Posted on 02/24/2015 10:41:02 PM PST by Olog-hai
Despite recent congressional action, the Pension Benefit Guaranty Corporation’s (PBGC) multi-employer pension insurance program is “likely to be insolvent by the year 2024,” according to the Government Accountability Office’s (GAO) latest list of 30 “High Risk” government programs.
PBGC collects premiums set by Congress from employers to insure the pension benefits of more than 44 million American workers and retirees currently covered under defined benefit plans.
The agency’s “single-employer program protects about 33.6 million workers and retirees in about 27,600 pension plans,” according to the PBGC website. “The multi-employer program protects 10.4 million workers and retirees in about 1,500 pension plans” set up by collective bargaining, usually for union workers in one industry, including the airline, construction, entertainment, mining, retail, and trucking industries.
Although PBGC has one of the largest financial portfolios of any federal corporation, it “estimated that its exposure to future losses for underfunded plans was $184 billion”—or more than twice its $89 billion in assets, GAO reported. …
(Excerpt) Read more at cnsnews.com ...
BOHICA! Bend over, here it comes again. Sosh Security, given to millions of non-participants, Obamacare, and now PBGC. Name a gov agency that make money? They don’t. It’s our money spent recklessly by Congress, who do nothing but spend more and more. Yellen saying to not audit the FED. That would be the logical first step. Blame the unions, but many of us Airline Employees, in PBGC, voted for the Pubes to fix this and they have so far refused. Cuts in benefits on the horizon. Congress’s only concern is to get re-elected.
Socialist ideas go bankrupt? Go figure. Bail us (united socialists) out, debt slaves. We don’t care if it take generations of your progeny to do it.
8. The ways in which a great debt, so constituted and applied, will contribute to the ultimate end in view are both numerous and obvious. (1) The favorite few, thus possessed of it, whether within or without the government, will feel the staunchest fealty to it, and will go through thick and thin to support it in all its oppressions and usurpations. (2) Their money will give them consequence and influence, even among those who have been tricked out of it. (3) They will be the readiest materials that can be found for a hereditary aristocratic order, whenever matters are ripe for one. (4) A great debt will require great taxes; great taxes, many taxgatherers and other officers; and all officers are auxiliaries of power. (5) Heavy taxes may produce discontents; these may threaten resistance; and in proportion to this danger will be the pretense for a standing army to repel it. (6) A standing army, in its turn, will increase the moral force of the government by means of its appointments, and give it physical force by means of the sword, thus doubly forwarding the main object.
/Rules - Freneau
My personal opinion is there will be a massive global financial collapse, deeper and more terrifying than anything the world has ever seen. A man will come on the global scene - a "man with a plan."
The government will determine your healthcare (Medicare will be a thing of the past, everyone will be in one system). Social Security, pensions, 401Ks.....all of that will be rolled into one.
You either do what they say, or you get nothing. They will seize every 401K and IRA.
Must be terrible to be in a union and have paid for this - or hard won it in negotiation - all these years.
Abortion and birth control, pet democratic (and republican practice) issues helped collapse this.
We have only ourselves to blame - electing leaders and turning our heads for the better world we voted for. Thsi is the better world, fewer people, you wanted, or tolerated, in your voting.
Pleased that Hollingsworth of CNS Cybercast News Service spells out those acronyms in her “bad news” presentation . So that those unfamiliar with those solid source identities learn we’re going broke from who, why, and where they’re comming from are. Which Joe Six pack wouldn’t know from watching or listening to the regimes alphabet soup ether machines pouring out miss-information and direction.
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