Tuesday, January 13, 2004

80s All Over Again

Well, private pensions are doing swimmingly. The Pension Benefit Guarantee corporation has a deficit of $10 billion, from a $7 billion surplus in 2001. Companies are still being allowed to underfund their pensions. Taxpayer bailout on the way. More wealth transferred from workers to shareholders.

Let's remember that Social Security, among other things is Retirement Insurance. It's supposed to insure you against the possibility that, for some reason - like, say, your mutual fund gets looted or your private pension fund goes bankrupt - you wake up at age 65 and you're broke.