Pension Agency Reports $22.8B Shortfall

AP via Yahoo! ^ | November 15, 2005 | Marcy Gordon

[Brilliant]

If the taxpayer had not guaranteed the UAW's pensions, my suspicion is that they'd be a bit more reasonable in their negotiations with GM, and GM would not be going bankrupt.

[Steelerfan]

Amen. Plus, this is going to be the next huge S&L style bailout that we all end up paying for.

[dennisw]

What a surprise!!!! ////NOT/////

Just wait until GM declares bankruptcy and it's pensioners gets added to the mix

[RetiredArmy]

That is okay. We need those taxes to give the illegals more free stuff. Never mind that people who have put in to these funds will not get them, just as long as the illegals and the dreaded poor get their money.

[conservative physics]

the unions drove all these businesses out of business... now the rest of us will have to pick up the tab.

[hkp037]

Hang onto any assets you have-especially gold and cash. Property (if you can afford the taxes) is important, also.

[Kozak]

Traditional employer-paid pension plans, giving retirees a fixed monthly amount based on salary and years of employment, are now estimated to be underfunded by as much as $450 billion. That could jeopardize the retirement security of millions of Americans, lawmakers have warned.

Now why do I have a feeling that my IRA and 401K are going to be "shared" with quite a few people to make up for this shortfall?

[hkp037]

There is going to be no retirement and no social security in the very near future. Why pay into it?

[Gay State Conservative]

Any Boomer who thinks that his retirement will be as long or as secure (financially) as were those of his parents, he's

CRAZY

[hkp037]

I call them sheep

[Renegade]

Depends on the fund that your retirement is funded by . Big corporations can tank, but the state funded pension systems will still thrive on tax generated money .

[litehaus]

Funny, I told my wife bout this years ago and she agreed, but then I said 'there goes So.Africa' when TUTU got the prize. We had both lived thru the 15/18 % mortgage thing and watched many business folks go under cause of those rates back then. If fannie and freddie are 'exposed'....Watch OUT!

[BurbankKarl]

thats nothing!

[hkp037]

BIG state revenues HOPE the derivitives markets make them money. Why then, do your taxes keep going up? They're all losing their BUTT! That's why your taxes are going up! Get ready, folks!

[q_an_a]

this is peanuts, why the money for a bridge in Alaska costs about the same as the pensions for 10% of the retired people of America. /sarcasm off

[justshutupandtakeit]

This has nothing to do with illegals. Do you look for illegals under your bed at night?

[Cboldt]

If the taxpayer had not guaranteed the UAW's pensions, my suspicion is that they'd be a bit more reasonable in their negotiations with GM, and GM would not be going bankrupt.

A GM bankruptcy would likely be yet another load on the PBGC. Is there a bankruptcy date pool?

[Renegade]

In the " People's Republic of New Jersey ", all your dollars belong to us !

[randog]

There has been an explosion in recent years in the number of big, ailing companies -- especially in labor-heavy industries like airlines and steel -- transferring their pension liabilities to the PBGC.

Hmmm...is AP incapable of saying LABOR UNIONS??

[RetiredArmy]

No. They are just down the highway every day. Want some of them over at your perfect place?