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May 13, 2013

Rabbi Nathan Lopes Cardozo: Why the giving of the document that would permanently change the world could only be done in desolation

David G. Savage: Church-state, literally? Supreme Court weighing public school graduation in a church

Emily Alpert: Recession dragged down birth rates for less-educated women
Morgan Housel: The deep downside of home ownership

Peter Teffer: Will Dutch police soon be stalking cybercriminals on your computer?

Heidi McIndoo, M.S., R.D.: Meatless 'meat' can have its own set of problems

The Kosher Gourmet by Diane Rossen Worthington: Celebrate! This must-try appetizer is delicate yet has depth of flavor: Corn-Leek Cakes with Caviar, Smoked Salmon and Creme Fraiche

May 10, 2013

Rabbi Berel Wein: Be all that you should be

Caroline B. Glick: The dirty little secret about Israel's Arabs

Mona Charen: Hawking's Moral Calculus: The man and the movement he embraces
Morgan Housel: The biggest retirement myth ever told

Sandi Doughton: Eyes may provide new insight into brain problems

Jewz in the Newz by Nate Bloom : The Great Gatsby's Jewish Ties; Jews in the "Time 100 list" List; People's Most Beautiful Women

The Kosher Gourmet by Linda Gassenheimer: A sweet-hot meal: Pear salsa spices up salmon

May 8, 2013

Peter Ford: Why China is welcoming both Israel's Netanyahu and Palestinians' Abbas

Warren Richey: Obama administration quietly backs out of appeal over new contraceptive mandate

Fred Weir: At Kerry-Putin meeting, US-Russia relations thaw --- a tad
Amanda Paulson: Study reveals sad truths about community colleges

Harvard Health Letters: Evidence weak that zinc, echinacea are beneficial

The Kosher Gourmet by Leela Cyd Ross : Almost too pretty to eat, this colorful salad with Sicilian inspiration will tickle the taste buds and delight your visual sensibility

May 6, 2013

Edmund Sanders and Patrick J. McDonnell: Think Israel's objective in Syria is to weaken Assad or embolden the rebels? Think again

Brian Bennett: Israeli airstrikes may show weakness in Syrian defense

Michael Ollove: Millions of ex-felons, parolees and those on probation are about to be entitled to tax-payer paid health coverage
Karen Kaplan: Most men can skip PSA test for prostate cancer, urologists say

Kimberly Lankford: How to track down a lost life insurance policy

Dream of Mars exploration achievable, experts say

The Kosher Gourmet by Susan M. Selasky: EGGPLANT WRAPS are an easy, sumptuous and scrumptious meal

May 3, 2013

Rabbi Nathan Lopes Cardozo: Human Courage and the Unavoidable, Disturbing Text

Steven Emerson: Attorney General Fights CAIR in Court, Lauds it in Public

Mediterranean diet helps beat dementia: study
Harvard Health Letters: When to be screened for a hearing problem

Jewz in the Newz by Nate Bloom : Iron Man's Jewish Connections; Marc Maron's New TV Show; Martin Landau Grows Up with Israel; Shalom, Allan Arbus

The Kosher Gourmet by Diane Rossen Worthington: A sweet surprise for Mother's Day dessert

May 1, 2013

Jonathan Rosenblum: An Improbable Journey to Orthodoxy

Jonathan Tobin: Blame Obama, Not Israel for Syria Push

Kids, kittens the Same? With employee perks at struggling Internet pioneer Yahoo! it's hard to tell
Halena M. Gazelka, M.D.: Mayo Clinic Medical Edge: What you need to know about implanted pain relief devices

Sandy Kleffman: Artificial kidney offers hope to patients tethered to a dialysis machine

Jessica Shugart: When it comes to math, MRIs may be better than IQs

The Kosher Gourmet by Mario Batali: The celebrated chef on how high-maintenance ASPARAGUS RISOTTO need not be

April 29, 2013

Roy Gutman: Poland's new Jewish museum celebrates life, doesn't revisit Holocaust

Mark Clayton: Terrorism in America: Is US missing a chance to learn from failed plots?

Kim Murphy: Boston Bomber's 'Svengali' Revealed
Morgan Housel: He's rich, smart and old: Listen to him

Thomas Salinas, D.D.S.: Mayo Clinic Medical Edge: The safety of amalgam fillings

Harvard Health Letters: Tomatoes and stroke protection

Pete Spotts: Tiny satellites + cellphones = cheaper 'eyes in the sky' for NASA

The Kosher Gourmet by Diane Rossen Worthington: Swing into spring with lemon cream pie

April 26, 2013

Rabbi Abraham J. Twerski: The world is a mirror

Caroline B. Glick: Time to confront Obama

Clifford D. May: Defense in the Age of Jihadist Terrorism
Kimberly Lankford: New strategies ease pain of paying for long-term care insurance

Howard LeWine, M.D.: Ask the Harvard Experts: Too much ibuprofen?

Sharon Palmer, R.D.: How to feel your best -- with plenty of energy, a healthy weight and optimal mental and physical function -- without driving yourself batty

Jewz in the Newz by Nate Bloom: Jewish Major Leaguers, 2013; New Movies and Comedy Show; Shalom, 'Lumpy' (Leave it to Beaver)

The Kosher Gourmet by Emily Ho : A bright and cheerful salad to herald the warmer months ahead

April 24, 2013

Steven Emerson: Boston Bomber Exposes Islamist Secret

Morgan Housel Admit it: No one has any idea what's going on
Harvard Health Letters: Can you get headaches from headache medication?

Kerri-Ann Jennings, M.S., R.D.: How to easily get more Omega-3s in your diet

Melissa Healy: Pot in a pill: All the pain relief without the smoke

The Kosher Gourmet by Susan Russo: Chipotle Chili Butternut Squash Soup is bold, zesty, hot

April 22, 2013

Ken Dilanian: Counterterrorism's future is unclear

US man departing country arrested on terror charges
Barbara Williams: An unorthodox but growing treatment in a 9-year-old's battle against cancer

P.J. Skerrett, M.D.: How to recognize a good whole grain product

Jewz in the Newz by Nate Bloom: Teen actor Jonah Bobo in New Flick: Hunky James Wolk on Mad Men; Erich Segal's Daughter Writes Prize-Winning Jewish Novel

The Kosher Gourmet by Diane Rossen Worthington: 'Noodles,' Asian style is a carb sub, sure. But they are also amazingly delicious and colorful

April 19, 2013

Rabbi Yonason Goldson: When violence seems the only answer

Caroline B. Glick: Why Obama's visit to Israel had no impact on public opinion or government policy

Morgan Housel: Gold collapse: The start of something big?
Harvard Health Letters: Can you die of a broken heart?

Pete Spotts: Livable super-Earths? Two candidates among Kepler's latest finds

Nora Schultz: Oxytocin helps beat booze cravings

The Kosher Gourmet by Carole Kotkin: Middle Eastern cuisine meets Italian delicious with this lentil and eggplant pastitsio

April 17, 2013

Shira Rubin: Too much of a good thing? 'Palestinians' realize downside of foreign aid boom

Geoffrey Mohan: Can computers decode dreams? Researchers take a first step

Morgan Housel: BAD NEWS: EVERYONE IS RIGHT!
Brierley Wright, M.S., R.D.: 6 heart-healthy eating tips help cut saturated fat but not taste

Michael Craig Miller, M.D.: Ask the Harvard Experts: Told your child has sensory processing disorder? Seek a second opinion

The Kosher Gourmet by Diane Rossen Worthington: Corn and Curry Add Zing to Chilled Soup

April 15, 2013

Rabbi Yonason Goldson: The Death of Education?

Kristen Chick: Egyptian Christians respond with harsh words to attack -- rocks, Molotov cocktails, and gunfire -- against main cathedral

Marcy Darnovsky and Karuna Jaggar: High Court to decide if you should own your DNA
Howard LaFranchi: US bracing for more Russian blowback after taking action against 18 more human rights violators

Kristin Ohlson : The loneliest fight

The Kosher Gourmet by Dana Velden: A tasty, rich dish that hints at spring's arrival while still anchored in a favorite winter staple

April 12, 2013

Rabbi Dr. Tzvi Hersh Weinreb: The Inspired Loner

Caroline B. Glick : Must we continue to be enablers of our own destruction?

Mark Clayton: New cybersecurity bill: Privacy threat or crucial band-aid?
Morgan Housel: Twitter: The carnival barker of investing

Harvard Health Letters.: Dietary supplements: Do they help or hurt?

Jewz in the Newz by Nate Bloom: Jackie Robinson's Friend, Hank Greenberg; CNN's Jake Tapper; Texas County in the News is named for 19thC. Jewish soldier and Congressman

The Kosher Gourmet by Susan Russo: FRUITY QUINOA STUFFED PEPPERS: A flavorful, colorful and edible vessel of delicately fluffy, mildly nutty filling combined with chewy apricots, tangy cherries, and crunchy pistachios

April 10, 2013

Edmund Sanders: Kerry leaves Israel with hopes, but few results

Nicholas Blanford: Iran's 'axis of resistance' loses its Palestinian arm to Syrian war

Peter Grier: North Korean missiles: Could US shoot them down?
Morgan Housel: Warning: Don't waste your capital being fooled by profit prophets

Donald Hensrud, M.D.: Mayo Clinic Medical Edge: Take vitamin supplements with caution --- even approved, they may actually do damage

Eryn Brown: 74 DNA discoveries move cure closer for three cancers

Mark Guarino: Google Glass already has some lawmakers on high alert

The Kosher Gourmet by Dana Velden: A soup to feed every guest, no matter how finicky

April 8, 2013

Jonathan Tobin: What Part of No Preconditions Do American Jews Not Get?

Christa Case Bryant: No Place on Earth

Fred Weir: Is Putin finally trading his own party for a new power base?

Hara Estroff Marano: The Spice of Life
P.J. Skerrett, M.D.: Harvard Health Letters: Generic drugs: Don't ask, just tell

David Cook : Husband-hunting advice from Princeton alum triggers outrage, humor

The Kosher Gourmet by James T. Farmer III : A simple, rustic white pizza: Good ingredients, fresh herbs, and an infused olive layered upon a crispy crust hits the spot


Jewish World Review May 26, 2005 / 17 Iyar, 5765

Saving the Fairies

By Mort Zuckerman

Mort Zuckerman
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http://www.JewishWorldReview.com | Once upon a time, America' s workers were protected by three good fairies. "If you work all your life to build a new America and save when you can," the fairies promised, "we three will make your dreams of a secure and happy retirement come true." One of the fairies guarded personal savings against the ogres of inflation, another kept an eye on the gremlins in employers' pension plans, and the third — the grandest fairy of them all--had a cave full of gold coins piled up by all the workers in a magical scheme called Social Security.

Today, the fairies' promises are unraveling before our eyes. Personal savings rates are plunging. Company pension plans are in free fall. And the good fairy guarding all that gold? Well, she's being advised by no less than the president of the United States to start betting it on the stock market — despite the fact that the average stock market fund eked out just a 1 percent gain in the past five years, while investors who poured money into the 50 hottest funds over the same period are down an average of 42 percent. Think the good fairy can beat that?

The frailest of fairies is the one watching employers' pension plans. No longer can it be assumed that companies will simply pay up. United Airlines has just become the biggest company in the nation's history to renege on its pension promises, having been allowed by a bankruptcy judge to void its obligations to about 120,000 employees and retirees. The government's Pension Benefit Guaranty Corp. will have to assume the liabilities, freeing United of more than $3 billion in pension contributions over the next five years. The government will continue to pay pensions up to $45,614 this year for a United employee retiring at the age of 65; for others — especially pilots who typically accumulate six-figure pensions and must retire at age 60 — the cuts will be draconian.

Junk. What does it all mean? Delta's pension plan is underfunded by $5 billion, Northwest's by $3.8 billion. But it's not just the airlines at risk. Pension underfunding runs at an estimated $450 billion at American companies. Some $96 billion might be dumped onto the Pension Benefit Guaranty Corp., whose current deficit already exceeds $23 billion. And the trend is, to put it mildly, alarming: Just five years ago, the pension-guaranty corporation recorded a surplus of more than $9 billion.

Maddeningly, much of the underfunding of pension plans is taking place at financially healthy businesses — companies that are simply shortchanging their obligations. Should they fail to replenish these funds, the pension-guaranty corporation (i.e., the taxpayer) will have to shoulder these obligations, as well.

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Most of the companies now in trouble are legacies of the 20th century, when they compensated for frozen wages through pension benefits. According to a study by Credit Suisse First Boston, 326 companies in the Standard & Poor's 500 index have underfunded benefit plans, posing a shortfall exposure of up to $185 billion. The auto companies are of special concern, given the recent decision by Standard & Poor's to downgrade GM and Ford stock to junk status. That means an additional $45 billion to $50 billion of underfunded pension promises could be dumped on the pension-guaranty corporation. Making matters worse is the fact that insurance premiums being paid by these companies to the pension-guaranty corporation are drastically underpriced and haven't increased since 1994.

What can be done? Congress is weighing legislation that would require companies to fully fund their pension plans and to pay higher premiums to the pension-guaranty corporation. The White House is proposing an $18 billion increase over five years. Many companies don't like this, and their lobbyists are pushing to reduce any premium increase to a third of that thought necessary. Additional regulations would prevent firms with underfunded plans from making new pension promises they are unlikely to fulfill.

This legislation offers real hope of preserving the dream, but we must do more, improving productivity and keeping a sharp eye on compensation, especially to senior executives. Over the long term, the risks to American businesses and the economy lie in the vagaries of global competition, specifically from businesses in China and India, which have much lower wage and salary structures and virtually no pension or healthcare obligations.

The sad fact is that a new generation of retirees, many the grandchildren of those who enjoyed complete retirement security, is facing a much higher risk of financial hardship in what should be their golden years — for both healthcare and pensions. The pension-support legislation now on Capitol Hill must be passed without dilution to ensure that the burden on taxpayers doesn't grow and to guarantee that at least a semblance of equity is retained in pension distribution. And Social Security must be preserved. Think of it as giving the three fairies a new lease on life.

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JWR contributor Mort Zuckerman is editor-in-chief and publisher of U.S. News and World Report. Send your comments to him by clicking here.

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© 2005, Mortimer Zuckerman

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