Word: pensioners
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Dates: during 1970-1979
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...book explains the various kinds of pension funds (corporate funds, collectively-bargained funds, public employee funds, funds for the self-employed), the legal issues over their control and use, and the pension investment strategies that the bankers and brokers have used. The main strength of the book is its detailed documentation of economic trends, quoting labor, Congressional and industrial leaders and analysts to add color to what could have been a very bleak subject.Even if Rifkin and Barber's next book, on the economic significance of the evangelical movement in the U.S., denotes a return to radical faddism, The North...
...Stanton site--a factory shell built by Chrysler in the early '70s but never occupied--and threw in a 95 per cent cut in local taxes raised by offering to build rail and highway links to its site. Pennsylvania matched that, and as a clincher, persuaded two state pension funds to put up a $135 million loan to help VW set up shop in New Stanton...
...MOST innovative part of the pennsylvania package was Shapp's use of state pension fund money to help finance the VW plant. By persuading the funds' directors to make the loan, Shapp recognized that states should use the vast capital pool of public employee pension funds to advance their own economic well-being, just as workers and communities should use their pension funds not only to asure future incomed but present income, jobs, growth as well. The problem with Shapp's package was that it only subsidized Volkswagen, and increased Pensylvania's dependence on the private sector. That $135 million...
...glue in the works is that control of most pension funds resides with the bankers and bromkers, the corporate management fiduciaries--the same individuals who opt for expanding investments in the Sunbelt, in Taiwan, in South Africa, and the desertion of the northeastern and central states. These managers claim their pattern of investment is necessary to produce the highest return, so that future retirees are guaranteed pensions. In boththe shourt and long-term, however, this profit motive works to the disadvantage of the beneficiaries of the funds...
...major example is new York City. When the fiscal crisis came crashing down three years ago, the city had to plead with its employees' pension funds for a bail-out. Basically, the city was penalized for providing more social services than anyone else: tuition-free colleges, welfare payments above rock-bottom poverty level and so forth. Blatant mismanagement gratly contributed to the city's problems. But the main feature of the crisis was New York's scuba-diving tax base, resulting from the flight of industrial capital. Companies fled for many reasons, ranging from the ones which relocated in Stamford...