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numbers just didn't add up..

Steve

Well-known member
Well, now that the election is over.. the government is busy reporting all the losses and missed projections.. so they can get in on the bailout train..

: US Jobless Numbers Jumped From 78,000 last week to 439,000

The number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.

The storm may distort claims for another two weeks, the department has said. The four-week average of applications, a less volatile number, increased to 383,750.

Post office loses record $15.9B

WASHINGTON — The struggling U.S. Postal Service Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy.

The financial losses for the fiscal year ending Sept. 30 were more than triple the $5.1 billion loss in the previous year. Having reached its borrowing limit, the mail agency is operating with little cash on hand, putting it at risk in the event of an unexpectedly large downturn in the economy.

Taxpayers Face Rescue of FHA

An independent audit to be released on Friday projects that the administration will not have the cash reserves to pay all of its obligations, with the total shortfall amounting to about $16.3 billion.

Politicians in Washington, particularly Republicans, have voiced concerns that the agency could become a drain on the taxpayer, much like Fannie Mae and Freddie Mac. Those two mortgage finance giants have not required additional taxpayer funding in recent quarters, as the housing market has stabilized. But they have nevertheless received about $190 billion in federal financing in the last four years.

Social Security’s expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income projection period. The deficit of non-interest income relative to expenditures was about $49 billion in 2010 and $45 billion in 2011, and the Trustees project that it will average about $66 billion between 2012 and 2018 before rising steeply as the economy slows after the recovery is complete and the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers.

seems like the financial cliff happened last month and the Obama administration forgot to tell everyone..
 

Faster horses

Well-known member
Good thing for him the election wasn't held in December. Things may have been found out by then. Too bad for us tho. It's so obvious things were
covered-up before the election. He thinks we are dumb and he must be right, because he just keeps getting away with everything. :?
 

Steve

Well-known member
Just when you think all the bad news is out...

Federal insurer of pensions’ deficit grow to $34B, a trend that could require taxpayer support

WASHINGTON — The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history.

The Pension Benefit Guaranty Corp. said Friday that its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.

Pension obligations grew by $12 billion to $119 billion last year. Assets used to cover those obligations increased by only $4 billion to $85 billion.

The gap has grown wider in recent years because the weak economy has triggered more corporate bankruptcies and failed pension plans.

If the trend continues, the agency could struggle to pay benefits without an infusion of taxpayer funds.

Agency Director Josh Gotbaum said continued deficits “will ultimately threaten” the PBGC’s ability to pay pension benefits to retired workers.

The PBGC was created in 1974 as a government insurance program for traditional employer-paid pension plans. If an employer can no longer support its pension plan, the agency takes over the assets and liabilities, and pays promised benefits to retirees up to certain limits.

The agency backs defined-benefit plans, which are most prevalent in auto manufacturing, steel, airlines and other industries.
 
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