Govermental Borrowing Of Social Security Trust Funds----A disaster

L

Lon

Well-known Member
Location
Central California
It's too bad that the U.S. didn't apply the same requirements for the Social Security System as they required for employee Corporate Pensions under ERISA.
 

FDR "guaranteed" that funds held in the S/S account would, actually, said "could", not be used for other than retirement purposes for workers.

Trust a politician, eh? Today, I MUST give my S/S # to access certain on-line doings, that fact also being in violation of the wording of the original law.

And then there is the use of withheld funds for welfare purposes.

Don't get me started! :mad:

imp
 
ERISA stopped a lot of corporate raiders from buying out companies just to get their hands on that company's retirement (pension) fund. Once they obtained the company, the new owner or owners would divest (I think this is the correct word, but help me out here, Lon) the retirement fund for their own profit and leave the workers with zilch for retirement, or very little. Carl Icahn was/is a good example of a corporate raider having done this to a number of his businesses, including TWA. I knew a pilot that came from TWA and was near retirement when I met him. If you ever wanted to see someone "go off," all we had to do was mention Carl Icahn to him. Later, Icahn wanted or attempted to by American Airlines. That was just wishful thinking on his part. Once the investors looked at what Icahn did to TWA, they would have none of what Icahn was selling.

I think this type of corporate raiding is what helped to bring about the Pension Benefit Guaranty Corporation or what is named the PBGC. . Am I right about this, Lon? Many companies prior to the establishment of PBGC had their pensions eaten up by company raiders. Today, the PBGC insures and assures that when workers retire they will have their pensions intact.

I hope that Carl doesn't sue me, but he was accumulating his wealth off of the back of the working man. He was kind of like Gordon Gekko.
 

oldman said:
ERISA stopped a lot of corporate raiders from buying out companies just to get their hands on that company's retirement (pension) fund. Once they obtained the company, the new owner or owners would divest (I think this is the correct word, but help me out here, Lon) the retirement fund for their own profit and leave the workers with zilch for retirement, or very little. Carl Icahn was/is a good example of a corporate raider having done this to a number of his businesses, including TWA. I knew a pilot that came from TWA and was near retirement when I met him. If you ever wanted to see someone "go off," all we had to do was mention Carl Icahn to him. Later, Icahn wanted or attempted to by American Airlines. That was just wishful thinking on his part. Once the investors looked at what Icahn did to TWA, they would have none of what Icahn was selling.

I think this type of corporate raiding is what helped to bring about the Pension Benefit Guaranty Corporation or what is named the PBGC. . Am I right about this, Lon? Many companies prior to the establishment of PBGC had their pensions eaten up by company raiders. Today, the PBGC insures and assures that when workers retire they will have their pensions intact.

I hope that Carl doesn't sue me, but he was accumulating his wealth off of the back of the working man. He was kind of like Gordon Gekko.
Click to expand...

You are Spot On Oldman. The PBGC for our Social Security is called BMM Borrow More Money
 
It will be interesting to see what Congress does with the SSDI funding...which is slated to run out next year. That will speak volumes about what Washington has planned for Medicare and SS, when their funding is exhausted.
 
You must log in or register to reply here.

Back
Top