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  • From: Don Bowen <don.bowen AT earthlink.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] This is easy enough
  • Date: Wed, 22 Sep 2004 18:50:50 -0700

At 9/22/2004, you wrote:
Make every company contracting with employees for retirement benefits, fully-fund their promises so the money is there, denying the company the option of reneging---makes the law-of-contract a joke.

My mothers friend worked at United Airlines for over 30 years. One reason was the rich retirement benefits promised and delivered to some. Now United is reneging on that promise and is not funding its retirement programs. His income is cut to a third of what it was and health care went from 0 to almost $500 a month. He is well supplied with investments, not the least of which came from selling a house his parents bought in Palo Alto in 1942. But what about others who do not have an investment portfolio? How would you like your promised income to be cut to one third?

In not too many years in the future the cuts in Medicare and SSI will be combined with the cuts in private retirement so many will be forced to sell homes and eat dog food. Working forever is not longer an option with offshoring of many jobs other than the McDonalds or greeters at Walmart.



Don Bowen
Awl Knotted Up Woodworking
Valley Center, CA http://www.braingarage.com






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