This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AFGE Statement On Obama Budget Plan Cutting Federal Retirement

WASHINGTON, April 5, 2013 /PRNewswire-USNewswire/ -- American Federation of Government Employees National President J. David Cox Sr. today issued the following statement in response to reports that President Obama will propose $35 billion in cuts to federal employee retirement as part of his fiscal 2014 budget to be unveiled next week:

"The poets remind us that it is easier to forgive an enemy than a friend.  But it is hard to forgive our friend President Obama when his administration continues to act more and more like our enemies.

"His administration has frozen our pay for three years. It oversaw and approved shifting retirement system costs for new employees that will lower their salaries by 2.3% forever. The administration signed the Budget Control Act that brought us the sequester. It is implementing the sequester by imposing lengthy furloughs on federal workers while leaving the larger and costlier contractor workforce untouched. It pushes a cruel cut to Social Security, veterans', and federal employee retirement benefits through the chained CPI.

"And now, a final act of betrayal. The White House proposes a fiscal 2014 budget with $35 billion MORE in retirement system cuts, accelerating the race to the bottom for federal workers and their families.

"We cannot understand how an administration that claims to stand up for working and middle class Americans can simultaneously push policies that would impose such enormous pain on its own workforce.

"This proposal is as unnecessary as it is cruel, and we urge lawmakers to reject it entirely."

The American Federation of Government Employees (AFGE) is the largest federal employee union, representing 670,000 workers in the federal government and the government of the District of Columbia .

For the latest AFGE news and information, follow us on Facebook and Twitter .

SOURCE American Federation of Government Employees

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs