U.S. lawmaker says pension agency deficit $10 bln

[Khephra]

WASHINGTON (Reuters) - The U.S. agency that provides a safety net to company pension plans will announce a $10 billion deficit later this week, a congressman said Tuesday.

The Pension Benefit Guaranty Corp. had reported in October that it had an $8.8 billion deficit as of August, up from a fiscal 2002 deficit of $3.64 billion and a $7.73 billion surplus the previous year.

PBGC Executive Director Steven Kandarian announced last week he was leaving his post for family reasons.

more.......

http://www.forbes.com/markets/newswire/2004/01/13/rtr1208789.html

[shanti]

1. they are purposely destroying the middle class

and our pensions. :grr:

[schultzee]

7. Yes, it is intentional. This is worth demonstrating for. If we give up

we and our children will live like peasants in Mexico. Mexico with its fascist corporate and filthy rich who control over 90% of all assets is his Mecca. And repbulcian middle class who are voting for him are either ignorant or think somehow they will be passed over.

[KissMyAsscroft]

2. Buh, Buh, Buh....The economy is recovering!!!!!!!!

Paula Zahn and Wolf done told me!!!!!

[Beetwasher]

3. All Part of the Plan

n/t

[CaptainClark23]

4. Alarm Bells sounding

And it seems most everyone is sleeping right through 'em...

I like this bit:

"California Democratic Rep. George Miller said the $10 billion deficit underscored the rapidly deteriorating financial condition of the pension agency and raised the specter of a costly taxpayer bailout."

Taxpayer bailout? Where, o where, shall that money come from? It doesn't exist anymore.

I'm generally an optimist, but I think we're really in deep this time.

[Gin]

6. taxpayers who lost their pensions...will have to bail themselves out.

beam me up scotty.

[htuttle]

8. Maybe they'll find the money...

...on Mars.

:shrug:

[Skittles]

5. THIEVING BASTARDS

the party of fiscal responsibility????? :puke:

[schultzee]

9. DItto. Cri;mes agains the middle and working class by the corporatist

elitist criminals.