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<< Budget Savings Through Ignorance | Main | New McCarthyism- Expulsion >> January 27, 2003Insurer of Pensions Out of MoneyAs companies go bankrupt, the guaranteer of pensions for their workers, the Pension Benefit Guaranty Corporation, is now running a deficit, a number that is only going to get worse as more prominent companies go bankrupt. Overall across the country, it is estimated that companies owe $300 billion more in pension obligations than they have funds saved for that purpose. The PBGC is funded by assessments on individual pension funds (sort of like deposit insurance) but a government bailout on the scale of the savings & loan crisis could become an inevitability. Posted by Nathan at January 27, 2003 08:51 AM Related posts:
Trackback PingsTrackBack URL for this entry: CommentsWhy did this not come as a surprise to me? I mean corporate America really does regard labor as semi-intelligent draft animals. Perhaps 'they' will decide soon that the real solution to pension 'problems'(including fund liquidity) is to simply euthanize the draft animals when they reach retirement age. That will also increase the bottom line for the companies and allow them to pay higher dividends free from taxation under the Bush Recovery Plan. Posted by: radphag at January 27, 2003 09:44 AM pissing Posted by: roma at August 24, 2004 06:49 AM Post a comment
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