Wednesday, February 23, 2011

We Can’t Break AIG Bonus Contracts – But Worker Pensions? No Problem! #p2


It seemed like only yesterday that a contract was sacrosanct. Remember 2009, and those AIG bonuses, paid for with taxpayer dollars?

The administration official said the Treasury Department did its own legal analysis and concluded that those contracts could not be broken.

Larry Summers:

We are a country of law. There are contracts. The government cannot just abrogate contracts.

But now that we're talking about breaking contract to pay back pensions that middle class workers have paid into over the course of their professional careers, well — that's another story.

Chris Christie:

The promises of the past are too expensive.

Let's compare. Per the latest Pew study in 2008 (PDF):

rest at http://fdlaction.firedoglake.com/2011/02/23/we-cant-break-aig-bonus-contracts-but-worker-pensions-no-problem/

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