The Sky’s Not Falling!!!!!!!

By November 16, 2005General

We know Chicken Little is the big box office draw these days, and the Chicken Littles certainly have the run of the place here in Washington, with lots of dire predictions every day, like Al Gore and global warming. Another favorite Chicken Little issue these days is pensions. All over the country there are stories about the so-called “pension crisis”. Only thing is, it’s not much of a crisis. There are some 30,000+ pension plans in this country. A few are having a tough time and — as is usually the case — they make all the news. The stories ignore the fact that the vast majority of these plans are on sound financial footing, and some in Congress would take action to fix the sick that would kill the healthy. We’re not interested.

Well, yesterday, the Pension Benefit Guaranty Corporation — the federal agency that guarantees pensions — announced that its deficit decreased by a half a billion dollars this year. Even in Washington, you’d have to admit a half a billion dollars is a lot of money. The PBGC isn’t out of the woods yet by any means, but this is most certainly an improvement, and it’s moving in the right direction.

And again, let’s not “fix” this in a way that breaks what ain’t broken. Here’s a link to our press release on this.