UN Faces Billions in Retiree Health Care Obligations
According to internal documents examined by FOX News, the U.N. has roughly $2.4 billion in unpaid retirement health insurance obligations for its staff alone, as of the end of 2007. When the sprawling U.N. system of programs and organizations around the world is thrown in, the total could be more than $4.9 billion, as tallied in a March 2007 report.
Not all parts of the U.N. universe are equally affected by the health insurance crisis. The $5 billion United Nations Development Program, for example, had a liability of roughly $466 million at the end of 2007, but has since funded more than half of it. At the United Nations High Commission for Refugees, the liability hit was $308 million, at a time when the agency’s global expenditures have been rapidly increasing.
The U.N.’s health insurance deficit is similar to problems that have threatened to crush private sector organizations. U.S. automakers, which granted gold-plated pension deals to their retiring employees years ago, are still struggling to fund those payments, even as American car sales have dwindled.
Hmm, so we are in a crisis… but looks like that UN is, in itself, THE crisis. What about using the money we put into huge international organizations with no financial control from citizens, into the financial market to make citizens richer and not just those bureaucrats?
Blogging for a free world 
[…] UN FACES Billions in Retiree Health Care Obligations …. […]
Steynian 267 « Free Mark Steyn!
October 9, 2008 at 11:34 pm