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Memories From The '97' Strike........
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<blockquote data-quote="UPSTeamster Pragmatist" data-source="post: 1021944" data-attributes="member: 43325"><p>Hi everyone, been lurking on the site for a long time and enjoy the sense of humor a lot of you have on here as well as the wide variety of opinions. Thought I would start posting as it seems to be therapeutic for some of you to be able to express your opinion anonymously without fear of reprisal. As we all know anyone who works at UPS NEEDS therapy of some kind.</p><p></p><p>It does sadden me though when many of my fellow Teamsters at my center vilify the Union leadership as if its purely their fault that the pension is in trouble.</p><p></p><p>Yes the pension is in trouble, in our conference the pension is funded about 42% marked-to-market (don't pay attention the the accounting (marked-to-book) values that you receive in the mail).</p><p></p><p>The main reasons that I see the problems stem from are:</p><p></p><p>1. Consolidation of the shipping industry (all those now defunct shippers no longer pay into the system)</p><p>2. Demographics in this country (we need more young hard working immigrants in this country not less)</p><p>3. The fact that wall street gamed our economy from at least the early 90's through today, causing the funds returns to dry up.</p><p>4. The FED with their ZIRP policies (they are screwing all pensioners, not just us)</p><p>5. The fact that the baby boomers were allowed to retire at 52 with benefits back in the day (the fund could not realistically afford this over the long term, of course this wasn't apparent until it was too late).</p><p>6. Yes the fund wasn't perfectly well managed but I don't believe that such thing exists.</p><p></p><p>Also a few points.</p><p></p><p>-The Central states buyout really cost UPS $4 billion AFTER TAXES.</p><p>-Assuming that voting either republican or democrat will result in less borrow and spending is naive (I'm writing in Ralph Nader).</p><p>-Our union officials are elected just like gov. officials. OF COURSE they want to make us happy over the short term while ignoring the long-term consequences.</p></blockquote><p></p>
[QUOTE="UPSTeamster Pragmatist, post: 1021944, member: 43325"] Hi everyone, been lurking on the site for a long time and enjoy the sense of humor a lot of you have on here as well as the wide variety of opinions. Thought I would start posting as it seems to be therapeutic for some of you to be able to express your opinion anonymously without fear of reprisal. As we all know anyone who works at UPS NEEDS therapy of some kind. It does sadden me though when many of my fellow Teamsters at my center vilify the Union leadership as if its purely their fault that the pension is in trouble. Yes the pension is in trouble, in our conference the pension is funded about 42% marked-to-market (don't pay attention the the accounting (marked-to-book) values that you receive in the mail). The main reasons that I see the problems stem from are: 1. Consolidation of the shipping industry (all those now defunct shippers no longer pay into the system) 2. Demographics in this country (we need more young hard working immigrants in this country not less) 3. The fact that wall street gamed our economy from at least the early 90's through today, causing the funds returns to dry up. 4. The FED with their ZIRP policies (they are screwing all pensioners, not just us) 5. The fact that the baby boomers were allowed to retire at 52 with benefits back in the day (the fund could not realistically afford this over the long term, of course this wasn't apparent until it was too late). 6. Yes the fund wasn't perfectly well managed but I don't believe that such thing exists. Also a few points. -The Central states buyout really cost UPS $4 billion AFTER TAXES. -Assuming that voting either republican or democrat will result in less borrow and spending is naive (I'm writing in Ralph Nader). -Our union officials are elected just like gov. officials. OF COURSE they want to make us happy over the short term while ignoring the long-term consequences. [/QUOTE]
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