The corporations behind the “Fix the Debt” coalition are also some of the same corporations who - go figure - have avoided paying taxes for years by rigging the tax code.
Pay your damn taxes
Fix the Debt is a group of mostly CEOs, who are trying to push the idea that the US’s national debt is unsustainable. They think that we should cut Social Security and Medicare benefits for the working class to reduce the debt. They congratulate themselves on being nonpartisan, and being the adults in the room who take things seriously.
The Institute for Policy Studies came out with a report looking at the pension plans that these CEOs have for themselves and their employees. 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.
When some guy with a pension plan that could pay out $428,000 a month for his retirement ponies up a million dollars to a group dedicated to convincing our elected leaders that the measly payout that the rest of us expect to get after we retire is what’s making this country bankrupt, that class warfare. Fix the Debt is, simply, an agent of class warfare directed against the working class.