This week General Motors issues $13 billion in debt in order to stem the bleeding of its pension program. In aggregate, the companies in the S&P 500 have a pension underfunding of more than $239 billion, an amount of liability that is neither represented on their income nor their balance statements. GM's solution effectively robs its future to make things better today. Some better regulations are desperately needed.
The Social Security System is the biggest single racket in the entire panoply of welfare-state measures that have been fastened upon us by the New Deal and its successors.
but, but, but.........harry reid said "The most successful social program in the history of the world is being hijacked by Wall Street. Yes, Social Security is a good program....They are trying to destroy Social Security."
harry loves to take rides in his horse and buggy too!
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