A day after writing “Fingers Crossed”, I am left shaking my head at the embarrassing spectacle that much of America and I watched last night. Earlier yesterday I felt that because of the upcoming election politics would win out and action might finally be taken on critical legislation like pension reform given how important it is to residents in many key swing states. Well, I was wrong! What I saw last night reconfirmed for me why we have a crisis unfolding in our pension industry and why nothing has been done to date.
We have NO leadership in Washington DC: NONE! The financial future for millions of Americans depends on getting legislation passed that will finally secure the pension promises that have been made to retirees and future retirees. Yet, we are left this morning with the feeling that this issue and myriad others have little chance of being addressed as our “leaders” in Washington DC are devoid of a game plan. Calendar year 2020 has been an unmitigated disaster for many (most) Americans. We can’t wait for 2021 and a new beginning, but the next few months are likely to be as ugly as the first nine months of this year, and that frightens the hell out of me.
What is wrong with our political system that gives us candidates like this when I know that there are great American women and men who could provide the necessary leadership, promise, and HOPE that we are all craving? I was thrilled to join John Murphy’s Butch Lewis Act (BLA) team in Washington DC in April 2018 when he arranged to present this proposed legislation to both House and Senate staff. That was 2 1/2 years ago! The House passed the BLA in July 2019. Yet, nothing has been done in the Senate to move this Act or any other legislation forward. WHY?
We don’t need more Neros. The folks in DC have fiddled for far too long. We need women and men with great character to finally take action before our pension industry collapses and more Americans are left in financial ruin. Last night gives me little hope that we will see that soon, and that is just not acceptable.