CEO's and Your Retirement
When you think of “grass roots” activism, corporate CEO’s don’t usually come to mind, do they?
There’s a good reason for that.
A group of Fortune 500 CEOS, each of whom has massive retirement assets averaging more than $9.1 million, is leading a campaign to cut Social Security, Medicare, and Medicaid as a way of responding to the federal deficit. In a new report, the Institute for Policy Studies outlines how these CEOs have bloated their personal golden parachutes with millions of dollars while underfunding their employees’ retirement plans – all while taking aim at programs that benefit the sick and elderly.
Operating under the name “Fix the Debt,” this group of more than 90 CEOs is pushing an austerity agenda aimed at middle class programs while shielding millionaires, billionaires and big corporations from necessary tax increases. Of the more than 90 CEOs involved in Fix the Debt, 41 lead companies with pension programs, but only two of those plans are fully funded, IPS said.
In a Nov. 25 appearance on NBC’s Meet the Press, a charter member of Fix the Debt, Honeywell CEO David Cote, said, "We have a significant problem with entitlements, Medicare and Medicaid in particular." Why don’t I trust his advice when it comes to providing retirement security for the middle class? Maybe because Cote has retirement assets of more than $78 million and his company’s pension is underfunded by $2.8 billion.
The irony of CEO’s with billions invested in retirement pontificating on public programs like Medicaid and Social Security is quite absurd. It’s not as if they care if their personal Social Security benefits were cut.
Once again, it’s an example of CEO’s taking care of themselves at the expense of employees. But this time, they’re trying to screw you too.