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Monday, November 25, 2013

Super-rich CEOs want Social Security Slashed

Because $1269 a month is just too much money
There's a new report, "Platinum-Plated Pensions: The Retirement Fortune of CEOs Who Want to Cut Your Social Security":
Business Roundtable CEOs’ corporate retirement accounts average $14.5 million—more than 1,200 times as much as the median retirement savings of U.S. workers near retirement age.
A retirement fund of $14.5 million, combined with Social Security, would generate a monthly retirement check for these CEOs of $88,576. That’s 68 times what a typical U.S. retiree can expect to receive.
Ten Roundtable CEOs (including four who are also Fix the Debt members) have retirement plans
valued at more than $50 million.
Three of these CEOs have retirement assets of more than $100 million:  John Hammergren of
McKesson, David Cote of Honeywell, and Mike Duke of Wal-Mart.
Duke’s $113.2 million retirement fund is more than 7,500 times as large as his employees’
average 401(k) account balance of $15,000.
But there is nary a voice in Congress or the corporate media advocating austerity for the super-rich. 
The average Social Security check is a measly $1,269 -- and remember recipients paid into the fund
and are being repaid their earnings in the form of barely livable retirement checks.
The CEO of Toyota makes 22 times what the factory workers get.
In America, the CEO usually makes over 1,000 times what the floor guys get.

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