What a double standard. Average Americans should have it so good. [Hat tip: The Carpetbagger Report]
Here's the pitch voters should hear: A corrupt congressman has more retirement security than you do.
About a month ago, PBS's NOW with David Brancaccio did a very disturbing piece on the crumbling pension system for millions of American workers.
Currently, 44 million Americans are enrolled in traditional defined benefit pension plans. Here's how they're supposed to work: during your working years, your employer is supposed to set aside money on your behalf, with the promise that they'll pay you a monthly benefit when you retire. But there's a problem: looking to save money today, many companies aren't setting aside enough money for the retirees of tomorrow.
Bradley Belt calls that "underfunding." Add it all up, he says, and the shortfall for America's pension plans is staggering.
How staggering? It's a $450 billion problem.
When Duke Cunningham can count on his congressional pension, but workers at United Airlines can't, it's time for Congress to take a look at this issue.
Maybe its time to do something about those "legacy costs" in Washington.