Fiduciary Shmiduciary

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We all know that the Bush administration continues to waste millions in taxpayer dollars pimping a Social Security phase-out scheme that no one even wants. Worse, his Bamboozlepalooza tour is anti-efficient: the more people hear, the less they like. So what’s a poor president to do? Easy. Whine about all the money your opponents are spending:

The Bush administration has warned the nation’s biggest labor federation that union-run pension funds may be breaking the law in opposing President Bush’s Social Security proposals.

In a letter on Tuesday to the A.F.L.-C.I.O., the Department of Labor said it was “very concerned” that pension plans might be spending workers’ money to “advocate a particular result in the current Social Security debate.”

Blah, blah. This is all very silly. But there’s a more important point here that Nathan Newman touches on. Why shouldn’t pension money be used for this sort of thing? After all, the fate of labor density here in America rests, to some extent, on whether or not Bush’s anti-worker agenda can be stopped in its tracks. Under most current rules, pension managers are supposed to adhere to certain fiduciary standards in which they’re only supposed to maximize returns on their investments. Conservatives cry foul whenever they hear about some pension manager doing “activist” investing of some sort or other. (See William Greider’s article here for more on this growing practice, and the rationale behind it.) And yet taking action to oppose the Bush administration really is yet another way to maximize those returns—perhaps the best way.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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