Listen: Bill Clinton, Congress, American Express discussed on Labor: Know Your Rights
"Security have sharply road, including the issue that historically was most dearly fight for reasonable hours of work, so that laboring people would have a life beyond factory walls, the deterioration of pensions retirement health care, as also been a significant problem, I offered by stagecoach operator American Express in eighteen seventy five pensions became a common feature of the welfare capitalist employment landscape of the nineteen twenties. Reflected in the old age and unemployment guarantees of the new deal been grew rapidly in popularity during the second World War when government wage controls made them an attractive wage alternative to lure employee's players lowered their tax burdens through pension contributions and employee's also got a tax break by having some of their income deferred to retirement, when they'd have less income overall corporate management pensions proved a problem in nineteen sixty three win Stu Baker went broke leaving the company bar thousand one hundred employees with only fifteen percent of their retirement funds. This set off alarm spreading nationwide. Leading to the passage in the nineteen seventy four of the employee retirement income security act Orissa, which mandated that firms have enough money on hand to cover their pension obligations. This led to a decrease in corporate managed pensions. They fell from one hundred fifteen thousand in nineteen eighty five to thirty one thousand in two thousand by the nineteen nineties, bull market proved an ideal time. So employee's on another retirement in ovation the 4._0._1._K account, which allowed the employer to shift responsibility to what is called a defined contribution plan in which both employer and employee contrbute who investment funds that are essentially managed by the employee. This account system required less of a contribution by the employer saving them. Millions of dollars a year. Reality was far different employees were bad investors putting it all on aggressive, but risky stock investment only in their employer's stock losing, it all win the company, tanked taking it all out when they change jobs. Then in two thousand one and two thousand eight holders of these accounts. Learn that the value of even solid stocks and bonds portfolios can diminish our disappear overnight. All this pension change and increase in health care costs to individuals made retirement less possible not working became unaffordable organized labor chairs with environmentalism the willingness to challenge the actions of industry. But as in the Awa fuel efficiency controversy, the to do frequently locked horns over the impact of environmental regulations on jobs and economic growth. The AU w gave a MAs financial contribution to the first Earth, Day appearing sympathetic to the environment concerns, citing with congress in nineteen seventy five to raise off you'll fishing. See standards the union did in abrupt about-face. Dash suggested the new standards were impeding, the cell of Detroit cars, the big three automakers and the U A W where equally alarmed when immigrants Bill Clinton and Al Gore ran for the White House in nineteen ninety two valley to address the feel officiency issue, Clinton, and Arkansas made of was we'll known to auto workers, but gore had recently published a popular book earth in the balance warning the effect beads on combustion engine had on global warming. A Republican Bush Quayle ticket played on the UAW fears once Clinton was elected, the U A, W lobbied him hard, not to act rashly on efficiency Clinton. Deferring legislative action instead established a task force to examine the Knicks. Ration- of American automobiles. And after Republicans seized control of congress in nineteen ninety four Bill reform became more or less a dead letter in nineteen ninety seven with the Clinton administration was preparing for international global climate change. Talks in Kyoto. The UA w again, cautioned the president against commitments that would unfairly hamstring the United States auto industry, impossibly result in layoffs. The conflict was not limited to the UAW's extended to their unions like those in the construction industry with he had been green technology in building an air line, as, as the initiation of four stewardship programs by environmental groups like the natural Resources Defense Council in our DC the human that doing right by. The environment, cost people their jobs has lost some of its former intensity, and he'd many urban areas. Progressive forces have joined with labor to advocate for manufacturing retention to save jobs. As far as organized labor occasional resistance to environmental farm. It's worth noting that it generally Pels in scope compared to the well, oiled reaction of the."