Pension reform means US government to pay DOD private contractors pension funds

Pension Reform Unintended Consequence: The Pentagon Is Broke

New standards that were set in place in 2006 as part of the Pensions Protection Act that change rules on pension fund liability calculations looks set to push The Pentagon to budget DefCon 1 as they note the costs are "way more than a book-keeping question". As Defense News reports, the rule, which takes effect this week, requires the US government to reimburse its contractors to a far greater degree for their employee pension costs. The unbudgeted line-item is estimated at billions of dollars but perhaps what is most concerning is DoD Comptroller Hale's comment that the cost to The Pentagon will depend on how the companies' pension funds fare in the stock market. If investments do well, costs will be lower, but if investments do poorly, pension funds become further underfunded and this will mean more costs to the Pentagon.

So DOW to 30 000 or else! Time for Ben to print print print and make the stock market go higher and higher or else lots of DOD contractors pension funds will be forced to be paid by the US taxpayers!

In other news, US taxpayers pay for private contractors pension funds... somehow... and it ain't crony capitalism because we say it ain't!

As for who voted for this? Everybody.
H.R. 7327

Dec 10, 2008: This bill passed in the House of Representatives without objection. A record of each representative’s position was not kept.
Dec 11, 2008: This bill passed in the Senate by Unanimous Consent. A record of each senator’s position was not kept.

While THIS is happening :

Trashing Tricare
Obama to cut healthcare benefits for active duty and retired US military

The Obama administration’s proposed defense budget calls for military families and retirees to pay sharply more for their healthcare, while leaving unionized civilian defense workers’ benefits untouched.

Yay the troops! Right?

reply to post by Vitchilo


Serpent eating its tail.
Second line.

Whoa! NIce parting gift Bush gave the contractors - more of ourmoney.
All this crap on top of the missing trillions from years before.
(not missing, just misplaced into "friendly" hands.)
Tying this to the stock market is like shooting every soldier up with heroin to gain obedience.

Disgusting!

reply to post by Asktheanimals


Yep. Another one of Bush/Rumsfeld/Cheney's gift to America.

I mean, what's next... US taxpayers paying the banksters pension funds... oh wait...