US Pension Insurer Runs Record $34B Deficit
WASHINGTON (AP) — The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history.
The Pension Benefit Guaranty Corp. said Friday that its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.
Pension obligations grew by $12 billion to $119 billion last year. Assets used to cover those obligations increased by only $4 billion to $85 billion.
The agency has now run deficits for 10 straight years. The gap has grown wider in recent years because the weak economy has triggered more corporate bankruptcies and failed pension plans.
If the trend continues, the agency could struggle to pay benefits without an infusion of taxpayer funds.
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Petition the Obama Administration to:
Halt Foreclosures Nationwide & Prosecute the Financial Criminals
https://petitions.whitehouse.gov/petition/halt-foreclosures-nationwide-prosecute-financial-criminals/FdVJLnKK?utm_source=wh.gov&utm_medium=shorturl&utm_campaign=shorturl
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Yep, while the banks keep on keepin on; the tax payers get raped, again. It’s just a matter of time before more and more pension funds fall like dominos. A great idea for those in favor of “jails for profit”, would be construct prisons specifically for the banker and wall street thieves. Make them spend all their ill gotten gains for their care behind bars in the new prisons for profit owned and operated by many of their former big wig corporate friends who suddenly find “jails for profit”, to be a very lucrative industry. It would be nice to see them all feed off of each other for a change rather than, we, the ordinary tax payers.