Friday, July 9, 2010
Pensions under attack...
Banksters are Coming for Your Retirement Next
As we near the End Game, the banksters and their government accomplices are coming for the last of your wealth -- your retirement money. Recent headlines about the IMF “pressing the U.S.“ to reduce its debt is the first sign of things to come. They have already methodically gutted the assets of most public pension funds by knowingly investing those funds in toxic junk. In late 2009, Mark Brenner wrote an excellent article titled Pensions: The Next Casualty for Wall Street which gave a breakdown of the dismal state of pensions:
Nearly $4 trillion worth of retirement savings were wiped out in the first weeks of the 2008 financial freefall. Half of the drop was concentrated in traditional pension plans, also known as defined-benefit plans. While most workers in these plans haven’t had their monthly benefits cut, unlike the 46 million people riding the stock market with 401(k) defined-contribution plans, the storm clouds are gathering.
Furthermore, we’ve also seen the captains of “private” industry pump their bottom line for years with their worker’s pension contributions (much like the federal government has done with Social Security receivables). When it comes time to pay the pensions they dump the obligation onto the taxpayer through the Pension Benefit Guarantee Corporation which was reported to be $12.9 billion in the red for 2009. Once again, the taxpayers are funding their own servitude while the ownership class pillages on the way up and on the way down.