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These annual reports, audits, projections never seem to make the light of day in the MSM so many are not aware of it until the financial crisis hits.
Yet those involved are updated annually and have been well aware of what was happening all along.
Yes and their intervention relative to the insurance companies keeping flood insurance rates that are inordinately low, we can have our cake and eat it to.
Yes and their intervention relative to the insurance companies keeping flood insurance rates that are inordinately low, we can have our cake and eat it to.
Not for long though. The Flood Insurance program is in the red by about $24 billion.
They asked for and got a rate hike..rather substantial..10x increase in premiums.
BUT..before it could be executed Congress passed the Flood Insurance Affordability Act (2014) which kicked that can down the road.
Correct, it was two: George Miller (D–CA) and John Kline (R–MN).
As for passing the law, there was no choice, pass the 4000 page bill, or shut down the government. The reps had two days to read the bill, which is humanely impossible, so they had to vote for whatever was in the bill, or close shop.
The PBGC is funded by employers paying premiums. No taxpayer dollars are involved.
The PBGC has continually asked Congress to be able to raise premiums as they need Congress approval.
Taxpayer dollars are not involved when the premiums cover the pension bailouts. However, the premiums haven't covered private pension bailouts in some time, and Congress has repeatedly refused to increase the premiums to makeup the difference. As a result, taxpayers have had to makeup the difference, to the tune of nearly $40 billion in 2014 alone. Within three years, the shortfall is expected to exceed $50 billion.
Correct, it was two: George Miller (D–CA) and John Kline (R–MN).
As for passing the law, there was no choice, pass the 4000 page bill, or shut down the government. The reps had two days to read the bill, which is humanely impossible, so they had to vote for whatever was in the bill, or close shop.
Because we all know that Congress had no idea this was happening.
Don't you see the pattern yet ? Wait til the last minute and pass a bill containing many contentious amendments claiming they had no time.
And the masses keep falling for it time after time after time.
Taxpayer dollars are not involved when the premiums cover the bailouts. However, the premiums haven't covered private pension bailouts in some time, and Congress has repeatedly refused to increase the premiums to makeup the difference. As a result, taxpayers have had to makeup the difference, to the tune of nearly $40 billion in 2014 alone.
I didn't realize that so I stand corrected.
So we have many programs that require increases and Congress either ignores the requests or has granted the request for years down the road and then postpones the increase when the time comes.
We have SS, Flood Insurance and now PBGC that are underfunded, have to borrow from Congress and Congress refuses to raise rates/premiums.
I wonder what other programs are in this same state that we haven't been made aware of yet.
If the government shut down while Obama was on vacation would that mean there was no money for him to get back to DC?
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