The Economic Meltdown Begins

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Tuesday September 14, 2004 · 6:57 AM PDT

2004/09/14 · 06:57

" The government agency that insures corporate pensions will run out of money in 2020 if current financial conditions persist, imperiling the checks of millions of retirees, a new independent study shows"

http://money.cnn.com/2004/09/14/news/economy/pension_fund.reut/index.htm

Now, at first glance the above is just another large gush in the bucket of economic problems bush has created. But look carefully and this one is different. This government agency is an insurer. Its used as a last resort when corporation pensions--promised and depended upon my hundreds of thousands if not millions of workers--are suddenly gone.

Why do these pensions disappear? B/c the corporations sponsoring them go bankrupt.

When the last resort goes down, its usually a huge problem, resulting in a dominio effect that brings down much, much more.

Now this is a perfect example of how PRESIDENT's DO AFFECT THE ECONOMY. even if you bought the idea that a company's bankcruptcy is not a president's fault, certainly you would think the government is responsible for the things it SAYS it will insure.

With Bush, if you lose a job--expect less or no unemployment

With Bush, if you lose a pension--expect less or no pension.

THIS IS A HUGE HUGE ISSUE for older people.

When oh when will they wake up?

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