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Congress must address underfunded pensions

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31.07.2020

By Peter Roff

The congressional spending spree that's followed the coronavirus lockdown has obligated our children and grandchildren to trillions in debt that won't be paid off easily.

The blame for this doesn't lie with the Trump administration but goes back over many years because Congress, no matter which party was in charge, has failed to consider seriously the financial obligations it's put on future generations.

It's not just Social Security and Medicare that could bankrupt us when they reach the tipping point where more retirees are living longer and healthier than the workforce can afford to support. There are other problems we can already see coming over the horizon that aren't being addressed.

Take the issue of the public and private pension plans current and future retirees are counting on to provide for them in their golden years. Many are now badly underfunded and, if they crash, it will make the Great Recession look like a small market correction.

Both Washington and the states have for too long........

© The Korea Times