Political Quotes

“Thank you, Madam President. This week, we have an opportunity to finally deliver for millions of retirees and workers and small businesses by saving America's pensions. The multiemployer pension system is on the verge of collapse, threatening the livelihoods of more than a million Americans and thousands of small businesses from New Hampshire to Ohio, across the country. This affects more than 100,000 workers and retirees in my State alone and millions more around the country. These pension plans were in danger before. Now the economic emergency we are in has accelerated the crisis even further. Multiemployer pension plans receive contributions based on the hours worked. As workers have been laid off during the pandemic, their employers no longer contribute to the pension plans, while current retirees continue receiving their earned benefits, making the plan even more likely to fail. And if that happens, it won't just be retirees feeling the pain. Current workers will be stuck paying into pension funds for benefits they will never receive. Small businesses will be left drowning in pension liability they can't afford to pay. Small businesses that have been in the family for generations could face bankruptcy, and workers will lose jobs in businesses which have been forced to close up shop. The effect will ripple across the entire economy at a time when we can least afford it.…”