The Pension Benefit Guaranty Corp (Federal agency that guarantees bankrupt pension funds) reported Friday that it ended it’s fiscal year with a $34 billion deficit, a 31% increase from the $26 billion deficit reported for the prior year.
QE to Infinity…AND BEYOND!!! will continue to grow exponentially as Social Security, Medicare, Medicaid, the Postal Service, FDIC, PBGC, and innumerable Federal spending programs are all bankrupt, and must either default or have their debts counterfeited away.
Which choice do you supposed Congress, the Treasury, and the Fed will choose?
WASHINGTON (AP) — The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history.
The Pension Benefit Guaranty Corp. said Friday that its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.
Pension obligations grew by $12 billion to $119 billion last year. Assets used to cover those obligations increased by only $4 billion to $85 billion.
The agency has now run deficits for 10 straight years. The gap has grown wider in recent years because the weak economy has triggered more corporate bankruptcies and failed pension plans.