Looming Pension Woes Trouble Experts

[Yo_Mama_Been_Loggin]

Aren't most pension funds invested in the Stock Market, the place * wants to put our Social Security money?

By Susan Cornwell

WASHINGTON (Reuters) - With underfunded pensions threatening to become the U.S. taxpayer's next multibillion-dollar headache, lawmakers are working on a long-term fix for struggling traditional retirement plans.



But some experts fear any solution will hasten the decline of the very system it is supposed to save.


Other experts say the old-fashioned fixed payout at retirement, called a defined benefit pension, is already going the way of the corporate gold watch; and the best lawmakers can do is ease its way out the door.


Pilots at bankrupt US Airways have seen their pension benefits slashed twice in two years as the airline tries to compete with new carriers unburdened by traditional pensions.

http://story.news.yahoo.com/news?tmpl=story2&u=nm/congress_pensions_dc

[Warpy]

1. It's worse than that

Because pension funds weren't portable, and since the older boomers have borne the brunt of every recession since Nixon's oil shock recession, they've been robbed of pension money they contributed for the first 20 years or so of their working lives. That's 20 years less to build a pension, should they be lucky enough to have one now.

Boomers are going to be the first generation to depend wholly on social security, and that is scary. Hearing the rich attack social security and howl to defund it to prop up the stock market is beyond appalling.

It's sickening. We have no hope for our own future. None. All we can do is fight for yours.

[Chicago Democrat]

2. Have hope Boomer! I have a plan..

Lets allow immigrants here from China, Mexico and India and everywhere!Q. We should all start learning Mandarin and Urdu! Have them fill out the labor shortage gap and start paying into the Social Security System. That way it wont go bankrupt!


What do you thinK? There here anyway, let's make em legal and make em pay taxes. I love Mexicans and South Americans they are fun. I say open the borders, so boomers can retire.

[Lost Creek]

7. Will not work

Limit the COLA's and raise the retirment age, then means test. That is the only solution.

[tkmorris]

9. Can't limit COLA's

If you do then the real value of the payout goes steadily downward. The whole point of COLA's is to keep it fixed.

[jwirr]

12. Yes that is the reason

but let me tell you what an elderly person ends up with. This year we will get around $17.00 a month more. One month after we receive this COLA raise they raise Medicare payments and take back about $12.00. That leaves us a $5.00 a month raise. Meanwhile government employees also receive this COLA but their 2.7% us figured on their higher salaries so they are getting much more out of this than the elderly and disabled people on Social Security. I for one would gladly go without that $5.00 a month to stop the automatic raises of these others.

[saigon68]

3. There are MCJOBS for all us seniors at WalMart

I can't wait to start my job there as a greeter, so I can pay for my prescription heart medication.

[Chicago Democrat]

4. Don't Do IT!! Wal-Mart is a terrible place! Bad senior!

Work at CostCo instead. I read that the lowest wage in Costco was greater than the highest wage at Wal-Mart or a similar such statistic. Plus Wal-Mart is GOP!! CostCo gives $ to Democrats!

So work or shop at CostCo and be a good Democrat!!

[saigon68]

5. I should have added Sarcasm

I would never work for WalMart. I would beg on the streets or pluck chickens before I ever worked there.

My secret desire would be to lead a mob of peasants armed with pitch forks and torches--- and treat the Walton family to a little weenie roast.

[Chicago Democrat]

11. Just like in A Distant Mirror eh?

Now that's class warfare!

[saigon68]

13. Someone has to get angry sometime

[Hello_Kitty]

8. Don't forget E-Bay!

Cheney says you can trade stuff on there for wads o' cash.

[Journeyman]

6. So those who bust their ass working for small companies. . .

that don't have pension plans, or at best self-funded 401k's, workers who's best hope of food and shelter after they retire is their own savings accounts and what meager funds may be left in Social Security, are now supposed to help pay for the dying pension funds of those who sold their souls to the corporate bastards who blatantly ripped them off. Well, once our Social Security is funded, and our children's children's children's welfare is assured, maybe we'll think about it. Maybe.

[Wapsie B]

10. Raise the witholding limit.

It's around 87k right now. Double it at least if not get rid of it.

[lil-petunia]

14. We ignore Enron, Anderson and other fiascos

Recall how many suckers lost everything by believing that their execs were actually following the rules, and not simply stealing everyone blind.

That is many thousands, retired, ready to retire, etc. left with absolutely nothing.

[bleedingheart]

15. Someone has to pay for the CEO's summer place...

this kind of shit drives me nuts...

It's okay to break promises with pension holders...yup...that's a "christian" thing to do...leave old people without money to live on after a lifetime of work.

[mbperrin]

16. Trouble the EXPERTS?

Thanks be to gawd no retirees are troubled! These fucking "experts" are the ones who created this mess to start with.

#1: no limit on withholding for SS
#2: make them pay the $4 TRILLION they've taken from SS in the last 20 years to pay for useless weapons systems.
#3: If companies cannot afford to pay their pension promises, liquidate the company and all executives' personal assets until they're funded or the perps are broke.
#4: Bring back the stocks for the perps! (OK, this is just personal.)

[Ganja Ninja]

18. All great ideas!

Pension obligations are a debt. If a company can't honor their debts then liquidate them. Starting with Golden Parachutes for company officials.

[Ganja Ninja]

17. We need to save Social Security before we save pensions.

I have a partial pension coming to me from the UAW. There are a lot of people who don't have a pension plan at all. I think before my taxes go to save a pension for an air line pilot, that will make more in retirement than I will earn working, I need a guarantee that my social security is going to be there in 20 years.