On the recordJanuary 22, 2004
Mr. President, it is not hyperbole to suggest that the sky is falling for too many American workers. You could also say that the ship is sinking. You could say that the mine wall is collapsing, that the dam is giving way, or use any number of metaphors for a looming disaster to describe the current state of America's private pension system. The entire system is wobbling under assaults from every direction. On the one side, the stock market plunge has left the pensions for over 44 million workers underfunded by an estimated $350 billion. Last year, the Pension Benefit Guaranty Corporation had to assume the pension obligations for scores of bankrupt companies, ranging from airlines to steelmakers, pushing the PBGC's balance sheet into the red by an alarming $11.2 billion. On the other side, the assault is coming from historically low interest rates that have triggered painful new funding requirements for employers.
Source
govinfo.gov
