Report: $87 billion deficit looms for pension agency

[struggle4progress]

By Bill Arthur
Bloomberg News

The agency that insures pensions for millions of workers may have a shortfall of almost $87 billion during the next 10 years, the Congressional Budget Office (CBO) said. <snip>

The office had said in June the deficit might grow to $71 billion in the next decade.

The quasi-governmental PBGC, which recently assumed pension obligations of several airlines and steel companies, reported a deficit in its future obligations of $23.3 billion in fiscal 2004.

That estimate "significantly understates the financial exposure" of the agency, the budget office said. <snip>

http://seattletimes.nwsource.com/html/businesstechnology/2002498268_pensionshortfall16.html

[bullimiami]

1. guess what. you let the corporations get away with underfunding pensions

then you let them get away with cooking the books and lying.
and then they go bankrupt because it lets them off the hook.
then we all have to cover the loss.

its criminal. they should have had to fund the pensions to start with. its their obligation, not ours.

[Kingofalldems]

2. Send all the retirees to the Astrodome

Babs says it will work out very well for them.

[mike_c]

3. no worries-- tax cuts insured that the rich won't need the PBGC....

Everything is proceeding according to plan. The robber barons have tapped the last great, easily exploited resource in America-- the Treasury.

[Jim Sagle]

4. Hey, that's the $87B we squandered on Iraq

Easy come, easy go - especially when you're an unelected Resident.