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Tags: pension reform

Antifa? China? Marxism? What Scares Swing Voters Is A Little Simpler …

a clipboard with pension reform written on it surrounded by a calculator and other items
(Oleksandr Bohza/Dreamstime)

Jared Whitley By Tuesday, 21 July 2020 09:04 AM EDT Current | Bio | Archive

For many conservatives, the 2020 election will be a watershed moment. The radical far-left agenda has implications that could reshape the destiny of the human race – and we see Donald Trump is the only one who can stop it.

Far-left terrorists have literally seized portions of American soil and declared them autonomous. Attacks on police – either financial or physical – had torn the thin blue line and resulted in a spike in street crime. Actual elected Democrat members of Congress are calling for the demolition of the United States. Universal symbols of American culture are being destroyed. All of this chaos is done as the pre-emption of an authoritarian takeover, just like happened in Venezuela 20 years ago as one very articulate young lady warned us a month ago.

The relentless attempts to undermine America, its culture, its political systems, and its economy will, of course, have ramifications that go far beyond our shores. America is the Atlas of the modern world: the fact that the country most passionately committed to making the world a better place has both the largest economy and largest military are the two facts that keeps this planet relatively stable. No one should want to live in a world where the country with the most money and guns is, say, China.

When Venezuela fell to Marxism, it destabilized the region. If the most important country in the world is dragged down that path, it could plunge the world – given much firepower there is on it now – into a chaos that makes World War II look like a shoving match. For those of us who feel this way, 2020 is a year where Democrats have to lose and Donald Trump has to be elected, no matter what.

But not everyone does. And Republicans need to have an answer for them rather than just doom-and-gloom handwringing.

An easy answer? Pension reform.

Specifically, multiemployer pension plans need attention. Similar to a 401k, these plans are dependent on investments and contributions. These plans are collectively negotiated and maintained by a labor union and more than one employer, usually within related industries. These must be a priority for the next phase of corona relief. Congress can shore up these plans while enacting long-term structural reforms to help retirees and the companies trying to stay above water.

The backbone of the coronavirus economy are the very people who are covered in retirement by these plans with about 1,400 plans, including about 10 million participants: miners, manufacturers, truckers and others who keep life functional.

Essential is one way to describe these people. Another way to describe them is as "swing voters."

Senior voters are among the nation's most committed and are deeply affected by pension reform.  If Republicans mishandle the issue, they could lose swing-voters in Maine, Colorado, Arizona, North Carolina, and Iowa – losing Senate races that could swing the majority. If someone is scared of the Democrats now, just wait until they have the presidency, the House, and the Senate.

According to a study by the Retirement Security Coalition, 73% of Democrats in Florida are more likely to vote for a senator who prioritizes meaningful pension reform, and 57% of Republican participants feel the same way. There are similar numbers in Pennsylvania, Michigan, Georgia and elsewhere.

The Democrats in the House introduced some ideas in HEROES Act to fix this problem, notably to partition at-risk plans to help address the immediate crisis. That's good, but as Ohio Sen. Rob Portman spelled out on the Senate floor, their plan is just a Band-Aid. It includes no structural reforms to how multiemployer pension plans operate, how employer contributions are determined, and corrective actions available to protect participants. Meaningful reforms must address the underlying flaws in the system and ensure long-term success.

Even before the coronapocalypse, multiemployer plans were in trouble. Now's the time to fix it with appropriate Federal credit assistance at favorable terms. That would be an investment, like treasury bills, not a bailout.

As part of their broader Keep America Great agenda, Republicans need to carry the banner on this one. Not everyone has the luxury to worry about the world falling apart, because they're so worried about their own world falling apart. Luckily, Republicans have a plan for both.

Jared Whitley is a long-time politico who has worked in the U.S. Congress, White House, and defense industry. He is an award-winning writer, having won best blogger in the state from the Utah Society of Professional Journalists (2018) and best columnist from Best of the West (2016). He earned his MBA from Hult International Business School in Dubai. Read Jared Whitley's reports — More Here.

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Not everyone has the luxury to worry about the world falling apart, because they're so worried about their own world falling apart.
pension reform
Tuesday, 21 July 2020 09:04 AM
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