OBAMAnomics - JOE BIDEN VOWS TO CUT PENSIONS AND SERVE BANKSTERS LIKE HE AND OBOMB DID FOR 8 YEARS OF TRICKLE-UP ECONOMICS

JOE BIDEN'S DEMOCRAT PARTY IS FOR BOTTOMLESS SOCIALISM, WELFARE, SUBSIDIES AND BAILOUTS FOR WALL STREET. 

THE LOOTING OF AMERICA:

BARACK OBAMA AND HIS CRONY BANKSTERS set themselves on America’s pensions next!

 http://mexicanoccupation.blogspot.com/2015/04/obamanomics-assault-on-american-middle.html

The new aristocrats, like the lords of old, are not bound by the laws that apply to the lower orders. Voluminous reports have been issued by Congress and government panels documenting systematic fraud and law breaking carried out by the biggest banks both before and after the Wall Street crash of 2008.

Goldman Sachs, JPMorgan Chase, Bank of America and every other major US bank have been implicated in a web of scandals, including the sale of toxic mortgage securities on false pretenses, the rigging of international interest rates and global foreign exchange markets, the laundering of Mexican drug money, accounting fraud and lying to bank regulators, illegally foreclosing on the homes of delinquent borrowers, credit card fraud, illegal debt-collection practices, rigging of energy markets, and complicity in the Bernie Madoff Ponzi scheme. 

NO PRESIDENT IN HISTORY SUCKED IN MORE BRIBES FROM CRIMINAL BANKSTERS THAN BARACK OBAMA!

This was not because of difficulties in securing indictments or convictions. On the contrary, Attorney General Eric Holder told a Senate committee in March of 2013 that the Obama administration chose not to prosecute the big banks or their CEOs because to do so might “have a negative impact on the national economy.”

http://mexicanoccupation.blogspot.com/2016/10/the-bankster-owned-president-citigroup.html 

This is a further shift leftward by Wall Street from the last election cycle, when between 50 percent and 52 percent of the contributions through mid-year 2017 from J.P. Morgan, Morgan Stanley, and Bank of America went to Republicans. Those banks sent between 37 percent and 45 percent of the contributions to Democrats.

President Trump: Joe Biden, Barack Obama Threw Delphi Workers ‘to the Wolves’ in Auto Bailout

MANDEL NGAN/AFP via Getty Images

JOHN BINDER

25 Oct 2020861

2:59

President Trump says then-President Barack Obama and Vice President Joe Biden threw former Delphi workers “to the wolves” in their bailout of the auto industry that resulted in slashed pensions for roughly 20,000 Americans.

During a campaign rally in Waukesha, Wisconsin, Trump touted his recent memorandum that orders federal agencies to devise a plan that would restore the pensions of about 20,000 former non-union Delphi Corporation workers.

“This week I signed an order to protect the pensions of workers at the Delphi Corporation … these workers were taken advantage of very badly,” Trump said. “When GM went bankrupt, Biden and Obama threw these workers to the wolves. Their pensions were totally wiped out, they were treated very unfairly. My order is to restore the pensions and healthcare benefits promised to workers in Wisconsin, Michigan, and Ohio because I will never let anyone rip off our great American workers. We’re going to take care of our workers.”

In 2009, as part of the Obama-Biden administration’s taxpayer-funded bailout of General Motors (GM), the Pension Benefit Guaranty Corporation (PBGC) terminated the pension plans of non-unionized Delphi workers. In some cases, workers had their pensions gutted by as much as 75 percent.

A federal report in 2013 detailed that the Delphi workers would likely have their pensions cut by an estimated $440 million. Meanwhile, GM topped off unionized Delphi workers’ pensions at a cost of about $1 billion.

“What they did to you was very unfair,” Trump said as he pointed to Delphi retirees in the audience. “They lied to you. They lied to you.”

Exclusive: Forgotten by Obama-Biden Auto Bailout, Delphi Workers Refuse to Forget What Was Taken from Them (Part One) https://t.co/T8SME62Vb4 via @BreitbartNews Biden was a disaster on this. All talk and no action. Remember and VOTE!

— Donald J. Trump (@realDonaldTrump) October 21, 2020

Former Delphi workers who spoke to Breitbart News recently detailed how the pension-slashing scheme uprooted their livelihoods. One retiree said she lost her home, and her retirement plans to move to the Florida coast have been squashed.

Another retiree said his wife died in the process, as he was forced to find work in order to pay for her medical bills. He had assumed that after 30 years at Delphi, he and his wife would have a good healthcare plan in their retirement. That ended when his pension was cut by about 30 percent.

Delphi, which has since split into Aptiv and Delphi Technologies, announced in 2006 that it would shutter 21 of its 29 plants in the United States — offshoring some 20,000 U.S. jobs to Mexico, China, and other foreign countries.

At the time, Delphi employed nearly 50,000 Americans, who earned about $30 an hour on the assembly line. Now, workers in Mexico for the company earn about $1 an hour.

John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.

Exclusive–Rep. Mike Turner: If Obama-Biden Can Cut Delphi Pensions, They Can Do It to Anyone

EMMANUEL DUNAND/AFP via Getty Images

JOHN BINDER

25 Oct 202092

4:45

Rep. Mike Turner (R-OH) says that if Democrat presidential candidate Joe Biden and former President Barack Obama can help slash the pensions of non-union Delphi workers, they can cut benefits for others as well.

In 2009, as part of the Obama-Biden administration’s taxpayer-funded bailout of General Motors (GM), the Pension Benefit Guaranty Corporation (PBGC) terminated the pension plans of about 20,0000 non-unionized Delphi workers. In some cases, workers had their pensions gutted by as much as 75 percent.

A federal report in 2013 detailed that the Delphi workers would likely have their pensions cut by an estimated $440 million. Meanwhile, GM topped off unionized Delphi workers’ pensions at a cost of about $1 billion.

This week, Trump signed a memorandum that orders federal agencies to devise a plan on how to restore the Delphi workers’ slashed pensions over the next 90 days.

Turner, who has been fighting for over a decade on behalf of the Delphi workers, suggested to SiriusXM Patriot Breitbart News Saturday that Biden cannot be trusted not to pick winners and losers as the Obama-Biden administration did in 2009.

LISTEN: 

Breitbart · Rep. Mike Turner (R-OH) – October 24, 2020

“These people earned these pensions,” Turner said. “They gave to General Motors, they were part of General Motors’ overall success and … General Motors, through bad management, ended up in bankruptcy in the 2008 financial crisis. And to pick these individuals … [with] health concerns, families that have had to lend them money, people who lost their homes, all because they didn’t get the pensions that they were entitled to and that they earned.”

“This was their choice,” Turner continued. “It wasn’t just that there was a Delphi salaried retirees pension problem. There was a General Motors and Delphi problem that the Obama-Biden administration made … they didn’t have to do this; they chose to do it. This pension had been funded, these people earned these pensions, and they chose to pick winners and losers and they picked them.”

While Biden has claimed he would consider reviewing the issue, Delphi retirees have said he had seven years to speak on their behalf as vice president and chose to not act.

Trump, in contrast to Biden, has been consistent in his wanting to restore the Delphi pensions when he first learned of the issue, Turner said.

“Donald Trump deserves great credit here because he heard the stories of the injustice, he heard what had occurred to these people, and he stepped in to right this wrong,” Turner said. “Dr. Peter Navarro has been such a leader in this topic, really diving in to what happened — what happened at the administration at the PBGC and the Obama-Biden administration. [Navarro] made a presentation to the president and a recommendation for him to intervene.”

“What’s interesting to watch … Joe Biden, when this happened, he fully supported the Obama administration’s efforts to take General Motors through this bankruptcy process in which [the Delphi non-union workers] were picked to be the losers,” Turner continued.

“[Biden], on camera, specifically said that there was ‘nothing we could do’ and just recently he’s campaigning in Youngstown and he says ‘If I’m president, I’ll fix this,'” Turner said. “He went from ‘there’s nothing you can do’ to if he’s president he can fix this. Luckily we have a president who stepped in to fix this.”

In 2012, federal documents unveiled how the Obama-Biden administration’s Treasury Department worked to gut the pensions of the Delphi workers. In other emails, PBGC officials indicated they had the green light from the Obama-Biden administration to slash the pensions.

Those involved with the pension-slashing scheme, such as Tim Geithner, Steven Rattner, and Ron Bloom, are currently pouring thousands of dollars into Democrat presidential candidate Joe Biden’s campaign.

Delphi, which has since split into Aptiv and Delphi Technologies, announced in 2006 that it would shutter 21 of its 29 plants in the United States — offshoring some 20,000 U.S. jobs to Mexico, China, and other foreign countries.

At the time, Delphi employed nearly 50,000 Americans, who earned about $30 an hour on the assembly line. Now, workers in Mexico for the company earn about $1 an hour.

John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.

Trump to Devise Plan that Would Restore Pensions for Delphi Workers

SAUL LOEB/AFP via Getty Images

JOHN BINDER

22 Oct 2020934

5:45

President Donald Trump issued a memorandum on Thursday ordering federal agencies to devise a plan to restore the roughly 20,000 pensions of former Delphi workers who had their pensions slashed in the Obama-Biden administration’s bailout of General Motors (GM).

In 2009, as part of the Obama-Biden administration’s taxpayer-funded bailout of General Motors (GM), the Pension Benefit Guaranty Corporation (PBGC) terminated the pension plans of about 20,0000 non-unionized Delphi workers. In some cases, workers had their pensions gutted by as much as 75 percent.

A federal report in 2013 detailed that the Delphi workers would likely have their pensions cut by an estimated $440 million. Meanwhile, GM topped off unionized Delphi workers’ pensions at a cost of about $1 billion.

After 11 years with no federal action on the issue, Trump is ordering the trade adviser Peter Navarro, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, and Labor Secretary Eugene Scalia to devise a plan on how to restore the Delphi workers’ slashed pensions over the next 90 days.

Navarro said in a press call that the pensions “might well be able to be done through executive action” without the need to involve Congress.

Just signed an order to support the workers of Delphi Corporation and make sure that we protect the pensions of all American workers! Obama-Biden FAILED American workers and FAILED the workers of Delphi. I ALWAYS put American workers FIRST!

— Donald J. Trump (@realDonaldTrump) October 22, 2020

“This is a very good day for blue-collar America,” Navarro said. “… the signal today is we have a strong commitment to reversing what we judge to be one of the worst losses to blue-collar America … and it happened on [former Vice President] Joe Biden and [former President] Barack Obama’s watch.”

The memorandum reads:

The Secretary of the Treasury, the Secretary of Commerce, and the Secretary of Labor, in consultation with the Assistant to the President for Trade and Manufacturing Policy, shall review the Delphi matter described in subsection 1(a) of this memorandum and inform the President within 90 days of the date of this memorandum of any appropriate action that may be taken, consistent with applicable law, to address affected Delphi retirees’ lost pension benefits, and bring additional transparency to the decision to terminate the plan, consistent with appropriate protections for privileged and confidential material. This review shall include an evaluation of the feasibility of enacting legislation and whether the plan may be restored to its pre-termination status under section 1347 of title 29, United States Code. [Emphasis added]

Rep. Mike Turner (R-OH), who has advocated for the Delphi workers for more than a decade, praised Trump’s order.

“Today, President Trump is taking action to finally help these hard-working people who were robbed by the Obama-Biden administration,” Turner said in a statement. “For 11 long years, I have been at the forefront of helping the Delphi Salaried Retirees fight to retain their pensions, which they earned through years of faithful service. President Trump is proving yet again that he supports American workers.”

Another portion of the memorandum gives Navarro, Mnuchin, Ross, and Scalia 180 days to review insolvency issues in regards to PBGC pension plans.

“Actions may include proposing legislation that appropriately balances the interests of all those covered by the pension system — from retirees, workers, employers, and unions, to plans and taxpayers — to address the insolvency of such plans and to maintain the future solvency of the PBGC’s Single-Employer and Multi-Employer Programs,” the memorandum reads.

In 2012, federal documents unveiled how the Obama-Biden administration’s Treasury Department worked to gut the pensions of the Delphi workers. In other emails, PBGC officials indicated they had the green light from the Obama-Biden administration to slash the pensions.

Those involved with the pension-slashing scheme, such as Tim Geithner, Steven Rattner, and Ron Bloom, are currently pouring thousands of dollars into Democrat presidential candidate Joe Biden’s campaign.

Navarro said the “root evil” of the Obama-Biden administration’s slashing of the Delphi workers’ pensions “was a globalist trade policy that shipped jobs to China and Mexico.”

“As we face these insolvency issues, part of the problem is that we offshore our production and no longer have the ability, in terms of our manufacturing base, to sustain our retirees and it’s a key part of the Trump mission to bring those jobs back,” Navarro said.

Former Delphi workers who spoke to Breitbart News recently detailed how the pension-slashing scheme uprooted their livelihoods. One retiree said she lost her home and her retirement plans to move to the Florida coast have been squashed.

Exclusive: Forgotten by Obama-Biden Auto Bailout, Delphi Workers Refuse to Forget What Was Taken from Them (Part One) https://t.co/T8SME62Vb4 via @BreitbartNews Biden was a disaster on this. All talk and no action. Remember and VOTE!

— Donald J. Trump (@realDonaldTrump) October 21, 2020

Another retiree said his wife died in the process as he was forced to find work in order to pay for her medical bills. He had assumed that after 30 years at Delphi, he and his wife would have a good healthcare plan in their retirement. That ended when his pension was cut by about 30 percent.

Delphi, which has since split into Aptiv and Delphi Technologies, announced in 2006 that it would shutter 21 of its 29 plants in the United States — offshoring some 20,000 U.S. jobs to Mexico, China, and other foreign countries.

At the time, Delphi employed nearly 50,000 Americans, who earned about $30 an hour on the assembly line. Now, workers in Mexico for the company earn about $1 an hour.

John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.

 

Joe Biden Sought ‘Grand Bargain’ to Reduce Deficit Through Cuts to Social Security

J. Scott Applewhite/AP Photo

HARIS ALIC

20 Oct 20207,959

7:57

Joe Biden, the Democratic presidential nominee, worked to forge a “grand bargain” with congressional Republicans on deficit reduction during the Obama years. As part of the effort, the former vice president openly advocated for putting entitlement programs, including Social Security, on the negotiating table.

Shortly after taking office in 2009, President Barack Obama and his administration were struck with a complex problem. The economy, which was still in the midst of the Great Recession, was struggling to rebound, with job losses, bankruptcies, and home foreclosures running rampant. At the same, the deficit was at an all-time, hitting 8.9 percent of Gross Domestic Product, because of the Bush-era tax cuts and recession required stimulus spending.

While on the surface the issues seemed to be separate, in reality, they were intertwined. A mounting deficit, without restrictions in the country’s money supply, could cause widespread inflation, much like it did in the late-1960s and early-1970s. Even if inflation were avoided, a continuing deficit could still hamper long-term economic growth and prevent foreign investment.

Although the considerations given to the deficit were mostly practical by Obama’s inner circle, at least some of the calculations must have also been political. As early as April 2009, only four months into Obama’s Oval Office tenure, the seeds of the Tea Party movement were already beginning to sow. For Obama to achieve many of the promises made on the 2008 campaign trail, it was vital for Democrats to keep control of Congress in the upcoming midterms. That outcome, however, could be endangered if Republicans aligned with the Tea Party succeeded in painting the president’s fiscal policies as “reckless.”

Given such concerns, Obama began signaling his desire to tackle the deficit in early 2010. In February of the year, Obama created via executive order a National Commission on Fiscal Responsibility and Reform. The commission, which would be bipartisan, would consist of 18 members, with 12 appointed by Congress and six by the president. Its goal would be devising a long-term proposal for lowering the deficit and achieving a balanced budget by at least 2015.

To chair the commission, Obama tapped former Senator Alan Simpson (R-WY) and Erskine Bowles, a one-time chief of staff to ex-President Bill Clinton. The commission, simply known as Simpson-Bowles, was set to release its recommendations by December 2010 in hopes that the incoming Congress would act on them the following year.

Even though Biden was not a member of the commission, the vice president took an interest in its work because it overlapped with his official role in helping run the administration’s economic recovery efforts. Biden, who had long favored freezing all federal spending, including social security, to rein in the deficit, worked with not only Simpson and Bowles on crafting a proposal, but also the commission’s executive director, Bruce Reed. As a former Clinton administration official in the early-1990s, Reed had partnered with then-Senator Biden on authoring the 1994 crime bill.

The eventual proposal that Simpson-Bowles authored sought to reduce the deficit by more than four trillion dollars. It would have stabilized the growth of the federal debt by 2014, while reducing it by more than 60 percent by 2023. Although the goals looked good, the cost would have fallen heavily on individuals who rely on federal spending and entitlement programs, like Social Security.

Simpson-Bowles proposed to cut Social Security benefits for those in the top half of the income tax bracket, while raising the retirement age to 69. The plan also would have reduced the cost of living adjustments that are made to benefits as inflation rises.

The proposal, when it was released in December 2010, was derided by both Republicans and Democrats. Republicans, who had just won control of the United States House of Representatives, were emboldened to believe that voters, backed by Tea Party sympathy, would want larger cuts to achieve a balanced budget sooner. Democrats, on the other hand, especially those that self-identified as progressives, viewed the cuts to programs such as Social Security as draconian.

Although the Simpson-Bowles proposal was never introduced in Congress, its ideas for reducing the deficit quickly took hold among Obama administration officials, specifically Biden. Shortly after the commission wound down, the vice president announced that Reed would become his chief of staff, seeming to signal that deficit reduction would be Biden’s new priority.

Starting in early-2011, Biden and Reed began holding talks with top congressional leaders, including then-House Majority Leader Eric Cantor, on how to how to achieve a “grand bargain” on the deficit. Those talks, profiled in Bob Woodward’s book The Price of Politics, seem to indicate that Biden was eager to strike a deal, even offering to put Social Security and Medicare on the “table.”

By the summer of 2011, Biden had roped more members of Congress into the talks, with the group now expanded to six Democrats and six Republicans. As Woodward noted, Biden was close to hammering out a deal that would have cut federal spending by $2 trillion, including programs like Social Security, Medicare, and Food Stamps. When Republicans fretted over proposed tax increases, especially allowing the Bush tax cuts to expire, Biden suggested a compromise by raising the retirement age for Social Security and also creating a mechanism to means-test the program.

As part of the compromise, Biden also pitched Republicans on a relatively obscure change to the cost of living formula in hopes of sealing a deal. Biden, in particular, sought to amend the formula that determined the cost of living adjustments for programs like Social Security. At the time, Biden suggested that such programs in the future be tied to the United States Chained Consumer Price Index (Chained CPI) rather than the current United States Consumer Price Index.

Chained CPI is predicated on the notion that when the cost of living increases because of changes in the prices of goods, consumers will adjust their purchasing patterns to make up for the rise. The theory suggests that even though cost of living might increase on paper, the impact is negligible on consumers.

Had Biden succeeded in tying Social Security and other entitlements to Chained CPI, it would have cut the expected growth in program benefits that recipients had become accustomed to over time. Attaching Social Security to Chained CPI has long been opposed by progressives and advocacy groups like the AARP on the grounds that seniors are more impacted by inflation since a significant portion of their incomes go to medical costs, which are always rising at rates higher than the rest of the economy.

Even though Biden attempted to make Chained CPI central to the deficit negotiation, the talks ultimately fell apart when congressional Republicans were unable to sell any proposed revenue increases to their members.

Despite the failure, Biden, with Obama’s backing continued trying to forge a “grand bargain” on deficit reduction in 2012 and 2013. Each time the talks included tying Chained CPI to Social Security and other entitlements programs.

The former vice president’s position on deficit reduction comes back into the spotlight as Biden has promised to not only protect, but also expand Social Security if elected in November.

Biden’s campaign did not return requests for comment on this story.