Fix The Debt Scam

The IPS did a study last year on the "Fix the Debt" crowd, CEOs of huge corporations who think Social Security and Medicare need to be cut to "save" the country, but not mentioning their own multi-millions in personal pensions and the underfunded employee pensions their companies maintain.  Here are the findings.

Key findings:

• The 71 Fix the Debt CEOs who lead publicly held companies have amassed an average of $9 million in their company retirement funds. A dozen have more than $20 million in their accounts. If each of them converted their assets to an annuity when they turned 65, they would receive a monthly check for at least $110,000 for life.
• The Fix the Debt CEO with the largest pension fund is Honeywell’s David Cote, a long-time advocate of Social Security cuts. His $78 million nest egg is enough to provide a $428,000 check every month after he turns 65.
• Forty-one of the 71 companies offer employee pension funds. Of these, only two have sufficient assets in their funds to meet expected obligations. The rest have combined deficits of $103 billion, or about $2.5 billion on average. General Electric has the largest deficit in its worker pension fund, with $22 billion.

Those wise guys feel they're entitled to offer lumps of coal to the 99% while increasing their own wealth, often at taxpayer expense - look for many of those pensions to be "bailed out" by the government down the road, while the CEOs don't sacrifice a dime.  Looks like a scam to me.