Tom Price: “yesterday, two cornerstones of the airline industry filed for bankruptcy. The headlines this morning talk about Delta…”

“yesterday, two cornerstones of the airline industry filed for bankruptcy. The headlines this morning talk about Delta and Northwest and the customers, but what should be on the front page are headlines about the employees. The employees are the ones who will be impacted the most. Delta and Northwest combined have over 90,000 employees, and that number does not include the retirees who will also have to deal with this issue. People who have worked a lifetime to retire comfortably are now in jeopardy of having their promised benefits cut by 75 percent. Can you imagine that, 75 percent? Delta and Northwest Airlines are the latest casualties in a competitive airline industry, and these recent Chapter 11 filings are a symptom of a greater problem and must serve as a wake-up call for all of us. Employees must have the flexibility to choose how they wish to secure their retirements if legacy carriers are to remain in the industry. This means IRAs and 401(k)s, the power to secure your retirement should be in your own hands. Mr. Speaker, the news today affects all of us, and I ask my colleagues to support comprehensive airline pension reform so these employees retain a more secure future. ____________________”