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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Dec. 5, 2012)
Page 8 îl!l' ^portÎanh (©bserüer December5, 2012 Opinion articles do not necessarily represent the views of the Portland Observer. We welcome reader essays, photos and story ideas. Submit to news@portlandobserver.com. New Prices Effective May 1,2010 Martin Cleaning Service T he GRW o PP lr -" A TALE OF /AISMAHApeKw: Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CHG $45.00 A s m a ll d is ta n c e /tr a v e l c h a rg e m a y b e a p p lie d CARPET CLEANING 2 Cleaning Areas or more $30.00 Each Area Pre-Spray Traffic Areas {Includes: I sm all H allway) 1 Cleaning Area (only) $40.00 Includes Pre-Spray Traffic Area (Hallway Extra) Stairs (12-16 stairs - With Other Services): $25.00 Area/Oriental Rugs: $25.00 Minimum Area/Oriental Rugs (Wool): $40.00Minimum Heavily Soiled Area: Additional $10.00 each area (Requiring Extensive Pre-Spraying) UPHOLSTERY CLEANING Sofa: $69.00 Loveseat: $49.00 Sectional: $109-$139 Chair or Recliner: $25 - $49 Throw Pillows (With Other Services): $5.00 ADDITIONAL SERVICES • Area & Oriental Rug Cleaning • Auto/Boat/RV Cleaning • Deodorizing & Pet Odor Treatment • Spot & Stain Removal Service • Scotchguard Protection • Minor Water Damage Services SEE CURRENT FLYER FOR ADDITIONAL PRICES & SERVICES Call for Appointment (503) 281-3949 Beware of the Spin by Wealthy CEOs Slashed benefit programs hurt workers by S cott K linger While America's CEOs are fretting about the g o vernm ent's so- called "fiscal cliff," millions of American workers face a financial disaster that gets much less media atten tion. There's a half-trillion-dollar deficit in the nation's worker re tirement benefits. The Great Recession, which decim ated retirem ent assets, played a big role in building this lesser-known cliff. But many corporations could have avoided the problem by shoring up these funds during the boom years. Instead, they siphoned pension assets for other profit-boosting purposes. When the pension defi cits started to balloon, many cor porations responded by slashing back their benefit programs. As a result, Americans today are more reliant on government- funded Social Security and Medi care programs than at any other time in the last 60 years. What's even more out rageous is that the very same CEOs who have con tributed to rampant retire ment insecurity are now calling for cuts to these earned-benefit programs for senior citizens. Nearly 100 CEOs have banded together to convince the Ameri can public that Social Security and Medicare lie at the root of America's fiscal challenges. Their "Fix the Debt" campaign features plain-spoken Americans in their ads and sounds moderate because they call for both spending cuts and revenue increases. But the real objectives of the campaign include massive new corporate tax cuts and reduced spending on Social Security and Medicare, which would likely in volve raising the retirement age. American workers, at present, cannot collect Social Security and Medicare until age 66, the highest retirement age among rich coun tries. In 2020, the Social Security retirement age will rise to 67, assuring that American workers will be toiling longer than any other industrialized country for years to come. In contrast, Japa nese and Chinese workers can collect their equivalent of Social Security starting at age 60. The Fix the Debt campaign's CEO supporters need not worry about Social Security because they're members of the "I've Got Mine Club." Fifty-four of the CEOs leading Fix the Debt directly benefit from lavish executive retirement pro grams. Their collective pension assets total $649 million, which comes to more than $12 million per CEO. That's enough to gamer a $65,000 retirement check each month starting at age 65 that will continue for as long as they live, according to a new report by the Institute for Policy Studies, which I co-authored. In contrast, the average retiree receives ju st $1,237 from Social Security each month. Yet, the firms headed by Fix the Debt CEOs owe their U.S. pension funds more than $100 billion, ac cording to the institute’s study. U.S. law requires corporations to keep their pension debts to man ageable levels, but this pressure has often resulted in benefit cuts. General Electric, which has a staggering $22 billion pension deficit, shut down its pension fund last year, saying it had be come a "drag on earnings" (at a whopping cost of 13 cents per share, according to their esti mates). Like many other firms, GE has shifted new employees to a less costly 401 (k) plan, putting the risk for poor stock market performance onto employees. Beware of wealthy CEOs who are lecturing the rest of us about tightening our belts. American workers would be far better off if CEOs worried more about fixing their own companies' pension debts. Scott Klinger is an associate fellow at the Institute fo r Policy Studies.
