As a GM retiree I’m elated that my pension will come from Prudential instead of GM.
Prudential has a MUCH HIGHER credit rating than GM. Plus GM is adding $3.5 billion to the fund as it transitions to Pru.
These retiree associations that bemoan the loss of PBGC coverage apparently have NO IDEA that:
1) the Federal Govt is BROKE
2) the PBGC has a $26 BILLION DEFICIT and getting worse as the Barqaqqi Depressionn grinds on.
That all may be true but that 3.5 to 4.5 billion going to Prudential could be coming from taxpayer dollars that bailed GM out, the government hasn’t recovered all the taxpayer money from GM last I heard for the bailout.
As a retiree what do you say about this backlash thing from retirees about not buying GM products, is it a valid point?
Wasn’t this just for the white collared workers, not the UAW line workers that already got a better deal than contract law dictates in the bailout?
The federal government IS NOT BROKE. We currently have many times over the value of resources and assets to cover the national debt and even the expected payments on social security, federal retirement, and every other bill for generations. Try this: http://blog.heartland.org/2012/06/ferrara-at-tas-green-welfare-green-taxes-green-poverty/