Tuesday, May 17, 2005


Always interesting to watch the MSM reaction when one their babies starts to blow up. The PBGC was created right out of the modern Liberal big-government playbook. Got a problem or a potential problem? Create a govt. agency to solve it. Got a problem funding your agency? Tax somebody (in the case of the PBGC it was corporations) to fund it.

Now that the PBGC is headed toward insolvency and will eventually need a taxpayer bailout, the left is busy blaming everyone from the corporations who fund the thing to the CEOs who run the companies to the Bush administration.

But the most important question, and the one you will never see in the N&O and like-minded papers, is why was the PBGC created in the first place? The mistake with the system is not being made now - now it is too late - the mistake was made by the creators in the Congress that the Dems controlled for about 40 years.