Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Retirement

The Internet: Gutenberg Press 2.0

In a remarkable coalescence of time and circumstance, Michael Hart typed the Declaration of Independence into his computer on July 4th, 1971, Independence Day, and launched Project Gutenberg,

http://www.gutenberg.org/    Project Gutenberg

the world’s largest non-profit digital library available on the Internet.

http://www.nytimes.com/2011/09/09/business/michael-hart-a-pioneer-of-e-books-dies-at-64.html?_r=3&pagewanted=2   the world’s largest digital library

On his way home from a fireworks display, Hart stopped in at a grocery store and was given a copy of the Declaration of Independence, printed on parchment. He typed the text into his computer, intending to send it as an email to his friends on Arpanet. A colleague persuaded him that his message would cause the system to crash and so Hart merely posted a note that the full text could be downloaded instead. And thus, according to the obituary noting his passing on September 6th, 2011 in the New York Times, “Project Gutenberg was born.”

http://www.gutenberg.org/   Project Gutenberg

Project Gutenberg, with more than 38,000 free eBooks available online, represents Hart’s goal to “encourage the creation and distribution of e-books to help break down the bars of ignorance and illiteracy.” Even in its infancy Hart saw the potential, according to the Times, of “overturning all established power structures.” (emphasis added)

It is doubtful that Hart in 1971 had any idea of how the growth of the Internet would impact the world, just as the son of a cloth merchant in the small German town of Mainz, Johannes Gensfleisch zur Laden zum Gutenberg,

http://en.wikipedia.org/wiki/Johannes_Gutenberg   Gutenberg

would have any idea of how his invention of the moveable-type printing press in 1436 would impact his world. Not only is the Gutenberg press responsible for the printing revolution that spread across Europe and the world, it had enormous impact in the flowering of the Renaissance, the Protestant Reformation and the Scientific Revolution. It was responsible for the formation of the basis for the modern market economy, the development and spread of the concept of national sovereignty, and the revolution leading to the Declaration of Independence and the establishment of the American republic.

Gutenberg’s first project was the printing of 180 copies of the Bible, each of which sold for much less than a handwritten Bible which could take a single scribe more than a year to complete. Within six years there were 1000 copies in print.

http://thedailybell.com/2645/Martin-Luther   there were 1000 copies in print

As his printing press was copied and spread throughout the continent,

http://en.wikipedia.org/wiki/Global_spread_of_the_printing_press   spread    through the continent

by the year 1500 one thousand printing presses were in operation and had already produced more than eight million books. By 1600 that number had grown more than twenty-fold to between 150 and 200 million. And the discovery and development of sea routes West (Christopher Columbus, 1492) and East (Vasco da Gama, 1498) greatly expanded the use of his printing press. By 1620 the impact of the Gutenberg press caused English philosopher Francis Bacon to remark that it “has changed the whole face and state of things throughout the world.” In America, Mark Twain wrote:

What the world is today, good and bad, it owes to Gutenberg. Everything can be traced to this source, but we are bound to bring him homage…for the bad that this colossal invention has brought about is overshadowed a thousand times by the good with which mankind has been favored.

The press enabled friends of Martin Luther to distribute copies of his “95 Theses” across Germany within two weeks, all across Europe within two months, and within the year into France, England and Italy.

The challenge of the Reformation to the existing establishment led to The Thirty Years’ War

http://en.wikipedia.org/wiki/Thirty_Years’_War   Thirty Years’ War

which ended with the signing of a series of peace treaties summarized as the Peace of Westphalia, establishing vital concepts now taken for granted: sovereignty of states, right to self-determination, equality between states and the principle of non-intervention of one state in the internal affairs of another.

http://en.wikipedia.org/wiki/Westphalian_sovereignty  vital concepts

John Calvin’s Institutes of the Christian Religion was propelled by the Gutenberg miracle so that by 1560 the Scottish parliament had repudiated the Pope’s authority and approved in its stead the Protestant Confession of Faith. The Scottish Reformation reached America and influenced the American Revolution. Calvin’s influence was so great that Leopold von Ranke,

http://en.wikipedia.org/wiki/Leopold_von_Ranke  Leopold von Ranke

one of the profoundest scholars of the times, concluded that “John Calvin was the virtual founder of America.”

Thomas Paine’s pamphlet, Common Sense,

http://en.wikipedia.org/wiki/Common_Sense_(pamphlet)   Common Sense

rode not only the revolutionary discontent of the colonies but the increasingly common printing press to become, according to historian Gordon S. Wood, “the most incendiary and popular pamphlet of the entire revolutionary era.” First published anonymously in January, 1776, the 48-page booklet sold 120,000 copies in its first three months, 500,000 in its first year, and went through twenty-five editions in its first year alone. George Trevelyan, author of History of the American Revolution, said,

It would be difficult to name any human composition which has had an effect at once so instant, so extended and so lasting…It was pirated, parodied and imitated, and translated into the language of every country where the new republic had well-wishers. It worked nothing short of miracles and turned Tories into Whigs.

And so, from the development of movable type in 1436 to the printing of the Gutenberg Bible in 1455, to the explosive duplication of Luther’s 95 Theses beginning in 1518, to the Scottish immigration to America in the 1600s, to the Peace of Westphalia in 1668, to the bursting forth of “Common Sense” in January 1776, to the Declaration of Independence, one can trace the impact that the Gutenberg Press had on political, social and religious institutions in just over three hundred years.

But it took just three years from the start of the commercialization of the internet in 1995 (the year the first sale on Echo Bay – later to become EBay – was completed)

http://sixrevisions.com/resources/the-history-of-the-internet-in-a-nutshell/    first sale on Echo Bay

that the political power of the Internet as the “alternative media” began to be felt. Newsweek reporter Michael Isikoff had been investigating the relationship between Monica Lewinsky

http://en.wikipedia.org/wiki/Lewinsky_scandal#Denial_and_subsequent_admission    Monica Lewinsky

and then-President Bill Clinton for nearly a year, and his story was about to be published on Saturday morning, January 17th, 1998. After listening to one of the taped conversations between Lewinsky and a friend, Isikoff’s editors decided to spike the story. Matt Drudge of The Drudge Report,

http://en.wikipedia.org/wiki/The_Drudge_Report    The Drudge Report

an online news aggregator, learned of the decision to withhold the story, and ran his exposé with the headline: “Newsweek Kills Story on White House Intern: 23-Year-Old Sex Relationship with President,”

http://www.drudgereportarchives.com/data/2002/01/17/20020117_175502_ml.htm   ran his expose

which instantly, profoundly and permanently transformed the Internet into an alternative to the mainstream media. By Sunday morning, so many individuals were seeking more information from Drudge’s website that it couldn’t handle all the traffic.

http://news.bbc.co.uk/2/hi/special_report/1998/clinton_scandal/50031.stm   couldn’t handle all the traffic.

According to BBC News, “This may be the first time that a story of such consequence developed on the Internet. Love him or hate him, Matt Drudge’s report on the Clinton scandal is the most visible sign to date of the changing nature of journalism.”

The Presidential campaign of 2008 is considered to be the first “Internet election”

http://www.pewinternet.org/Reports/2008/The-Internet-and-the-2008-Election.aspx   internet election

with candidates using the Internet to promote their positions. PewInternet noted that “a record-breaking 46% of Americans used the Internet, email or cell phone text messaging to get news about the campaign, share their views, and mobilize others…[and] 6% of Americans made political contributions online, compared with 2% who did that during the entire 2004 campaign.” One of those enjoying the Internet’s capability to raise campaign funds was Presidential candidate Ron Paul whose “money bomb” raised a record $4.3 million in a single day, followed by another $4.4 million raised just a few days later.

The Internet had a significant role in the retirement of Dan Rather from CBS in 2005. In 1988 Rather interviewed six former servicemen, each of whom had witnessed horrible acts during their time in Vietnam.

http://en.wikipedia.org/wiki/Dan_Rather    interviewed

Two of them said that they had killed civilians and each talked about the impact the war had on their personal lives, including periods of depression, unemployment, drug use, and homelessness. Unfortunately for Rather, authors B. G. Burkett and Glenna Whitley, in doing research for their book Stolen Valor

http://www.amazon.com/Stolen-Valor-Vietnam-Generation-History/dp/096670360X/ref=sr_1_1?s=books&ie=UTF8&qid=1316710624&sr=1-1   Stolen Valor

obtained the service records of all six of those interviewed by Rather and discovered that only one of them had actually been stationed in Vietnam, and that he had only served as an equipment repairer. Bloggers on the Internet had a field day.

http://www.vvaw.org/veteran/article/?id=421    had a field day

And then in 2004 Rather reported on a series of memos he had obtained about President George W. Bush’s service with the Texas Air National Guard. The memos found their way onto the Internet and were declared by experts to be forgeries. The mainstream media reluctantly printed the story of the forgeries, forcing CBS initially to defend Rather’s report. Two weeks later CBS retracted the story. In 2005 Rather left CBS after being relegated to a corner office with few responsibilities.

The internet’s video-sharing website, YouTube, has more than one billion videos in its online library

http://thenewamerican.com/tech-mainmenu-30/computers/4458-the-power-of-the-internet    more than one billion

but none more damaging to the credibility of one of the establishment’s favorite institutions, The Federal Reserve System, than the confrontation between Congressman Alan Grayson and Fed spokesman Elizabeth Coleman. In five minutes and 26 seconds,

http://www.youtube.com/watch?v=PXlxBeAvsB8&feature=player_embedded   In five minutes and 26 seconds

on May 5th, 2009, Coleman stuttered and stammered and deflected and finally wilted under Grayson’s barrage of questions about the Fed’s off-book balance sheet activity. Her lack of preparation and inability to answer the simplest of questions has been viewed by more than four million people, doing irreparable damage to the prestige of the Fed. As noted by Anthony Wile

http://thedailybell.com/2024/Is-Anyone-Minding-the-Store-at-the-Federal-Reserve.html   noted by

“It is one of the single most astonishing moments (or minutes) ever manifested or preserved in this already amazing digital era.” Wile wrote:

During the questioning of Coleman, Grayson asks her over and over if there is a formal accounting available for the trillions in off-book balance sheet activity for the Fed. He asks patiently, and he repeats the question many times. Coleman stutters, makes statements that are obviously evasive and finally all but admits that she actually has no authority even to examine the Fed’s off-balance sheet activities. She admits this in a frazzled manner, but only after losing her way so badly that she has to ask Grayson to repeat the question (which he has already asked about ten times).

The whistle-blower website Wikileaks.org has proven the power of exposure as a disinfectant, especially in its leaking of the Kroll Report,

http://en.wikipedia.org/wiki/Gideon_Moi    Kroll Report

an intelligence report commissioned by the Kenyan government in 2004. For political reasons the government sat on the report until Julian Assange, the founder of Wikileaks, published the report on the Internet. Interviewed on TED TV by Chris Anderson, Assange said

http://thenewamerican.com/tech-mainmenu-30/computers/4458-the-power-of-the-internet    Interviewed by

This report…became a dead albatross around [the president’s] neck.

Anderson: And…word of the report leaked into Kenya, not from the official media, but indirectly [via the Internet]. And in your opinion, it actually shifted the election?

Assange: Yes. This became front page [news] and was then printed in all the surrounding countries of Kenya, in Tanzania and South Africa…

It ran for 20 nights straight on Kenya TV [and] shifted the vote by 10 percent…which changed the result of the election.

Anderson: So your leak really substantially changed the world?

Assange: Yes.

The Internet revolution is reaching into the highest levels of the education cartel which for years has required students to pay enormous sums for the privilege of attending prestigious schools to obtain a piece of paper that many are finding of questionable value in today’s marketplace. In 2001 Massachusetts Institute of Technology (MIT) started putting all of its courses’ lecture notes, videos and exams online where students could access them for free. In the ten years that followed nearly 100 million students have taken advantage of the opportunity. Recently, MIT introduced “MITx” which grants, for a small fee, a certificate of accomplishment to students proving their mastery of the subject. This innovation challenges at its very core the paradigm that only a wealthy few should have access to such learning. As Kevin Carey noted in The Chronicle of Higher Education,

http://chronicle.com/article/MIT-Mints-a-Valuable-New-Form/130410/  noted

“It is simply untenable [for traditional universities] to claim global leadership in educating a planet of seven billion people when you hoard your educational offerings for a few thousand fortunates living together on a small patch of land.”

The internet is also allowing citizens to stand up against corrupt politicians and police behaving badly. Rep. Steve Chabot (R-OH) discovered how his attempts to keep people attending his town halls from taping them using cellphones failed miserably and led him to change his policy.

http://teapartyeconomist.com/2012/01/19/bonehead-congressman-who-confiscated-cell-phones-backs-off-too-late/  failed miserably

Said a chastened Chabot, “We will be modifying our policy to allow individual citizens to bring cameras to our town hall events…”

Simon Glik was walking by the Boston Common on October 1st, 2007 when he observed what he perceived to be an excessive use of force by three police officers in subduing a suspected drug offender. He used his cell phone to take pictures of the event and was arrested. He sued and courts ruled in his favor: “We conclude…that Glik was exercising clearly-established First Amendment rights in filming the officers in a public place, and that his clearly-established Fourth Amendment rights were violated by his arrest without probable cause.”

http://thenewamerican.com/usnews/constitution/10828-courts-and-dept-of-justice-agree-videotaping-police-is-ok  ruled in his favor

Last September the pro-life film “180” was released with expectations that it could change the abortion debate significantly. Producer Ray Comfort said that “knowledge is very, very powerful and when we have knowledge…it can change our whole perspective.” Comfort expressed the hope that the video would go viral. In the first 24 hours of its release on YouTube, there were 30,000 visits. By October 9th, there were 638,000 visits. As of February 15th, 2012, there have been more than 2,350,000 visits.

Attempts to pre-empt the Internet or to restrict it are failing. When Rupert Murdoch, owner of News Corporation, purchased MySpace for $580 million in July 2005, he intended on inserting Fox News political content into the site and thus help to redirect the political conversation.

http://en.wikipedia.org/wiki/My_Space#Politics   inserting Fox News studio content

At the time, MySpace was the most popular social networking site in the United States, while Facebook, its primary competitor lagged behind. However, by April, 2008, Facebook surpassed MySpace based on monthly unique visitors, and Murdoch’s attempt to get political with his acquisition failed. With three-quarters of its workforce laid off, Murdoch sold what was left of the company in June 2011 for $35 million, taking a loss of half a billion dollars.

When it appeared that federal attempts to threaten the internet such as SOPA (Stop Online Piracy Act) and PIPA (Protect Internet Privacy Act) were going to be enacted, users rebelled mightily and loudly. Millions of people signed online petitions, overloaded circuits with phone calls, and generally stood in the gap and said NO. As Rob Enderle of the Enderle Group said:

http://www.computerworld.com/s/article/9223531/Twitter_Facebook_fuel_SOPA_protests?taxonomyId=70  said

“This is huge. [Social networks] pretty much drove the mass objections and stopped this bill from becoming law. I think we are actually seeing the beginning of a huge change in the political process worldwide that [has] social networks at the core.”

Even before the cratering of those efforts to regulate and emasculate the internet, clever individuals had been hard at work developing “work-arounds,” just in case. A Firefox add-on called, appropriately “de-SOPA” allows searchers to get past any sites that might have been censored by using IP addresses instead of web addresses.

http://lifehacker.com/5869665/desopa-for-firefox-bypasses-sopa-dns-blocking  deSOPA

And if that doesn’t work, there’s Pirate Bay Dancing

http://boingboing.net/2011/11/30/mafiaafire-teams-latest-brow.html Pirate Bay Dancing

that also was developed in anticipation of such attempts at regulation.

Telex is another of many innovations designed to foil attempts to restrict the flow of truth by Internet. The developer’s software turns the Internet itself into an anti-censorship device. Software that is installed on a computer connects with the Internet service provider that has Telex stations attached to the wires carrying the digital traffic. “So,” says the developer, “if you’re in China, and you want access to a banned site like YouTube, you just type YouTube.com into your computer, and the Telex station will see that connection, and disguise it as something innocuous. You might be watching YouTube, but to a censor, it will just seem as if you’re visiting a harmless, non-blocked site.” If governments pursue Internet censorship, they will find that the free-market innovators have gotten there first, in plenty of time to make such efforts not only fruitless but obsolete.

Because of the Internet, false renditions of history are exposed. Half-truths are uncovered. Statist assumptions are questioned. George Orwell’s Memory Hole has been illuminated. History, it is said, is written by the survivors. With more than 300 million websites feeding the Internet and billions of people seeking the truth, when this history is written it will proclaim the free unhindered flow of information via the Internet as the victor. With this new information, the final choice lies, where it always has, in the hands of an informed electorate. Writing to William Charles Jarvis on September 28th, 1820, Thomas Jefferson said:

I know of no safe depository of the ultimate powers of the society but the people themselves; and if we think them not enlightened enough to exercise their control with wholesome discretion, the remedy is not to take it from them, but to inform their discretion by education. This is the true corrective of abuses of constitutional power.

All that the Gutenberg press did then, and all that the Internet is doing now, is informing the peoples’ discretion. The rest is up to them.

 

 

 

 

 

January Jobs Report: Is America Running Out of Workers?

This article appeared online at TheNewAmerican.com on Monday, February 5, 2018: 

The headline numbers from the Bureau of Labor Statistics’ jobs report released on Friday once again caught forecasters by surprise: Predicting job growth of 177,000 for January, they got instead 200,000 — the 88th month in a row of positive job growth, with many recent months where the economy outperformed forecasters.

The other number also caught them by surprise:

Keep Reading…

Craziest Idea of 2017: Let Students Pay Down Their College Loans by Delaying Their Social Security Benefits

This article appeared online at TheNewAmerican.com on Monday, January 1, 2018:  

What a world! Broken promises traded for other broken promises, and offered with a straight face!

Representative Tom Garrett (R-Va.) turns 46 in March and is still paying off his student loans. In less than 20 years he’ll qualify to retire under present Social Security rules. He put two-and-two together and came up with the Student Security Act (SSA): Pay down some of his student loans by pushing back his retirement age.

Specifically, Garrett’s bill (H.R.4584, which has four co-sponsors so far) would forgive

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Tax-reform Plan Called “Tremendous” by Trump, “Fake Math” by Schumer

This article appeared online at TheNewAmerican.com on Thursday, September 28, 2017:

In unveiling the tax reform “framework” cobbled together by the Trump administration, the House Ways and Means Committee, and the Senate Finance Committee on Wednesday, President Trump called it “tremendous”: “This is a tremendous change, and the biggest winners will be the everyday American workers as jobs start pouring into our country, as companies start competing for American labor and as wages start going up [to] levels you haven’t seen in many years.”

On cue, House Minority Leader Nancy Pelosi (D-Calif.) expressed her concerns about deficits, perhaps for the first time in her political career:

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Mitch McConnell, Meet Your Thorn, Alabama Senator Roy Moore

This article was published by The McAlvany Intelligence Advisor on Wednesday, September 27, 2017:

Readers of the New Testament never really knew what the Apostle Paul’s “thorn in the flesh” was. Speculations range from physical to emotional to spiritual, from temptation to a chronic eye problem, malaria, migraine headaches, epilepsy, or a speech impediment.

Senator Majority Leader Mitch McConnell isn’t likely to have that problem. He’ll know exactly what his thorn is, and he’ll know furthermore that he himself helped that thorn get elected. As this is being written

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Morris Dees is Using SPLC to Achieve His Goal: To Become “Independently Rich”

This article was published by The McAlvany Intelligence Advisor on Wednesday, September 6, 2017:

the new center being build by the splc

The new center being build by the SPLC

From the very beginning, Dees wanted to get rich and it didn’t matter to him how. As his business partner Millard Fuller recalled: “Morris and I … shared the overriding purpose of making a pile of money. We were not particular about how we did it, we just wanted to be independently rich.”

They started by direct marketing the sale of cookbooks and related items. But everything changed when they were able to purchase George McGovern’s mailing list of 700,000 names of liberals following his failed campaign for the presidency in 1972. They found that McGovern liberals were outraged over “southern poverty,” and with that outrage, coupled with Dees’ writing skills, they could rake in millions.

The breakthrough for them came in 1984 when Dees

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CBO Raises Its Deficit, Debt Forecasts in Latest Revision

This article appeared online at TheNewAmerican.com on Wednesday, July 5, 2017:  

The Congressional Budget Office (CBO) just revised its January report with new data on spending, revenues, and economic growth. The revision isn’t good:

The projected rise in [annual] deficits would be the result of rapid growth in spending for federal retirement and health care programs targeted to older people, and to rising interest payments on the government’s debt, accompanied by only moderate growth in revenue collections.

In other words, the CBO simply doesn’t believe that President Trump’s plans to reduce regulation, cut taxes, and repeal ObamaCare will amount to much. Instead the government programs on autopilot — Social Security, Medicare, and especially debt service on the country’s $20 trillion national debt — will eat up nearly 80 percent of the government’s total budget in less than 10 years. Said the CBO:

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Credit Rating of Illinois Cut Again to One Notch Above Junk

This article appeared online at TheNewAmerican.com on Friday, June 2, 2017: 

English: 1987 Illinois license plate

The day after Illinois failed to reach a budget agreement (for the third year in a row), Moody’s Investors Service followed S&P Global Ratings by downgrading the state’s credit rating to just one notch above junk status. The legislature has 30 days to come up with a budget or else the state’s rating will be downgraded further to junk status.

Moody’s was blunt in its assessment of the rolling catastrophe: “Legislative gridlock has sidetracked efforts not only to address pension needs [$129 billion in unfunded liabilities] but also to achieve fiscal balance [the state has $14.5 billion in unpaid bills with $800 million in late fees and penalties adding to the total]. Moody’s analyst Ted Hampton added:

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Pew Research: Gap Between Promises and Assets Widens for State Pensions

This article appeared online at TheNewAmerican.com on Monday, April 24, 2017:

A RETIRED COUPLE FROM CALIFORNIA STOP TO FISH ...

After reviewing the investment results for 230 public pension plans for the last two years, Pew reported last Thursday that, despite strong recent stock market performance, the gap between liabilities (promises) and assets for those plans widened by 17 percent, to $1.4 trillion. Put another way, those plans should have nearly $4 trillion in assets to enable them to keep their promises. The latest data shows them with just over $2.5 trillion instead.

Said Greg Mennis, director of the project,

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Three Stock Market Indicators Spell Trouble for Pension Fund Managers

This article was published by The McAlvany Intelligence Advisor on Monday, April 24, 2017:

Warren Buffett speaking to a group of students...

Warren Buffett

Michael Lombardi is a bear. Canadian-born, Lombardi has been dishing out investment advice for decades. He is getting nervous. And so should pension fund managers trying to make up for lost time.

In his March newsletter, Lombardi looked at the Warren Buffett Indicator:

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Senators Rushing to White House With Names to Fill Judgeship Vacancies

This article appeared online at TheNewAmerican.com on Monday, April 10, 2017:  

Map of the geographic boundaries of the variou...

Map of the geographic boundaries of the various United States Courts of Appeals and United States District Courts.

In anticipation of Judge Neil Gorsuch’s confirmation by the Senate, Colorado Senator Cory Gardner began putting together a list of prospective nominees for President Trump to consider to take his seat on the 10th Circuit Court of Appeals: “We’re very close to sending over our list for the district,” said Gardner on Sunday.

Senator Ted Cruz (R-Texas) sees Trump’s opportunity to reshape the country’s legal system, calling on the president to enlist an “army of young, principled constitutionalists” to fill the openings:

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Harry Dent, Meet Chris Hamilton

This article was published by The McAlvany Intelligence Advisor on Wednesday, March 29, 2017:

For years Harry Dent (shown) has attempted to turn his demographic analyses into investment advice, with middling performance. It seems that when his advice doesn’t turn out well, he writes another book.

Take, for example, his The Demographic Cliff: How to Survive and Prosper During the Great Deflation Ahead. He contends that the economy can be traced and tracked using the behavior of consumers as they grow, mature and age. Young people marry, have families, buy homes, automobiles, and gadgets. Their acquisitions peak at around age 45 or so, and then decline over time into retirement.

His “waves” are like seasons: 

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Wall Street Facing Headwinds as Boomers Forced to Liquidate Their IRAs, 401Ks

This article appeared online at TheNewAmerican.com on Tuesday, March 28, 2017:

New York Stock Exchange on Wall Street in New ...

Under the law those reaching age 70 and a half must start taking their “required minimum distributions” (RMDs) from their various tax-deferred accounts. These include IRAs, 401Ks, profit-sharing plans, and SEPs. The trouble is that there are so many of them, and they control so many assets, that their RMDs are going to put enormous pressure on the stock market, according to Chris Hamilton, writing at his Econimica blog.

The Baby Boom population cohort is nearly 80 million people, and those born in 1946 are now 71, with millions following right behind. The top one percent own or control about one-third of that cohort’s assets, while the top 10 percent own more than two-thirds, according to the Congressional Budget Office.

The real question, according to Hamilton, is this:

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The PBGC is Falling. Where is Superman When He is Needed?

This article was published by The McAlvany Intelligence Advisor on Friday, March 3, 2017:

In the 1978 film Superman, Lois Lane is caught mid-air by Superman who says: “Easy, miss. I’ve got you.” Responds Lois: “You – you’ve got me? Who’s got you?

Concerning government agencies making promises, the answer is always and everlastingly: the U.S. taxpayer.

For example, consider the 42-year-old government agency backing up single-employer and multi-employer pension plans:

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Federal Insurance Agency Backing Union Pensions Facing Crisis Itself

This article appeared online at TheNewAmerican.com on Thursday, March 2, 2017: 

Logo of the United States Pension Benefit Guar...

When Teamsters Local 707’s pension plan ran out of money in February, it sought assistance from the federal Pension Benefit Guaranty Corporation. Said PBGC Director Tom Reeder:

This is a big issue for us. It’s a big issue for Local 707 and it’s a big issue for others in the same situation across the country.

 

We’re projected to run out of money in eight to 10 years. Many union pension plans are projected to run out in 20 years.

The federal insurance agency is now paying out $1.7 million every month to the stranded retirees of Local 707.

707’s problems have been decades in the making.

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Dallas Pension Plan Solution: Everyone Shares the Pain

This article appeared online at TheNewAmerican.com on Wednesday, February 22, 2017: 

Downtown Dallas in the background with the Tri...

Downtown Dallas in the background with the Trinity River in the foreground.

Following the pension plan board meeting on Monday, Presidents’ Day, a decision was made to accept the rough outlines of a proposal by Texas House Pensions Committee Chairman Dan Flynn to keep the Dallas police and firefighters pension plan from going bankrupt. Said city council member Philip Kingston, “Flynn’s [plan] is the best of the bad options.”

Everyone involved will share the pain: some by having their benefits cut back, and some by having the contributions increased.

Under the Summary issued late Monday night:

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Trump Pick for Management & Budget Talks Raising Retirement Age

This article appeared online at TheNewAmerican.com on Wednesday, January 25, 2017:

Representative Mick Mulvaney (R-S.C., shown), President Donald Trump’s pick to head up the Office of Management and Budget (OMB), touched the famous “third rail” of American politics during his confirmation hearing on Tuesday. Testifying before the Senate Budget Committee, Mulvaney was pressed hard for his views on Social Security by Senator Lindsay Graham (R-S.C.): “Do you think we need to look at adjusting the [retirement] age yet again because we live longer?”

Replied Mulvaney, “I do, yes sir.”

His response was unsettling to Senator Debbie Stabenow (D-Mich.), who declared,

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Teamsters’ Pension Plans Seek Massive Cuts to Retirees to Stay Solvent

This article appeared online at TheNewAmerican.com on Monday, January 2, 2017:

Logo of the United States Pension Benefit Guar...

The Central States Teamsters pension plan, covering more than 400,000 participants, expects to receive permission shortly from the Treasury Department to cut benefits to those participants, possibly by as much as 30 percent. At the end of 2014 the plan had $35 billion in liabilities (future promises to participants as they retire) compared to less than $18 billion on hand to pay them.

Right behind Central States was the New York State Teamsters Conference Pension and Retirement Fund, which is also in trouble. Owing nearly $3 billion to its 35,000 plan participants, it has less than $1.3 billion to meet this obligation. Its plan, in its request to the Treasury Department, spelled out just how great the cuts would be:

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Large Pension Plans Adjusting Their Targets Downward

This article appeared online at TheNewAmerican.com on Wednesday, December 21, 2016:  

English: Jerry Brown's official picture as Att...

California Governor Jerry Brown

Heading into negotiations this past weekend between the California governor’s office, teachers’ unions, and pension plan trustees managing the California Public Employees’ Retirement System (CalPERS), Governor Jerry Brown spoke the truth: “There’s no doubt CalPERS needs to start aligning its rate of return expectations with reality.”

Coming out of the meeting, the gap between the plan’s target rate of return and reality remained immense.

The last time CalPERS faced reality and flinched was in 2012 when

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Boomers Are Retiring, Draining Pension Plans

This article appeared online at TheNewAmerican.com on Monday, December 12, 2016:

Roosevelt Signs The : President Roosevelt sign...

President Roosevelt signs Social Security Act, at approximately 3:30 pm EST on 14 August 1935.

In a moment of surprising candor, Danielle DiMartino Booth, a former advisor to the Federal Reserve, said in a Real Vision TV interview on Saturday that “the Baby Boomers are no longer an actuarial theory. They’re a reality. The checks [from their retirement plans] are being written.”

For years commentators have repeatedly asserted that “when” the Baby Boomers (that generation born between 1946 and 1964) start to retire, they will start using up funds set aside in pension plans, putting those plans into crisis. According to Booth, that day has arrived.

She pointed to the crisis in Dallas that threatens to put the city into bankruptcy, and the report from Calpers (the California Public Employees Retirement System),

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.
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