A message from PEF Retirees President Steve Muscarella
Beoutragedoverunfaireconomicdisparities
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Recentnewsarticlesaboutsenior strugglewithhardtimes. willleakthroughonthosebelow.The
povertyinAmericashouldraisealarm In2008,Citigroupand Democraticidea,however,hasbeenthat
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andstrengthenourresolvetoensureour MerrillLynchlost$55 ifyoulegislatetomakethemasses
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countrymaintainstheidealsonwhichit billionbetweenthem,but prosperous,theirprosperitywillfindits
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wasfounded. paidout$9billionin waythrougheveryclasswhichrests
Oneheadlinereads:“Moreseniors bonuses.AfterAIGwas uponthem.”
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seekinghelpfromfoodpantries.”The rescuedbya$170billion AccordingtotheU.S.CensusBureau,
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NewYorkCityCoalitionAgainstHunger taxpayerbailout,the 36millionpeoplelivebelowthepoverty
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reported,“68percentofresponding companywentrightahead lineinAmerica.Tenpercentofallseniors
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agencieswereseeinganincreasein withplanstopaymillions liveinpoverty. N
seniorcitizens.”
MUSCARELLA
inbonusestoemployees I’vehadenoughof“trickledown”
OlderAmericansonfixedincomes whotoppledthecompany. economics.Thesepolicieshavecaused
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havebeenhitdisproportionatelyhard In1965,theaverage nothingmorethangrossinequity,
withthedownturnintheeconomy. chiefexecutiveintheU.S. hardshipandgreed.
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Despitewhatskewedcost-of-living waspaid24timesasmuchasthe Itwasonceacceptedthatstrong
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statisticsindicate,foodprices,utilities averageworker.In2007,itwas275 middleandworkingclasseswith
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andothernecessitiesarecostingmuch times. adequatepurchasingpowerwould
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more.Afallenstockmarket,depreciating PresidentObamahadsharpwordsfor providetheeconomicenginethiscountry
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realestatevalues,andthelossof401K thosecorporateexecutives:“Youguysare neededtogrowandsucceed.After114
anddividendincomehavedepleted drawingdown$10million,$20million years,WilliamJenningsBryanstillhasit
retirementfundsandretirees’nesteggs. bonusesafterAmericawentthroughthe right.
Manyelderlyfeeltheyarebeing worsteconomicyear…indecades,and
gougedbythehealthcareindustry.Some youguyscausedtheproblem.”
Send
reporttheirpremiumshaverisenmore In1896,WilliamJenningsBryan
than50percentwhilebenefitshavebeen warnedus:“Therearethosewhobelieve
reduced. that,ifyouwillonlylegislatetomakethe
to get
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Yetmanyinsocietyhavenothadto well-to-doprosperous,theirprosperity
DECmembersurgecautionongasextractionrules
By SHERRY HALBROOK fromenergycompanieswagingamulti- thewatersupply.Mostofthecity’s
ThestewardsofPEFDivision169at mediaadcampaigntoutingthehydro- watercomesfromtheCatskills,and
thestateDepartmentofEnvironmental fracturingasacleanandsafe filteringoutpollutionfromhydro-
Conservationaresoconcernedabout waytomeetenergyneeds fracturingcouldcost$9billion.
thepotentialrisksassociatedwitha andreducedependence Meanwhile,theDelaware
controversialnewwayofobtaining onforeignoil. CountyBoardofSupervisors
naturalgasfromdepositsinshalethat AccordingtoPEF hasjoinedagroupof
theywrotetotheDECandthe ExecutiveBoard businessorganizationsfrom
governor. MemberWayneBayer,a centralNewYorklobbying
TheyaskedDECtoallowmoretime Division169steward, forhydro-fracturingand
forpubliccommentsonthe800-page thelettertheysentwas toutingitasa“tremendous
draftSupplementalGeneric oneofapproximately opportunity”toboostthe
EnvironmentalImpactStatement 10,000comments state’seconomyby$1.4billion.
(dSGEIS)andtoholdoffonexpanding submittedtoDEC,manyof “Thepotentialbenefitstothe
thedrillingforatleastanotheryear. themraisingsimilarconcerns. statearesignificant,”Bayersaid,“but
ThedSGEISoutlinessafety Division169saidDEClacksenough thestateshouldtakethetimetobe
measures,protectionstandardsand stafftoissuepermitsandoverseethe certainthesafetyofthepublic,our
mitigationstrategiescompanieswould drilling,aconcernaddressedinthe environmentandresourcesare
berequiredtofollowtoobtainpermits statebudget. protected.Historyisfullofexamples
fordrillingandhigh-volumehydraulic Hydro-fracturingusesamixofwater wherebetteranalysisandfact-
fracturingintheMarcellusShale withsandandotherchemicalsina gatheringearlyoncouldhaveavoided
regionofNewYork’sSouthernTierand high-pressurestreamtodrillout damagetothepublicandresources.”
CatskillMountains. horizontallyfromaverticalshaftand Atleast,hesaid,thestateshould
Theletterraises14specificissuesto forcepocketsofgastothesurface.The waitfortheU.S.Environmental
beaddressedbeforepermittingmoreof processcanusetoomuchwaterand ProtectionAgencytocompleteitsre-
thedrilling,whichiscalledhydro- contaminatethewatersource. evaluation(mandatedbyCongress)of
fracturingorhydro-fracking. NewYorkCityispartofacoalition theuseofhydro-fracturingtoextract
TheconcernsthePEFmembers ofmunicipalitiesandorganizations naturalgas.
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TheCommunicatorFebruary2010—Page11
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