So the Bethlehem pension is funded by the by georgeha (2.00 / 0) #23 Wed May 23, 2007 at 11:57:22 AM EST
same government that is guaranteeing Social Security?

I'm hoping my pension is safely funded, our corp credit rating has improved, and I've never heard any dicey reports of pension mismanagement.


[ Parent ]

Not entirely by lm (2.00 / 0) #24 Wed May 23, 2007 at 12:10:33 PM EST
The shortfall between what the PBGC received from the former Bethlehem fund (and interest earned on investing those funds) and what the PBGC has agreed to pay out to former Bethlehem pensioners is funded by the feds.

Relying on the government doesn't frighten me all that much for two reasons. The first is that if the US government goes bankrupt, being poor will be the least of the worries of most people save those who live in a handful of states with demonstrably competent state governments. The second is that Social Security and Medicare, for the most part, are actually competently run programs. They certainly aren't perfect but they also illustrate that government run programs can work and work reasonably well.


There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
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