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Economy |
Deficit doubles for government pension insurer |
2009-11-14 |
The government-chartered company that insures the pensions of one in seven Americans said Friday that its deficit this year nearly doubled to $22 billion. That's an improvement over the Pension Benefit Guaranty Corp.'s midyear record deficit of $33.5 billion, which spiked as auto makers and other companies faltered and caused the insurance fund's liabilities to spike. Yet experts and officials say the long-term picture is grim. They say that without major changes, such as higher insurance premiums and less risky investments, the fund eventually will require a taxpayer bailout. |
Posted by:Fred |
#1 Doesn't seem so much an insurer than a taxpayer funded bag holder. |
Posted by: ed 2009-11-14 01:51 |