So after I wrote that last bit I go to the news and find, in the Wall Street Journal, that the Service Employees International Union, the SEIU is rampaging against all those capitalistic pigs known as private equity firms. They are pounding the drum to that familiar old tune, "they're rich and we're not. Take their money away. Give it to us. We'll be sure to distribute it properly. Lots for us and not so much for you but you'll be thrilled because it's money you didn't have to work for." You know that tune. Well let's see how that union treats their members. From the Wall Street Journal today:
"Public records based on the SEIU's own filings show that the SEIU National Industry Pension plan – which covers some 101,000 workers – was only 75% funded in 2006. Put another way, the plan had only three-fourths of the money it needs to meet its retirement obligations. And the national chapter is only the start. Some 13 local SEIU pension plans in 2006 were less than 80% funded; several didn't reach 65%.
Some of this might be the result of poor investment performance, but the main problem is that the SEIU hasn't negotiated adequate employer contributions to the plans. This is a common practice: Unions and management take credit for bargaining deals that promise generous retirement benefits, even as they ignore how they'll be funded.
On the other hand, SEIU leaders are highly attentive to their own pension funding. A separate fund run by the national union, this one covering the benefits of SEIU officers, was 103% funded in 2006. The top SEIU guns are set for their golden years."
What's that? A separate fund for the pensions of the very important union officials? One that actually has money in it? Why what a novel concept. It sounds like the situation we have in my country, the USA, for elected officials. Did you know their pension is 100% of their salaries? oh, yours isn't too bad. Did you know their medical insurance is never going to be socialized? oh yours will? too bad. Did you know they never have to pay for their insurance even after retirement? Oh you do? and more than you had to pay before you retired? too bad. Hmmmm...do they belong to a different class of people than we do?????
Chauffeur...this big important officer of the union/elected official needs to be carried to his car and then drive him across the street to that luxury restaurant where a glorious dinner awaits him. All those hungry people you have to walk through? Never mind them. They have plenty of food stamps and cardboard for their shacks. Push right through them.