VEBA’s Shift Massive Income From Workers To Corporations As More Companies Look To Create Them - 11/01/07
31st October 2007
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Loading ...By Doug Cunningham
Jack Rasmus, author of "The War At Home:The Bush Corporate Offensive Against American Workers And Their Unions", says the health care trust funds accepted by the UAW in the auto industry represent a massive income shift from workers to corporations that undermines collective bargaining. And he says the idea is already spreading to other big companies.
[Rasmus]: “The post-war health care financing delivery system is coming to an end. It’s coming to an end rapidly. Companies like Verizon, AT&T – they’re all looking at how they can do this.”
Rasmus, who has a degree in Economics and a Ph.D in Political Economy, says the auto industry health care funds known as VEBA’s are severely underfunded. New accounting rules requiring full funding of such plans are just around the corner.