Home
In this issue
April 21, 2014

Andrew Silow-Carroll: Passoverkill? Suggestions to make next year's seders even more culturally sensitive

Sara Israelsen Hartley: Seeking the Divine: An ancient connection in a new context

Christine M. Flowers: Priest's execution in Syria should be call to action

Courtnie Erickson: How to help kids accept the poor decisions of others

Lizette Borreli: A Glass Of Milk A Day Keeps Knee Arthritis At Bay

Lizette Borreli: 5 Health Conditions Your Breath Knows Before You Do

The Kosher Gourmet by Betty Rosbottom Coconut Walnut Bars' golden brown morsels are a beautifully balanced delectable delight

April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review June 6, 2006 / 10 Sivan, 5766

A bipartisan issue

By Michael Barone


Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | Robert Reich, labor secretary in the Clinton administration, has weighed in with a column in the American Prospect endorsing George W. Bush's call for pension reform.

With a few snarky comments directed at the president, presumably to keep within his readers' comfort zone, Reich makes the correct point that corporations should fully fund their defined pension plans. Of course, there are disputes about what "fully fund" means, which Reich passes over, as I will. But his larger point is valid. If big corporations crump on these pensions, the Pension Benefit Guaranty Corp. gets stuck with paying them (up to certain amounts). Which means that taxpayers pay them. As Reich points out, "The number of future retirees added to the PBGC's rolls over [the] past three years is more than in [the] previous 27 years combined." If pensions aren't properly funded, we're looking at something like the savings and loan bailout, which cost taxpayers an unnecessary several hundred billion dollars.

Reich does not mention two things that he might have. One is that the House has passed a bipartisan pension reform bill shepherded through by Majority Leader John Boehner when he was chairman of the Education and Workforce Committee. I have no idea whether this addresses the problem fully. I would like to see the critiques of others who know more about the issue.

Second, Reich mentions the argument made by big corporations with big pension liabilities that requiring full funding would discourage companies from offering pension plans. But this is a very weak argument. Few if any companies are starting up new defined-benefit pension plans. Rather, they're offering defined-contribution plans, 401(k)'s and the like, which don't require companies to accumulate reserves to finance pensions promised for many years later but which instead limit corporations' expense to the payout made each year. Reich does not take note of this, though undoubtedly he's very much aware of the trend. In essence, we're dealing with a problem that is going to phase out over time, as companies with old plans either keep their promises on defined-benefit plans or dump them on the PBGC, while companies with new plans have no such obligations to finance future benefits.

Donate to JWR

Liberals tend to decry this, on the grounds that workers should have the security of defined-benefit plans. But, as Reich's article points out, that security is not at present a 100 percent guarantee. Airline pilots entitled to generous benefits under defined-benefit plans get much lesser amounts when the PBGC takes over the plan. I recently asked a politician with extensive experience in the business and finance world how much capital a company could raise on Wall Street or from hedge funds to set up a manufacturing operation with workers organized by an industrial union and a defined-benefit pension plan. He just laughed. There's no capital to finance such a business model.

I hear some thoughtful liberals attempting to address this problem with a system of portable pensions, which could follow a worker from job to job. But this sounds an awful lot like the (vaguely defined) Social Security individual investment accounts that George W. Bush pushed for last year, which Democrats are proud of having shot down. There's an opening here for thoughtful proposals from liberals and conservatives alike — proposals that may turn out to be not as different as current political rhetoric suggests.

Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

BARONE'S LATEST
Hard America, Soft America: Competition vs. Coddling and the Battle for the Nation's Future  

America is divided into two camps, according to U.S. News and World Reports writer and Fox commentator Michael Barone. No, not Red and Blue, though one suspects Barone may taint the two groups in the hues of the 2000 presidential election. Barone's divided America is one part Hard, one part Soft. Hard America is steeled by the competition and accountability of the free market, while Soft America is the product of public school and government largesse. Inspired by the notion that America produces incompetent 18 year olds and remarkably competent 30 year olds, Barone embarks on a breezy 162-page commentary that will spark mostly huzzahs from the right and jeers from the left. Sales help fund JWR.

JWR contributor Michael Barone is a columnist at U.S. News & World Report. Comment by clicking here.




Michael Barone Archives

© 2006, US News & World Report

Columnists

Toons

Lifestyles