The Pension Benefit Guaranty Corporation ensures the retirement funds of nearly 44 million American workers and retirees, and now plans to assume responsibility for the pension plans of 70,000 GM workers. Lawmakers are concerned about PBGC’s growing deficit, which has tripled to roughly $33.5 billion in six months. Fellow Douglas Elliott says they have good reason to be worried, given the current economy.
Simply put, we are producing more with fewer people. Automation has transformed the American factory, rendering millions of low-skilled jobs redundant. Fast-spreading technologies like robotics and 3D printing will exacerbate this trend.