CEOs at the forefront of the drive to slash Social Security possess personal retirement funds worth an average of $14.5 million, and three have nest eggs worth more than $100 million. That’s according to a new report by two Washington-based research groups – the Institute for Policy Studies and the Center for Effective Government.
Fix the Debt is a PR and lobby machine launched in 2012 and led by more than 135 CEOs of major corporations. Seeking broad public support, this campaign has publicly couched their calls for reduced spending in vague euphemisms like “protecting and strengthening Social Security.”
The Business Roundtable, a 40-year-old association made up of about 200 CEOs of America’s largest corporations, has not attempted to sugarcoat their draconian agenda. They are calling for an increase in the Social Security retirement age to 70 and a change in inflation calculations that would further reduce benefits.
Meanwhile, Business Roundtable and Fix the Debt CEOs are sitting on massive nest eggs of their own. This report focuses on the retirement funds of Business Roundtable members, but the two groups have considerable overlap. More than half of the Roundtable’s Executive Committee members and a quarter of their total members are affiliated with Fix the Debt.