Home » Opinion » Editorials
Taxpayers beware! Bailouts not a thing of the past
An independent audit found that the Federal Housing Administration doesn't have enough capital to cover its expected losses. In fact, the losses likely will leave it with a $13.5 billion deficit.
Already, the voices are talking about a taxpayer bailout.
And the Pension Benefit Guarantee Corporation, charged with insuring pensions for about 43 million Americans, has a deficit reaching $34 billion in the past year, a record for the corporation. Overall, the agency's liabilities stand at $119 billion.
It is funded by insurance premiums on private employers and investment returns on its reserves. It says Congress needs to allow it to increase the premiums charged. The problem hasn't developed over night.
These are small potatoes, perhaps, compared to the fiscal cliff issue and the soaring deficit. But they are part and parcel of the entire problem.
Like Social Security, where there are obvious and simple fixes, these problems do not need to continue festering and growing.
Yet government, specifically Congress, fails to act. Why? Why are the losses, the problems allowed to continue to grow when simple solutions can be found?
Why is government in the housing mortgage business?
Why shouldn't pension insurance premiums be adequate to support the system?
Why shouldn't Social Security's retirement age be indexed to the major advances in life expectancy gained since the system was inaugurated?
Government's failures, and often its actions, are adding to the problems.
A fine example, of course, was the payroll tax cut reducing revenue for Social Security even as the very people voting for the tax cut wrung hands over the system's growing deficit.
The taxpayers are being left on the hook. And the hole is getting deeper.
Watch closely. Your future, and the future of your children and grandchildren, is at stake.
READER COMMENTS: 0
- Vin Sylvia: Making the case for Carpenter - 0
- Vin Sylvia: Newly retired Chris Carpenter planning to move back to NH - 0
- Gomes hopes Red Sox retain all their free agents - 0
- Carpenter lauded as one of Cardinals' all-time greats - 1
- Amherst's Huntington runner-up to Cherington - 0
- Cherington garners Executive of the Year - 0
- Red Sox extend offers to Elsbury, Napoli and Drew - 0
- Dave D'Donofrio's Sox Beat: Redemption Sox - 0
- Triumphant Boston celebrates Series in grand style - 0
READER COMMENTS: 2
- Police: Body found in Portsmouth creek not missing UNH student - 0
- Convicted drug dealer arrested in Nashua on more drug charges - 0
- Former Plaistow finance director charged with theft - 0
- Police: Laconia man threatened harm to toddler - 0
- Hooksett officer struck by motorist - 2
- UPDATE: Thornton woman dies after being struck by car in Campton - 0
- Sen. Ayotte pushes for bigger broadband bang for buck - 0
- Somersworth man dies in head-on crash with car driven by Dover City Councilor Michael Weeden - 1
- Hanover’s Grabill named top regional soccer coach - 0
Somersworth man dies in head-on crash with car driven by Dover City Councilor Michael Weeden
Ex-Tyco CEO granted parole
What Congress? Obama's 'easy way out'
Boy wounded by bullet was to be released
John DiStaso's Granite Status: Scott Brown cites NH as example of Obamacare 'trainwreck,' will keynote NHGOP event
Thomas Sowell: Victimhood and race