THIS IS NOT ->Delawareliberal


Tuesday, August 29, 2006


From the Department of Predictable Headlines:

DuPont cutting pension plan

The retirement plan changes announced Monday will affect some employees at DuPont's headquarters in Wilmington. "We need to be competitive on a global basis," a DuPont senior vice president said.

Following the lead of other large U.S. companies that have scaled back their pension plans in recent years, the DuPont Co. said Monday it will make sweeping changes to its plan, affecting as many as 30,000 U.S. workers and all new hires.

Did you catch that? All you lazy, no good, so called "workers" are herby on notice. There is someone in Bangalore India and ten people in Beijing who can do your job at a fraction of the cost. And, yes I'm talking to you professionals. Your fancy "science" and "accounting" is going for peanuts now - so get used to it.

you know I saw Dennis Soivack on Richard Korn's show and he gave a wonderfully strong discussin about US jobs, US corps and where the corps could shove it if he got into office if they did not do more for the middle class.

I think that is a winning message.

My brother who works for (not kidding) Trojan condums says they are moving that company to China soon.....what next???
Man if anyone could get the tape and roll out a Youtube version of that - it would be awesome.

(I'm going youtube crazy since I just got broadband at home.)
I retired from DuPont at the end of 1997. There is no COLA for their pensions. The gross dollar amount has been fixed since the first check. However, my share of health care insurance and medicaid costs have increased annually. That reduces the dollar amount for monthly expenses. The purchasing power has been reduced by the rate of annual inflation. Now DuPont says that they will eliminate the "subsidy" for retirees medical insurance. Right now, medical insurance is a combination of Medicare tax on my income, and mine and Dupont's contributions. It looks like it will be just me paying the bills. I note that CEO Holliday and the rest of the corner office holders still get annual raises, bonuses and yearly stock options. I've got some stock options, too. 200 hundred shares at an option price of $52.50. The market price went to about $54.00 last year for a few weeks. Mostly it has been in the $30.00 to $40.00 range, never high enough to cover the tax hassle.

By the by, my pension is that of a laboratory technician, not a chemist who made twice my salary.

My mother was the beneficiary of the DuPont Co.s largess (even at the half-rate once dad had passed).

Two items in the news juxtaposed tell a good bit of what is wrong with our priorities:

DE is 7th in average daily wages (the figures include bonus, stock option that perhaps did not belong in the computation) while the percent of those in poverty is at a thirty-year high.

And that 71 percent of the revenue in our country's coffers is funded by income tax on wages while Bushco continues to push to reduce the tax burden on every possible source besides "sweat equity".

Tommywonk has just posted a great essay on the fake trickle down theory that has been a fixture of
GOPerspeak for many decades.

The facts point to a class war. A growing wealth gap and reduction of middleclass guarentees (look for depressed housing market as the last fronteer) that this DuPont Corp. decision exemplifies.

The GOPer strategy is based on greed, individual, stockholder and corporate greed. Their bottom line is monitary; no compassion whatsoever.

DEMs have to take this message home, the American people are ready to listen.
Replacing the pension with a 401K for new hires will help DuPont attract young talent. Unlike the preceeding generation, few people under 40 expect to spend their entire career at one company.
Yeah. That is what they want you to think. The bottom line is that "We need to be competitive on a global basis," is code for - consider yourself a "temp" from here on out.
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