[Congressional Record (Bound Edition), Volume 157 (2011), Part 1]
[Extensions of Remarks]
[Page 611]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            PROTECT RETIREES

                                 ______
                                 

                        HON. DENNIS J. KUCINICH

                                of ohio

                    in the house of representatives

                        Monday, January 24, 2011

  Mr. KUCINICH. Mr. Speaker, millions of retirees that worked in the 
public sector feel very threatened right now, and for good reason: 
their pensions are being threatened. As we engage in a national 
conversation about how to reduce the deficit both in our States and in 
our Nation, let us be clear about one thing: we will not be cutting the 
pensions of retirees--including teachers, police, fire and EMS workers, 
public works personnel, and many others--who devoted their careers to 
serving the public. The Center for Budget and Policy Priorities 
recently reported that States are facing 2012 fiscal year operating 
deficits totaling nearly $125 billion dollars. This number represents 
both short and long-term financial challenges for States. But the fear, 
blame and confusion surrounding such a number has put a tremendous 
amount of pressure on elected officials and State legislatures to make 
immediate and drastic cuts to State services, including retiree 
pensions. Recently, a proposal was suggested to give States the ability 
to file for bankruptcy. Such an initiative is a non-starter, as it 
would do far more harm than good. It means that States who declare 
bankruptcy could seek to back out of their solemn promise to provide 
for those who served the public after their service was done.
  Those promises are known as defined benefit pensions. The public 
employees were promised the security of knowing those benefits would be 
there when they need them. If States successfully cancel out these 
agreements under cover of bankruptcy, the costs to individuals as well 
as the trust in government will be enormous. We cannot, we must not and 
we will not ask retirees to pay the consequences of upending these 
long-term promises for the sake of a false short-term financial 
solution.

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