Pension funds 400 billion underfunded.

[Robin Hood]

I saw this pop up for a second this morning on CNN, in text. I haven't been able to find a link for it. If this is true, it's not good. When will these chickens come home to roost? How could they possibly make up 400billion and counting? What effect will it have on the economy? Is there an actual depression on the horizon?

[MassDem4Life]

1. thank god they didnt include

Social Security with its $18TRILLION in unfunded liabilities.
Or Medicare and its cohorts with $12TRILLION in unfunded liabilities.

[madfloridian]

2. 3 billion in Florida that we know of.

I have posted about it a lot, but looks like it is nationwide.

Didn't they just let the corporations off the hook for this? They knew it was coming for years, the law to take effect this year?

Yes, I think it is very serious.

[madfloridian]

3. Here is this from Reuters.

http://asia.reuters.com/newsArticle.jhtml?type=businessNews&storyID=3390396

SNIP...."WASHINGTON (Reuters) - Pension underfunding at "troubled" U.S. companies has doubled this fiscal year and could exceed $80 billion, with airlines accounting for nearly a third of the shortfall, the government said on Thursday.

The alarming trend, involving a core of shaky businesses, further threatens the health of the Pension Benefit Guaranty Corp., the agency that insures retirement plans for 44 million workers and retirees......"

And another:
http://www.fool.com/News/mft/2003/mft03090504.htm
SNIP...."If you think you're safe, think again. It's estimated that nearly 80% of the 30,000-plus pension plans offered by single private employers are underfunded, with these obligations totaling some $400 billion or more.

Fortunately for many workers, an agency called the Pension Benefit Guaranty Corp. is in the business of insuring pensions. (Hooray!) All isn't rosy at the PBGC, though. The agency covers the pensions of some 44 million employees and retirees, and in the wake of many business failures and fumbles, it's feeling the pinch....."

Time to stop bashing each other's candidates and start bashing this administration. A lot of people are going to be hurting, and they don't even know it. Notice they can't even get the figures straight!!

[Robin Hood]

4. Thank you for the links.

Do they think that they can cover 400 billion? They will go as bakrupt as the companies that they insure. House of cards.