

Heres one idea: Stop reimbursing the costs of pensions and other retirement benefits at huge, and hugely profitable, defense contractors. Over 10 years, such a move could save an estimated $30 billion the amount by which these pensions are collectively underfunded...

Many of these funds have lost money in recent years in declining financial markets or on bad investments, so the bill for taxpayers has been growing.

Considering how much ordinary Americans have lost in their own retirement accountslosses that the government does not coverreimbursing contractors looks like classic corporate welfare.

And how. Government contracts with megafirms like Boeing, General Dynamics, Lockheed Martin, and Raytheon require Uncle Sam to reimburse the companies when their workers' pension funds take a hit in the market. Over the past five years, Lockheed has secured $3.1 billion in taxpayer dollars for pension reimbursements; that's a significant chunk of the $21.8 billion in operating profits they reported over that period.

Read more:
http://motherjones.com/mojo/2011/11/defense-pentagon-contractor-pension?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+Motherjones%2Fmojoblog+%28MotherJones.com+%7C+MoJoBlog%29


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Angry Dragon Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:44 PM
Response to Original message
1. that is total bullshit
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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:45 PM
Response to Original message
2. We need to make sure they get million dollar bonuses too.
just like the fannie may executives.
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dana_b Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:45 PM
Response to Original message
3. pensions for defense contractors but none
for you or me. wow... I should have become a defense contractor instead of a nurse.
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NavyDem Donating Member (284 posts) Send PM | Profile | Ignore Wed Nov-16-11 01:46 PM
Response to Original message
4. Intesting...
I know at least 2 of those companies listed offer a 401K, and made no mention of pension in their benefits packages. Even the company I work for as a a defense contractor only has 401K as a retirement option.
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villager Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:46 PM
Response to Original message
5. They bail out those who are important to them. That's not you. Or me.
n/t
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Amonester Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:50 PM
Response to Reply #5
10. Yep. We offer no kickback$.
Only "voluntary" (naive) donations when it's time to go out campaigning (lying).
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PoliticAverse Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:47 PM
Response to Original message
6. Defense contractors often get bailed out over 'cost overruns'. n/t
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Citizen Worker Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 02:05 PM
Response to Reply #6
17. Having worked for three different defense contractors I can unequivocally that said contractors
engage in creating cost overruns to squeeze more taxpayer dollars from the government. That's how government contracting works.
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tblue Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:47 PM
Response to Original message
7. But we can't protect gov't workers' pensions?
:puke:
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City Lights Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:49 PM
Response to Original message
8. Uhmurika is so fucked up.
:-(
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banned from Kos Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:49 PM
Response to Original message
9. probably the PBGC behind it - its kind of like an FDIC for pensions
(but I didn't read it - about to tornado in Atlanta where I live. very freaky hot today)
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KansDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:51 PM
Original message
C'mon, lay off! It's been a bad year for war!
Just wait until we invade Iran!

Yeah! Yeah! That's the ticket!!! :woohoo:
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Divine Discontent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:51 PM
Response to Original message
11. oh my gosh.... that's such utter bullshit! I had no idea this has been going. BILLIONS
I knew they did cost overruns and charged crazy prices for their services/products, but I didn't know they got to tap into taxpayer funds for losses on their retirements!

This is absurd.



Get it now, or one of a million other designs! http://www.zazzle.com/republicans_2012_keeping_millions_out_of_work_bumper_sticker-128659602907896843?rf=238107662556833486
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snappyturtle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:52 PM
Response to Original message
12. Outrageous! One of these days, and I think the day has arrived with OWS movement,
people will awaken to the massive over funding to banking, defense, & farming to name a few while we struggle to make ends meet with no guarantees and threats to the social nets we have remaining.
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redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:55 PM
Response to Reply #12
14. I sure hope so...
but if that hasn't happened by now, what will it take?
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snappyturtle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 02:49 PM
Response to Reply #14
18. I'd have no idea what it will take however, I think it is happening. Another 'subsidy'
Edited on Wed Nov-16-11 02:49 PM by snappyturtle
that I take strong objection to is the taxpayer paying 75% of the healthcare coverage for gov't workers. Evverybody should have it or not.
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pacalo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:53 PM
Response to Original message
13. This is the LOWEST of the LOW. What other high-earning bailouts are going on that will cause
even more hardship on the "lower earners"?

What about the thousands that continue to drain out of our 401k's???

:grr:
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zbdent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:56 PM
Response to Original message
15. Women on welfare have more restrictions on how they use federal money
than CEOs of companies that get government contracts, these days ... or at least it seems that way ...
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Bozita Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 02:03 PM
Response to Original message
16. This is really gonna piss off the postal workers!
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progressoid Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 05:04 PM
Response to Original message
19. I'm beyond outrage.
I've begun to expect this to the point that it no longer shocks me.

The hits keep coming and coming - I'm numb.
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toddwv Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 07:04 PM
Response to Original message
20. Yeah PRIVATIZATION!!!
Maybe we should force the contractors to fully fund their workers pensions for 75 years before they ink the contract, you know go "Postal" on them like Congress did with the Post Office.

Oh wait...I keep forgetting that the Repubs are only trying to break the back of GOVERNMENT agencies...my bad.
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Downwinder Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 07:10 PM
Response to Original message
21. Cut pensions before Social Security. Social Security is a safety net.
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