Pension Funds Hit Hardest

By Robert Weiss

Unemployment and foreclosure rates soar as we head into the summer. As the nation continues to deal with the worst depression since the Great Depression, every area in the country has been hit hard - from the gaming industry to the manufacturing industries of the south, to the auto industries in the Midwest. AP calculates a score from 1 to 100 based on each county's rate of unemployment, foreclosure and bankruptcy, with lower numbers indicating less economic pain. The average stress score dipped to 9.7 in April. Last April, the national average was 5.9.

One of the groups that have been hit the hardest by the economic crash is pension funds across America. From coast to coast, it has been estimated that pension funds have lost nearly $55 trillion nationwide. Yes, trillions. The amount that has been lost by these pension funds continues to hemorrhage and the worst part is that the pension fund members may have no idea what is to become of their retirement savings. The American Dream includes retiring with dignity and without worry. Not only is the nation's Social Security fund rapidly depleting, but these hard-working men and women may wake up one day to find an empty nest egg. The monthly pension they waited for may not be there or may be significantly lower than expected. This type of loss is devastating when amidst rising gas prices, rising food prices, and pay cuts, the average American continues to contribute to his pension with the hopes of seeing the money in the future. [more...]