Today's Stories

October 20, 2009

Sharon Smith
Et Tu, Codepink?

October 19, 2009

Mike Whitney
The Dollar Will Not Crash

Greg Moses
The Cash Cops of Tenaha

John Ross
Chronicle of a Tormenta Electrica

Michael Donnelly
Outside Agitator

Jayne Lyn Stahl
Dick's Fringe Army: Tea Baggers and Birchers?

Eric Walberg
The Battle in Canada

Russell Mokhiber
Pennsylvania, First in the Nation for Single Payer?

Barbara Rose Johnston
War, Peace and the Obamajority

John V. Whitbeck
Zionism: an Anti-Semite's Dream?

Christopher Ketcham
Swine Fools

Website of the Day
Greenspan: Break Up the Big Banks?

October 16-18, 2009

Alexander Cockburn
White House v. Fox News: a War Obama Can Win

Saul Landau
Autumn of the Patriarch

Paul Craig Roberts
The Rich Have Stolen the Economy

Carl Ginsburg
Where $18 an Hour is Too Much

Ralph Nader
Barney Frank the Bankers' Consort

Nikolas Kozloff
Rainforest Beef, Factory Farms and Anthony Bourdain's War on Vegetarians

Carlo Galli
Berlusconi: Still Doing Nothing, Still There

Dave Lindorff
Agent Orange in Vietnam: Ignoring the Crimes Before Our Eyes

Catherine Rottenberg / Neve Gordon
Educating Children in War Zones

Marshall Auerback
Dollar Spasms

Nicola Nasser
The Realistic Way Out of Iraq

Windy Cooler
The Ghost of John Brown

James L. Secor
Why I Miss China

Ron Jacobs
Escalation Unopposed

Wes Jackson
A Way of Knowing

Jesse Lerner-Kinglake
Global Food Fight

David Ker Thomson Against Leaders

Missy Beattie
Dinner With the President

Emily Ratner
Taping Our Mouths Shut to Scream Out Our Dissent

Stephen Martin
The Scorched Earth Mindset of the International Banker

Michael Snedeker
"A Place of Greater Safety"

Charles R. Larson
Cheeta: the Last of the Hollywood High-Rollers

David Yearsley
Judith Leyster's Sensuous Passions

Peter Stone Brown
It's a Bob Christmas for Halloween

Poets' Basement
Keeler, Beatty and Anderson

Website of the Weekend
Elements of Nature

October 15, 2009

Andrew Cockburn
Our Cheap Politicians

Brian M. Downing
Rethinking the Afghan Insurgency

Ramzy Baroud
Abbas and the Goldstone Report: Our Shame is Complete

Danny Weil
A Neo-Liberal Arts Education: Diploma Mills and Debt Peonage

M. Idrees Ahmad
Return to Peshawar: a Journey Home

Margaret Kimberley
Michelle's Family Tree

Ricardo Alarcón de Quesada
Cuban Five: Which Side Are You On?

Harvey Wasserman
Nuking the Climate Bill

Nirmal Ghosh
A Tale of Two Protocols: How Montreal Could Save Us From the Mire of Kyoto

Charles R. Larson
Sarah Palin Bears It All

Website of the Day
Tortured Law

October 14, 2009

Michael Neumann
Fearsome Words? a Suppressed Talk on the Israel/Palestine Conflict

M. Reza Pirbhai
Fighting the Taliban: What, Exactly, is Being Fought in Afghanistan?

Gareth Porter
Hawks Play Up the Taliban's Ties to Al Qaeda

Paul Craig Roberts
War Criminals Are Becoming Arbiters of the Law

John Strausbaugh Fortress Moon

Ralph Nader
The CBO's Flawed Report on Medical Malpractice

Dean Baker
Won't You Please Come to Chicago to Greet the Bankers?

Charles Modiano
White Silence: Where Does Brett Favre Stand on Rush Limbaugh?

Nadia Hijab
Abandoning "Women and Children"

Walter Brasch
An Extension of Her Motherhood: Sherry Carpenter, Journalist and Animal Care Provider

Website of the Day
Nader: Obama Has a "Concessionary Personality"

October 13, 2009

Peter Linebaugh
Putting the Spine Back in the Commonwealth

Shamus Cooke
What Obama Isn't Telling American Workers

John Ross
War on Mexican Women

Brendan Cooney
Ask Awal Khan About Obama's Prize

Frida Berrigan
Operation Enduring Detentions: Losing the Moral High Ground

Yves Engler
Is Canada More Pro-Israel Than the US?

David Macaray
Why the Government Fears Unions

Dave Lindorff
Democrats: Selling Out, But Still Getting Screwed

Mark Weisbrot
Occupying Afghanistan is Making Things Worse

Ricardo Alarcón de Quesada
History Repeats Itself

Binoy Kampmark
That Dirty Colonial War

Website of the Day
The Health Insurance Industry's Latest Doublecross

October 12, 2009

Pam Martens
Secret Deal Between Wall Street and Washington Shines a Harsh Light on Federal Housing Agency

Mike Whitney
A Dollar Rout or More Bernanke Trickery?

Martha Rosenberg
Yale Lab Tech Causes Two Problems for Animal Researchers

Jessica Arents
The Price of Peace: Our Arrest at the White House

Eamonn McCann
Massacre in Ireland, Massacre in Iraq

Bill Hatch
Dairy Industry Goes Down the Tubes

Sen. Russell Feingold
Time for a Timetable in Afghanistan

Niranjan Ramakrishnan
The Siren Song of World Praise

Gideon Levy
Obama's Betrayed Mission in the Middle East

Iyad Burnat
Why Does Obama Get a Prize and Bush Got Shoes?

Alan Cabal
Why Obama Deserves the Nobel

Dan Bacher
The Astroturf Method

Website of the Day
The Palestine Chronicle Needs Your Help

October 9-11, 2009

Alexander Cockburn
War and Peace

James Bovard
Eight Years of Big Lies on Afghanistan

Kathleen and Bill Christison
New Crisis Developing in Palestine

Andy Worthington
Congressional Depravity on Gitmo

Marc Levy
Talking Dirty to the Kids

Tariq Ali
Ahmed Rashid's War

Mike Whitney
The Securitization Boondoggle

Paul Craig Roberts
Warmonger Wins Peace Prize

Alan Nasser
Cockeyed Economics

Jack Z. Bratich
The Twitterest Pill: Policing Dissent in the Information Age

Steve Breyman
Time for a War Tax

David Michael Green
A Hapless Presidency

Dave Lindorff
The WTF Prize

Paul Buchheit
Fear of the Rich

Jim Goodman
Feedlots and E. Coli

Missy Beattie
Theater of the Absurd

Michael Leonardi
Ships of Poison

Nadia Hijab
The Plight of the Right of Return

Mel Packer
The Crackdown on Pittsburgh

David Macaray
The Raiding Game

James T. Phillips
Getting Burned

Charles R. Larson
One Man's Walk Through Hell

Michael Donnelly
Behind the Capitalist Curtain

David Yearsley
The Biggest Blot on Mel Gibson's Rap Sheet

Lorenzo Wolff
Rap That Threatens ... and Endures

Poets' Basement
Heyen, Ames and Buknatski

Website of the Weekend
Jobs Conference

October 8, 2009

Saul Landau
A Late September Morning With Fidel

Paul Fitzgerald /
Elizabeth Gould
Dark Omens for the US in Afghanistan

Linn Washington, Jr.
Pot and Perversion: Judicial Antics Expose Drug War Insanity

Marshall Auerback
Neo-Classical Economics Misses What Matters

Dave Lindorff
A Nation of Snoops

David Rosen
Bankrupt Morality: the Staying Power of Republican Sinners

Chris Darimont / Misty MacDuffee
The Bear Essentials: New Thinking Needed to Save BC's Salmon and Grizzlies

John V. Walsh
Remembering Hinton's Fanshen

Stewart Lawrence
The Edwards / Hunter Affair Reconsidered

Charles R. Larson
Conservatives in the Sandbox

Website of the Day
Et Tu, Code Pink?

October 7, 2009

Brendan Cooney
Are Republicans Breaking US Law in Honduras?

Paul Craig Roberts
Dead Labor: Marx and Lenin Reconsidered

Dean Baker
Bernanke's Recovery: Unemployment Up, Wages Down (But the Banks Have Been Saved ... Sort Of)

Jonathan Cook
A Third Intifada?

John Stanton
HTS: Congress Rewards Failure, Puts Personnel in Harms Way

Joanne Mariner
Tortured Language

Ricardo Alarcón de Quesada
Cherry Blossoms

Stephen Lendman
The Gaza War's Effect on Women

Sen. Russell Feingold
Time to Draw Down in Afghanistan

Mary Lynn Cramer
Doublespeak on Health Care

Website of the Day
How to Bag a Wolf by Aerial Assault

October 6, 2009

Mike Whitney
Dollar Hysteria: Is the Sky Really Falling?

Gareth Porter
The Iranian Rift in the IAEA: Leaked Paper Based on Disputed Intel

Jonathan Cook
How Israel Buried the UN's War Crime Probe

Boris Kagarlitsky
My Hour as Talking Head in Moscow

Iain Boal
The New Crisis at Pacifica

Ron Jacobs
Why Are We in Afghanistan?

John Ross
Wave of Anarchist Bombings Strikes Mexico

Michael Dickinson
Panic in Istanbul: Smoke, Mayhem and the World Bank

Stephen Fleischman
Beware the Predator

Ira Glunts
The Audacity of Nope

Missy Beattie
Outside Looking In

Website of the Day
Round Up the Usual Suspects

October 5, 2009

Pam Martens
Wall Street Titans Use Aliases to Foreclose on Families While Partnering with a Federal Agency

Mike Whitney
Dead Man Walking: Welcome to the US Economy

Paul Craig Roberts
How the Feds Imprison the Innocent

Harry Browne
Ireland Says, "Yes, Please"

Sara Mann
My Little Town: Nothin' But the Dead and Dyin'

Omar Barghouti
Dissolve the Palestinian Authority

Shamus Cooke
A Jobless Recovery?

Brenda Norrell
A Dirty New Low for Peabody Coal

Fred Gardner
Situation NORML: Reconciling Medical Pot Use and Legalization

Binoy Kampmark Copenhagen Blues: McChrystal and the Afghan Trap

Website of the Day
In Goldman Sachs We Trust?

October 2-4, 2009

Alexander Cockburn
Geezer Renditions

Saul Landau
News From Raul Castro

Diana Johnstone
After the German Elections: Is Socialism Really Dead in Europe?

Greg Moses
Cramming for the Downside

William Blum
The Fall of the Berlin Wall: Another Cold War Myth

Brian Cloughley
Iran's Nuclear Program: Where's the Proof?

Russell Mokhiber
Welcome Back, Michael Moore

John Ross
Chomsky in Mexico

Ellen Brown
IMF Catapults From Shunned Agency to Global Central Bank

David Ker Thomson
Cop Shocks

David Macaray
The Audacity of Toyota

Gary Engler
Unions in a Rut

Robert Fantina
Meet the New Boss (Same as the Old Boss)

Lisa Stolarski / Naomi Archer
Pittsburgh: Still a (Coal) Company Town

Anthony Papa
Here is Your Chance to Help End the Failed War on Drugs

Joe Allen
The Good Wife: Bad View of a Corrupt System

Harry Browne
Tarantino Scalps His Audience

Ron Jacobs
Collective Fiction

Charles R. Larson
Cultural Warriors: Austrialian Aboriginal Art Triennial

David Yearsley
Hanns Eisler's Great National Anthem for East Germany is Available: Make It America's

Poets' Basement
Taylor, Gardner and Landau

Website of the Weekend
Wrongful Convictions of Youth

October 20, 2009

Uncomfortable Arithmetic

Pensions: the Next Casualty of Wall Street

By MARK BRENNER

Nobody wants to admit it, but the next casualty of the Wall Street meltdown will probably be your golden years. For years corporations have been trying to choke the life out of traditional pensions, working hard to get out from under the risk—and the cost—of providing for their retirees. Between last year’s credit crunch and changes to federal pension laws, they may get their wish.

Nearly $4 trillion worth of retirement savings were wiped out in the first weeks of the 2008 financial freefall. Half of the drop was concentrated in traditional pension plans, also known as defined-benefit plans. While most workers in these plans haven’t had their monthly benefits cut, unlike the 46 million people riding the stock market with 401(k) defined-contribution plans, the storm clouds are gathering.

Labor needs a strategy to protect what we’ve won. But holding our ground requires moving from defense to offense. If the pension crisis is going to be solved for union members, it has to be solved for everyone.

UNCOMFORTABLE ARITHMETIC

Even before the financial crisis, traditional pensions were a vanishing breed. Thirty years ago more than a third of the private sector workforce had traditional pensions. Last year that number was down to 16 percent.

Driving the decline were employers looking to get off cheap, eliminating pensions entirely when they could get away with it, and when they couldn’t, shifting to 401(k)s. These programs were legalized in 1978 and were originally designed to supplement traditional pensions. Now they’re choking them out like kudzu. 

Corporations got a great deal, paying about half what they used to towards their workers’ retirement by the ’90s. Even more important—as anyone who has opened their 401(k) statement recently can attest—the move shifted risk off companies and onto us.

Traditional pensions were a collective solution to a collective problem. Young and old contributing together smoothed out insecurity for all. Now it’s just you and the stock market—with far less in your pocket.

Even before the crash, studies showed that 401(k)s leave workers with 10 to 33 percent of what traditional pensions provide. Given the 30-year squeeze on wages, most people haven’t saved much either, which explains why more than half of all 401(k) participants have less than $75,000 when they retire.

WHAT’S IN STORE?

Even for those with superior defined-benefit plans, the last 20 years have been rocky. Companies spent much of the 1990s gaming the system, siphoning off pension funds to pad the bottom line.

At the start of this year the nation’s defined-benefit pension plans had only about 75 percent of what they owed participants. Companies may need to contribute as much as $100 billion to cover these gaps.

Although Congress waived compliance with new pension rules this year (see page 9), the law will eventually take effect, and will force employers to cover these pension gaps. Rather than clean up their act, more and more employers are looking for the exit. By April of this year nearly a third of America’s largest companies had frozen their pension plans.

Many others are invoking the nuclear option, declaring bankruptcy as a way to unload their pension plans on the taxpayers. Unfortunately, the Pension Benefit Guaranty Corporation (PBGC), established in 1975 to backstop private sector pensions, is already reeling from a decade of high-profile and expensive pension defaults at companies like United Airlines and steelmaker LTV.

Nine of the 10 largest pension defaults in history occurred since 2000, leaving the PBGC with a deficit of $11 billion at the end of 2008. That gap could swell to more than $100 billion over the next few years, amounting to a backdoor bailout for big corporations, and a bitter pill for abandoned retirees.

Workers at Republic Steel saw first hand how it works when they had their pensions cut by $1,000 a month in 2002 by the PBGC and then cut again in 2004. Five workers from the Lorain, Ohio, plant committed suicide after the first time their pension was diminished. In the second round of cuts, retirees like Bruce Bostick, former grievance chair for USW Local 1104, saw their retirements fall from $1,047 a month to $125.

The situation for public sector workers isn’t much better. Although 80 percent of public employees have traditional pensions, those benefits are now in the cross-hairs of conservative and liberal politicians. Two-thirds of public sector pension plans are underfunded—to the tune of $430 billion—and state and local budget crises are pitting taxpayers against public employees from California to Maine.

ANCHORING RETIREMENT

For nearly 20 years the various financial bubbles—from the dot-com frenzy of the 1990s to the recent housing market run-up—papered over the urgent need to address the faltering retirement system.

Wall Street’s collapse last year revealed how the current patchwork of retirement plans is failing almost everyone. As with health benefits, union workers with stable pensions increasingly find themselves on an island of security in a sea of uncertainty. But the water is rising rapidly.

As the debate over the auto bailout and state budget crises revealed, defending your own decent pension is tough work when half the workers in the country don’t have any retirement at all.

The PBGC—which has been swimming in red ink since 2002—is currently set up to pay less than half of what people were promised. If the funding gaps widen, it could fall to pennies on the dollar.

There will be calls to bail the PBGC out—which needs to happen—1.2 million people now depend on it. A sensible demand is to make it function more like the FDIC, by guaranteeing 100 percent of pension benefits up to a reasonable threshold.

But reform can’t stop there.

If it does, workers are on the same path as before the economic collapse, with a temporary reprieve. Employers will still seek to drive union workers down to non-union standards and dump more risk onto individuals.

We need to return to the original vision of Social Security: a program that (like in Western European nations) can actually pay for most of your old-age living expenses.

Mark Brenner writes for Labor Notes, where this article originally appeared.

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