Pension crisis could start a revolution, Teamsters’ Hoffa warns
International Brotherhood of Teamsters President James Hoffa said the government has no right to take away pensions from hardworking Americans.
“People can’t work 40 years, promised a pension and then you pull the rug on them – that’s wrong. People deserve pensions,” Hoffa said during an exclusive interview with FOX Business’ Maria Bartiromo on “Mornings with Maria” on Wednesday.
Senate Democrats and Republicans met last week to work on a bipartisan solution to the pension crisis. Senate Finance Committee Chairman Orrin Hatch (R-Utah) and ranking member Ron Wyden (D-Ore.), reintroduced the Retirement Enhancement and Savings Act of 2018 that aims to increase annuities in 401(k) plans and boost retirement plan adoption by small employers.
“I’m very proud of what they’ve done,” Hoffa said. “We’ve had input into it and we are working with Congress – both Republicans and Democrats – to address this problem. It’s a major problem.”
Congress’ approval of a $1.5 trillion tax package in December has sparked fears over widening the U.S. deficit and has led to calls to cut other programs including Social Security, Medicare and Medicaid. But, Hoffa said many people are dependent on the programs.
“You’ll have a revolution in this country,” Hoffa warned. “I know thousands of people that depend on Social Security, Medicare, Medicaid – that is what this country’s about.”