Earl Blumenauer: “there is probably no issue of more critical interest to the majority of the people that I represent than retirement…”

“there is probably no issue of more critical interest to the majority of the people that I represent than retirement security. We are facing a growing crisis in this country because of the way pension plans have been mismanaged and the stresses that are coming from demographic changes, in particular the pending retirement of the baby-boomers. We've already seen many of these programs disrupted to the serious disadvantage of hardworking men and women who through no fault of their own are facing a much more difficult time in retirement. I am sad in this instance that this bill does not make the simple adjustment that all employees' pensions are treated the same whether they are an executive or metalworker or longshoreman. That would have been a simple reform providing equity and would have forced more attention and energy on the part of top executives to protect the integrity of their pension programs. However this is not the case. I am frustrated that this comes at the last minute with little chance for review and without the full participation from conferees on both sides of the aisle. Frankly, my staff and I and the people in my district have had very little time to be able to fully analyze the consequences of this legislation. This is not the best we can do, but it looks to me like it's the best we can expect for now.…”