Today, I saw a article on a report of research into the “Fix the Debt” campaign with the ponderous title A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts. It had some interesting (but, unfortunately, by no means surprising) findings:
- The 71 Fix the Debt CEOs who lead publicly held companies have amassed an average of $9 million in their company retirement funds. A dozen have more than $20 million in their accounts. If each of them converted their assets to an annuity when they turned 65, they would receive a monthly check for at least $110,000 for life.
- The Fix the Debt CEO with the largest pension fund is Honeywell’s David Cote, a long-time advocate of Social Security cuts. His $78 million nest egg is enough to provide a $428,000 check every month after he turns 65.
- Forty-one of the 71 companies offer employee pension funds. Of these, only two have sufficient assets in their funds to meet expected obligations. The rest have combined deficits of $103 billion, or about $2.5 billion on average. General Electric has the largest deficit in its worker pension fund, with $22 billion.
Those are some interesting key findings. Of course, this sort of commie “research,” based only on “facts” is not worth printing. Instead, let us focus on shallow analysis by constantly wrong ignorant talking heads and the dysfunctional relationships of inexplicably well-known idiots…