A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government [...]
American Airlines’ plan for pension bailout is drawing heavy criticism – for good reason
February 4, 2012
American Airlines has saved $2.1 billion since 2006, thanks to two congressional measures that allowed it to reduce contributions to its pension plans. The company said it would make up any shortfall later.
Later has come, but there’s been a change in that plan.
American Airlines, whose parent company filed for bankruptcy in November, said this [...]
by Mike “Mish” Shedlock
American Airlines filed for bankruptcy in November 2011. Here is the question at hand: Will Taxpayers Be On The Hook For American Airlines’ Pensions?
American Airlines needs $18.5 billion to cover its pension promises to current and former employees, but it has only set aside $8.3 billion.
American Airlines is asking the bankruptcy court for permission to drop its pension plans. If the court allows that, the plans will be taken over [...]
1)Â Inflation from oil spike to be modest, brief, Bernanke says
“WASHINGTON (MarketWatch) â€” Federal Reserve Board Chairman Ben Bernanke stuck his neck out on Tuesday and said the increase in inflation from the spike in oil prices will be modest and temporary.
â€œThe most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer [...]
Via Pension Pulse.
David Wessel of the WSJ reports, Budget Would Raise Pension-Insurance Cost:
President Barack Obama’s budget proposes to raise premiums the Pension Benefit Guaranty Corp. charges employers by $16 billion over ten years and, in a significant policy shift, would levy higher premiums on the riskiest companies.
The PBGC insures defined-benefit pension plans, those that promise a monthly sum based on [...]