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The pension plans of tens of thousands of American workers could be on the brink of a financial collapse.
According to a new report by a former Goldman Sachs executive, a pension plan could soon collapse due to a combination of factors.
The report by David G. Mowatt and his co-authors warns that the pension plans for the roughly 1.3 million steelworkers in the U.S. have been in financial turmoil for decades.
The pension funds are not financially sustainable, the report states.
It was first published in the Wall Street Journal.
In a statement to CNBC, Mowat said: “It is the case that the industry is currently in a financial crisis and the risk of a full collapse is real.
The industry has a track record of taking action to protect employees, protect assets and protect the public interest.”
Mow.s analysis also noted that some pension funds have been insolvent for more than a decade, including the National Education Association (NEA), a union-backed fund.
The Pension Benefit Guaranty Corp. (PBGC) of the Federal Reserve has a long history of trying to protect pension funds, which is why it has been aggressive in its attempts to shore up pension funds over the past several years.
It has been forced to spend millions of dollars to buy up the assets of pension funds that it believes are insolvent.
The crisis in the industry has also been fueled by the failure of a number of state and local governments to meet the needs of the industry.
MOWAT is the author of a report, “The Pensions Crisis: The Next Great Financial Meltdown,” which analyzed the impact of the global financial crisis on the pension funds of the steelworkers.
The authors, who were in attendance at a recent conference of the American Council of Trustees and Alumni, said that a combination “of factors including a shrinking market, a weakening economy, and a weakening U.s. dollar” is likely to lead to a collapse in the pensions of steelworkers as the financial markets fail.
The collapse of the pension markets is expected to cause a massive financial collapse for the steelworker’s fund.
Mower said that the collapse of pensions will be the biggest financial shock to the industry in decades.
“Pension funds are a critical part of the economy,” he said.
“They provide the cash flow for many industries, and if the economy collapses, the pensioners are the ones who lose.”
Mower also warned that a collapse of pension markets could be catastrophic for the industries that are responsible for the construction of infrastructure, which are also important for jobs.
Mowers article comes as a new study from the International Monetary Fund suggests that the U-turn by some U. S. states and the federal government will result in more layoffs of the workforce.
The U.N. economic experts said the U,S.
economy has experienced a “sharp” slowdown in the past few years.
The economy has shrunk by 3.4% since the end of 2016, the IMF report said.
The study noted that the “dramatic drop in U. s. gross domestic product” in the last three months of 2017 has caused the U to experience a sharp drop in manufacturing, with the result that there has been a significant contraction in employment in manufacturing.
The IMF also noted the collapse in manufacturing employment has been accompanied by a drop in the unemployment rate.
Mowell said that in light of the data from the IMF, the collapse would be the “worst of a series of bad decisions by the Trump administration.”
He said that with the “hollowing out of manufacturing jobs,” he believes that the federal budget cuts announced in May by the Republican-controlled Congress will result “in a massive cut in the number of jobs that we will have in the future.”
The report comes just days after the Trump Administration announced a plan to cut the retirement age from 65 to 65.
Mowell, who served as the chief economist for the U.-S.
Bureau of Labor Statistics during the Clinton Administration, said the budget cut announced by the GOP-controlled House of Representatives would result in the elimination of 3.5 million jobs, while the U government’s budget would be cut by $4 trillion.
He added that the cuts to the federal budgets are “the most dramatic cuts in the United States in decades.”