Doesn't quite read like it's a private pension. Reads like it's union pensions with are quasi governmental in nature. I wonder if they lost money divesting from Israel.
Doesn’t Central States also cover pension benefits for the UPS drivers? Seems like we have called Central States in Chicago to get health insurance benefit info for some of our mental health patients.
If Chinese and Indian workers create products and services that are competitive with the U.S., then their standard of living will rise.
In order for these nations to prosper, they will price their products and services below competing products from the U.S.
The result will be a contraction of markets for companies with workers in the U.S. and a lowering of wages. This process will continue until the differences between the standard of living in China or India and the U.S. has vanished.
Unfortunately, the people of the U.S. are not prepared to accept the only deal they are going to get. Instead, we see pie-in-the-sky ideas of how to implement more and more programs, accumulating more debt, and pushing the day of reckoning into the future.
The future is just about here. Zero interest rates have taxed savers and benefitted spenders. This has caused indebtedness to grow to such levels that the interest rates on such debt could not be paid if interest rates were returned to normal.
The government is already providing money as Earned Income Tax Credits for low wage earners. Before the music stops and everyone rushes for the chairs, we will see even more such direct transfers to make up for prior failed policies.
The reason the policies fail is due to the lack of recognition that the problem is that workers must accept a lower standard of living. Taxing "rich people" will not erase this reality, it will only put the government in the position of not solving the problem and cause the wealthy to stop creating jobs.
As an older Baby Boomer, I have witnessed rapid changes throughout my life which have caused people only ten or fifteen years younger than me to experience a dramatically different country than I did. With some luck my prudent habits will see me and my wife through the rest of our lives with some semblance of comfort.
For those who come after us, I see little hope.
in the big picture these plans will be liquidating to meet
monthly payments. The reason the stock markets came back
after 2008 is that boomers were still putting in (one way or another) for retirement. When the tide starts to turn, the markets (stocks, housing ...) will have more liquidators than investors and the house of cards will come down.
In some ways we can already see that the boomers impact on retail as past a certain point their retail consumption drops off. Hence the problems at the big box retailers.
It’s election year, Big Gov to the rescue.
ping
obama’s socialism cutting deep.
Hey Teamsters Hillary’s got your money
“The Central States Pension Fund is currently paying out $3.46 in pension benefits for every $1 it receives from employers..”
Sounds like they hired government mathematicians. What possibly could go wrong?
Maybe they should have spent their money in solidifying their retirement investments instead of electing democrats... not to worry Obama will sign an executive order taking our money and bailing them out..
My first impression/response to:
“The Central States Pension Fund is currently paying out $3.46 in pension benefits for every $1 it receives from employers, which has resulted in the fund paying out $2 billion more in benefits”
Well DUH! With more people out of work the participation rate is collapsing.
My Bet is that the ‘Fed’s’ will use this and/or something else that will pop up soon to ‘Federalize’ all of the pension funds and 401(k)’s as well as individual IRA’s to ‘FIX’ this ‘serious problem’.
The globalist commies of both party establishments kept strangling our economy, selling us out to our enemies.
Let them all hang. Or burn.
One reason I took a lump sum