Once again, the Lame Stream Media (with Congressional blessings) managed to pull off the “Look Here…Don’t Look There” tactic when they passed the latest $1.3 Trillion Budget Bill.
If you paid attention to all the squabbling and bickering that took place, you most likely missed what most Americans failed to see in this horrific spending bill. After all, it was only 2,000+ pages long.
Cue up Pelosi: “We have to pass it to see what’s in it.”
Well, once again Nancy, just like Obamacare, this piece of crap bill is loaded with provisions that will accelerate our nations bankruptcy.
But for times sake let’s focus on one slimy provision.
Your Congress critters quietly snuck in a provision that forms a committee which would use federal funds to bail out as many as 200 “multiemployer” pension plans.
In plain English that means your tax dollars will go to cover the mismanagement of hundreds of billions in pension plans.
But wait! There’s more.
Boston College estimates the nation’s 1,400 multiemployer plans (corporate) are facing a $553 billion shortfall. And around one-quarter of those are in the “red zone.” (It means they’ll likely go broke in the next decade).
But Congress’ committee (assuming it works) wouldn’t even rescue the red zone plans, much less the remaining 1,200.
But Wait…There’s more, again!
This is merely a drop in the bucket compared to the $7 Trillion funding gap facing our governments OWN pensions.
Translation: Govt workers expecting a pension are more screwed than people working for a corporation.
Bottom line is:
The pension crisis ain’t going away anytime soon.
You need take steps to secure your retirement funds.
We explain how it all unfolds (and how to protect yourself) in our April Newsletter.