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Friday, March 24, 2006

PBGC chief to quit

Posted by: Hammer / 8:25 AM

Bradley Belt, chief of the Pension Benefit Guaranty Corporation, is stepping down. The PBGC was created by the federal government to insure private pensions. The PBGC is currently staring at a $20 billion deficit thanks to a string of bankruptcies in the airline industry:

[The PBGC] insures the pensions of some 44 million workers, and reported a $22.8 billion deficit for 2005 as big airlines and other cash-depleted companies in bankruptcy foisted their pension liabilities on the agency: The most recent waifs and strays rattling at its door have been Northwest Airlines, Delta Air Lines, and Delphi. The PBGC's deficit is expected to grow to as much as $91 billion in 20 years, according to the Congressional Budget Office.

The Democratic party should be moving on this. We need to shore up the PBGC so that people who have worked hard their entire lives aren't left with nothing but a cheap gold watch and an apologetic handshake after 30 years building cars. Do we have a party that sides with the 44 million workers?


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