The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history.
The Pension Benefit Guaranty Corp. says its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.
“If the trend continues, the agency could struggle to pay benefits without an infusion of taxpayer funds.”
Automatic assumptions from liberals…
“If the trend continues, the agency could struggle to pay benefits without an infusion of taxpayer funds.”
That should read . . . “If the trend continues, the agency could struggle to pay benefits without an infusion of money borrowed from China.”
O: I got this one. Valerie get Ben on the line.
Ben: Hello, Mr. President.
O: Ben, add another shift at treasury, we need more “paper” over at PBGC.
hang on folks this is going to hurt big time !!
hope you got your seat belt on …and what ever you do don’t let go of your gold or silver!!
this prepper thing is looking more and more like a standard of living in the coming years!!
maybe hillary can hit the reset button with china!!
This is not actually news.
I foresee …. Pain Suffering Poverty …. but not much in the way of getting smarter.
There’s one upside to the whole “debt/let’s print more money” scenario. The counterfeiting of U.S. dollars will become a much less lucrative business. This will free up FBI resources to chase those who may harm Obama. Oh wait, that’s a downside…. rats!
Let me fix that bumper sticker for you:
Unions: The folks who brought you time and a half and pension spiking for working on weekends and holidays.
Unions: The folks who brought you unemployment, unless you had seniority.
The Pension Benefit Guarantee Corporation is on its way out as fewer and fewer companies offer guaranteed pensions. Most companies, (and including the U.S.federal government and several states), have turned to 401k type pensions where the risk is a) that the stock market will do well, and b) that social security and medicare will remain viable components of a retirement strategy. Though it is indicative that the economy of the United States is weakened, I don’t believe that this is any surprise or cause for alarm.
Too big to fail? Guess where all that new “revenue” is gonna go. All that is needed to square the circle is the names of the Obama campaign donors heading the hedge funds that own Pension Benefit Guaranty Corp.
Let’s do some math here.
US workforce 143> million.
US income tax payers 114> million.
Actual unemployed 22> million.
Food stamp recipients 47> million.
Retirees and SS 68> million.
Yup, OK we’re good for another 10 years. Obama is increasing benefits and he’s checked the figures so it’s nothing. Nothing at all. Ignore the naysayers and remember to vote Democrat in 2016.
http://www.usdebtclock.org/index.html
It’s probably nothing…
It’s probably nothing…
I would guess that these places didn’t get the hope and change they were looking for, so they decided to vote for hope and change again. Just for fun, save this website and look at it again in 2016.
http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html
The solution to these problems would be for the government to “assume ownership” of everyone’s 401k and all the other private sector retirement plans and then throw them into the pot with all the other government retirement funds and plans. That way everyone will get their “spread the wealth” fair share. They’ll also “inadvertently” nationalize huge chunks of the private sector economy by doing this. Now wouldn’t all the leftist monkeys love to see that happen!
This should make Canadians realize how stupid they are to continue putting their money into a RRSP. This money is a sitting duck that is partially owned by the government already. Mark my words, they can and will help themselves to as much of it as they like, when they like. We’re one Coalition government away from that happening, so you better beware.
ugahh, ugahh….troll alert.
Fiscal Cliff.
Asking for BAILOUTS!
Federal Housing Authority $16.3B in Red…
Post Office $15.9 billion loss..
White House petition asks Obama for TWINKIE bailout. 18,500 jobs..
State and City Pension Plans..
4 Trillion..
(Ben, add another shift at treasury, we need more “paper” over at PBGC.) post by puddin n pie.
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They said Obama set aside 1.8 billion acres of Federal Land to stop Oil Sands development.
That is not the reason.
He needs the freaking trees in order to print more money..
I now know why ‘An Act of God’ (Hurricane Sandy,) helped Obama win the election.
All this shit is getting ready to come crashing down..
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Romney needs to thank his God he didn’t win this mess.
Please read this link to an excellent editorial on the upcoming collapse of America
http://www.pentictonwesternnews.com/opinion/179369381.html
@ jack
Mark Walker nails it. Perhaps if he was publisher at the CBC they could regain a semblance of respect.
I don’t pay income taxes, at all. Nor do most that I know. I can’t work/live for less, customers/boss can’t afford more. Below me don’t pay legally, or are on the teat. So the pool of suckers gets smaller and their burdens more. Tipping point .
Punishment would be a relief as I basically work to eat and have a place to sleep. Fedjail would mean the same without working. Go ahead, ease my day.
@ Paul C
Feel for you. Save your nickels and come to Alberta,Northern BC,Sask. or even N Dakota. Good jobs and lots of them. Don’t do jail as it eliminates any chance of staying in Canada. Wait until spring as we never got the global warming that Gore promised us. Come for the visit and stay for the job.