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Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

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  • Slimprofits
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Federal retirement plans almost as costly as Social Security

    By Dennis Cauchon, USA TODAY
    The federal government hasn't set aside money or created a revenue source similar to Social Security's payroll tax to help pay for the benefits, so the retirement costs must be paid every year through taxes and borrowing.

    The government paid a record $268 billion in pension and health benefits last year to 10 million former civil servants, military personnel and their dependents, about $100 billion more than was paid a decade earlier after adjusting for inflation. And $7 billion more was deposited into tax-deferred accounts of current workers.

    In addition, the federal government last year made more than a half-trillion dollars in future commitments, valued in 2010 dollars that will cost far more to pay in coming decades. Added last year:

    •$107 billion in retirement benefits accumulated by current workers.

    $106 billion in new benefits granted to veterans.

    •More than $300 billion in the snowballing expense of previous retirement promises that have no source of funding.

    In all, the government committed more money to the 10 million former public servants last year than the $690 billion it paid to 54 million Social Security beneficiaries.
    The retirement programs now have a $5.7 trillion unfunded liability, compared with a $6.5 trillion shortfall for Social Security. An unfunded liability is the difference between a program's projected costs and its projected revenues, both valued in today's dollars.

    USA TODAY's analysis is the first comprehensive calculation of how much the government spends on benefits for retired federal workers. The $275 billion paid last year — roughly two-thirds cash, one-third medical benefits — are spread over dozens of overlapping programs in many departments and agencies.

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  • dummass
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    That helps to explain it; I wasn't sure if it was an international thing.
    I'm mad as hell and I'm not going to take it anymore!

    Leave a comment:


  • Chris Coles
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Thank you Santafe2; absolutely fabulous.

    I'm not going to stand this any more!

    Yes, right on man.

    Leave a comment:


  • santafe2
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Originally posted by dummass View Post
    You Tube Sensorship!
    Not really. Warner Music Group is on a rampage. Over a million videos have been removed from Youtube including kids singing songs that WMG owns. If you want to get up in arms, don't shoot the messenger. I avoid buying music or other content they own.

    Here's a fun little video that will introduce another point of view:
    http://www.youtube.com/watch?v=k6r0pm4CJM4


    Leave a comment:


  • ThePythonicCow
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Originally posted by Chris Coles View Post
    Thanks for that WrigglyCow, exactly right.
    Good. You're welcome.
    Originally posted by Chris Coles View Post
    But is it ever going to be shown in the USA?
    The movie, no.

    The reality, likely, soon.

    Leave a comment:


  • Chris Coles
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Thanks for that WrigglyCow, exactly right.

    But is it ever going to be shown in the USA?

    I would suspect that some people will go to almost any lengths to get it cut off. It really is shocking. VERY thought provoking.

    Leave a comment:


  • ThePythonicCow
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Naomi Klein, quoting Milton Friedman, on TheShockDoctrine1 video I linked above:
    Only a crisis, actual or perceived, produces real change.
    In September of 2001, America "needed" a real change, an increase, in its military presence in the oil and gas rich regions of southern Asia and the Middle East. A crisis occurred.

    It would seem America now needs real change in its spiraling debt. Americans must become poorer. I wonder what the crisis will be.

    Leave a comment:


  • ThePythonicCow
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Originally posted by Chris Coles View Post
    Last night, here in the UK More Four put this up. It does the job much better, but is 1 hr, 33 minutes.
    You're a tease, Chris. Channel 4 only allows viewing in Great Britain.

    There is hope however. Is the following youtube video set the same thing, Chris: http://www.youtube.com/user/TheShockDoctrine1 ?

    Leave a comment:


  • Chris Coles
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Last night, here in the UK More Four put this up. It does the job much better, but is 1 hr, 33 minutes.

    The Shock Doctrine.

    http://video.google.com/videoplay?do...09320246838401

    Sorry about that, I meant this one from More 4.

    http://www.channel4.com/programmes/t...ne/4od#2934729

    If you have difficulties, go back to the front page for watch it again here: http://www.channel4.com/more4/truestories/

    Or this: http://www.channel4.com/programmes/the-shock-doctrine
    Last edited by Chris Coles; 09-02-09, 11:14 AM.

    Leave a comment:


  • dummass
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Originally posted by metalman View Post
    You Tube Sensorship!
    http://www.youtube.com/watch?v=9dY4WlxO6i0&NR=1/COLOR]

    Leave a comment:


  • xear
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    A man wakes up after being in a coma for 20 years. He calls his bank and discovers his personal savings account is now worth one million dollars. He can't believe his good fortune and the wonders of compound interest. Just then the operator interrupts his phone conversation: "please deposit one 20million dollar coin for the next 3 minutes."

    Leave a comment:


  • Chris
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    I know iTulip do not give investment advice but hypothetically if one was nearing retirement age - say in 5-10 years - would it be prudent to extract ones (remaining) wealth from pension funds now instead of waiting to find out that there isn't any money in it when the time comes to extract it?

    Leave a comment:


  • Chris Coles
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Fred,

    Well, in a sense, yes; but in fact No!

    My objection is not anything to do with the humour, which I very much appreciate; but with the underlying philosophy. The fact is this thread has brought us all to the very nub of the whole FIRE economy's reason for existence. The video shows us something that great comedians have always been famous for... bringing the truth to the surface so that we can all understand it.

    Alright, try looking at this in another way. Someone tell me of a previous case of such a vitriolic diatribe against the workings of a supposedly free nation? Moreover, one where we all instantly understood the true meaning? I cannot think of such. That single video tells us that the United States is not a free nation, is not seen as being such by the ordinary citizen either. To my mind, that is the most profound aspect of the video.

    Considering that the one pillar the US has stood upon for the better part of the last Century is that it is supposed to be a free nation; then that single video has quite profound implications for the future status of the US in its international dealings with the rest of the planet. For if indeed, it is NOT a free nation, then everything the nation has done and the way it has gone about doing becomes the focus for a reality check.

    As a nation, the US has strutted around the planet claiming to be the arbiter of the idea of freedom stemming from ??????

    Interesting thought, is it not?

    With the very greatest of respects Fred, a rubber stamp does not do it. You need to start shouting, out loud.

    Leave a comment:


  • FRED
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Originally posted by metalman View Post
    here's what i thought...

    when benny boy bailed out the banks after they f&cked up and failed, the boyz still got their $3M ave. bonus... sanctity of contracts and all that.

    but when airline pilots put their own $$$ into a co. pension plan for 30 yrs and the airline f&cks up and fails, the pilots get thrown under the bus... get 1/2 of their own f&ckig earned salary back! :eek::eek:

    what happened to sanctity of contracts for them?

    guess the owners figure the pilots are too old to shoot straight.




    Don't mind me. Just trying out my new stamps!


    Leave a comment:


  • vinoveri
    replied
    Re: Corporate Pension Fund shortfalls weigh on recovery - Eric Janszen

    Originally posted by flintlock View Post
    .
    Sad thing is, if I were to walk out my front door and say this to a neighbor, 90% would look at me as if I were crazy and brand me a nut job radical. The sheep have been programmed. "They can't handle the truth".
    Or perhaps worse, they can handle the truth, and are OK with it, and it is us who cannot handle THAT truth!

    Leave a comment:

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