Reply #8: Pension gap said to be growing [View All]

[UpInArms]

Report: Troubled plans have a $354B difference between assets and promised benefits, up 27%.

http://money.cnn.com/2005/06/07/news/economy/pensions_shortfall/


The Washington Post reported that the Pension Benefit Guaranty Corp. (PBGC), the government agency that insures the funds, says the 1,108 weakest pension plans were short by an aggregate $353.7 billion at the end of last year.

That figure, which covers the 1,108 weakest pension plans whose assets are at least $50 million below the value of the benefits promised, is up 27 percent from the end of 2003.

"Despite a strong economy, pension plans are reporting even larger shortfalls than last year. Clearly we need new rules that will require companies to fund the pension promises they make," PBGC Executive Director Bradley Belt said Monday, according to the Post.

...more...

So I guess the plan is that there is no plan. No retirement funds for anyone with a pension fund or social security. No health care - in Missouri - no Medicaid. Will we see a rise in paupers' funerals? Will we see the aged and infirm sitting on corners selling pencils?

I do so hope that all the people that cast their votes for "the culture of life" find themselves in a position to witness the fruits of their actions.

:argh: