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"a milk cow with 310 million tits."
Easy for Simpson to say. For his 18 years in the Senate, U.S. taxpayers are giving him a pension ofbetween $41,000 and $55,000 a year, which is two to three times more generous than a middle class person would get in the private sector, if the worker were lucky enough to receive that now-rare benefit.
The CEOs Simpson and Bowles lined up to front their bogus Campaign to Fix the Debt exhibit the same behavior. An examination by the Institute for Policy Studies found that the 71 CEOs of public companies endorsing the campaign have set aside for themselves an average of $9 million in retirement funds from their corporations. That would pay each $110,000 a month for life after age 65.
These CEOs are careless, however, about their workers' retirements. Forty-one promise pensions to workers, but only two corporations have sufficient assets to meet those obligations. The remaining 39 carry a combined pension deficit of $103 billion.
These CEOs, the very ones who've accumulated those massive deficits, are telling the federal government how to solve its budget problems. Right.
These CEOs take care of their own retirements, shortchange their workers' pensions, then demand that the federal government cut Social Security and Medicare, the only other retirement programs for the middle class. These earned benefit programs are lifesavers to the 27 percent of Americans who have no pension and no retirement savings at all.
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