Here’s a government agency in big trouble!
No, it’s not Social Security, although Social Security certainly does have financial woes which need to be addressed by Congress soon. In this Daily Signal article by Rachel Greszler, the author reveals that the Pension Benefit Guarantee Corporation (PBGC) is, in fact, in something of a death spiral and projected to run out of money by 2025. PBGC is the government agency which insures private pension plans, most notably multi-employer pension plans such as those offered by large unions (teachers, auto workers, etc.), but which will soon find itself in the position of being able to fund only about 10% of its obligations. Social Security’s financial issues are, by comparison, smaller but no less important to America’s seniors. Click here to read the Daily Signal article about the PBGC.