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CEOs Pushing Social Security Cuts are Sitting on Massive Retirement Funds While Underfunding Worker Pensions

Lacy MacAuleybyline‚ Nov. 27‚ 2012

“Fix the Debt” CEOs hold an average of $9 million each to put toward retirement

Washington, D.C. — A new Institute for Policy Studies report released on November 27 examines CEOs of public companies who have endorsed the “Fix the Debt” campaign. It finds that these CEOs, while calling for ordinary Americans to take cuts in Social Security and Medicare, are sitting on an average of $9 million each in retirement funds. Most are also running large deficits in their own employees’ pension funds.

“These CEOs paint a stark picture of hypocrisy,” said Scott Klinger, a report co-author. “They are feathering their own retirement nests while trying to deny ordinary Americans — including their own employees — their hard-earned nest eggs. They’re simply taking advantage of the so-called ‘fiscal cliff’ to push the same old agenda of more corporate tax breaks while shifting costs onto the poor and elderly.”