Jam Today

Front page story in the Financial Times about pension reform. With the Pension Benefit Guarantee Corp piling up liabilities as companies went bankrupt, our Fearless Leader called for legislation to make it harder for companies to avoid making contributions to their pension plans, intending thereby to avert an impending bail-out of the PBGC. So guess what happened? The Senate and House have come up with legislation that makes it easier for companies to avoid making contributions to their pension plans. In exchange, the companies swear they'll make bigger contributions later.

Social security is about $4 trillion short. Medicare is about $28 trillion short. And now private pension plans. What is the US going to look like 20 years from now, I wonder?