GOP - Corporate Bedfellows and offspring.

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by David Remer PoliWatch.Org

In a fascinating article of how things get done in Wa. and how Coporations and GOP bedfellows procreate new ways to get the workers to underwrite and subsidize corporate interests, this NY Times article by MARY WILLIAMS WALSH, is a must read.

The gist of it is that as companies consoldate and or go bankrupt and yield their customer base to more successful or larger companies, the company taking up the customer base or buying out a smaller one, has to underwrite the pension plans in existence belonging to the failed or bought out company. United Parcel Service (UPS) is in just this situation where having taken market share and customers from a host of smaller companies (generating immense growth in UPS revenues, by the way), it is lobbying Congressional members to change the law so that in the future, UPS will not have to pick up the pensions, but, rather the tax payers will.

Following is quote from the article:

The company says it remains willing to pay for its own employees' pensions and even for the obligations it has already assumed from other companies. But it wants to make each company solely responsible for its own workers' benefits in the future. If a company defaults, those obligations would then go to the federal government.

So what is wrong with this? Simply the fact that UPS has the revenues and profits from the new customers resulting for smaller companies having gone out of business. If they could afford with a nice profit margin, their own pensioners in the past, surely, with the new customers and increased revenues and profits from those new customers, UPS can surely afford to pick up the pensions of the bought out companies, as well.

So this is pet legislation and sweet deals between the GOP and corporations are born. Very Interesting.... This kind of working class tax subsidy to the wealthy corporations has simply got to stop. Make your voice heard... Write someone about this. I did.

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This page contains a single entry by David R. Remer published on December 16, 2003 8:17 PM.

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