June 17, 2005
Unions Had to Destroy Pensions to Save ThemNobody knows why the AFL-CIO is so ardently leftist, but unions and trial lawyers pretty much dominate the Democratic party. On Social Security, the AFL-CIO is dead-set against reform; ostensibly they prefer to see this unsustainable system go bankrupt, which it will do in 12 or 13 years without reform. And to defeat any reform effort (except for a tax hike) union boss John Sweeney was reportedly planning on spending union pension money for politics. The Labor department had to warn him that this was a breach of fiduciary duty. No doubt the irony of spending pension money for political games to oppose reforming the national retirement plan was lost on Sweeney. Maybe this is why union boss excessive politicking risks splitting the nation's largest union apart.
Posted by Jonathan R. on June 17, 2005 10:00 AM
