Governor Granholm Called to Underfund Pensions 6 Years Before Company Bankruptcy [Michigan Capitol Confidential]

Governor Granholm Called to Underfund Pensions 6 Years Before Company Bankruptcy [Michigan Capitol Confidential]: 

There is no natural constituency for properly funding pensions

"...talking points from a 2003 speech by former DEMOCRAT Gov. Jennifer Granholm at a Delphi plant (now Nexteer) in Saginaw. 
She made this point:
"Because many of our manufacturers provide their employees with defined benefit pension plans, they are required to set aside unrealistically high reserves to meet future obligations. 
This siphons off company reserves that could better be used to invest in new technologies, new plants, and advanced training for workers."
Within six years, the company would be in bankruptcy, the employee pension plan was terminated and taken over by the Pension Benefit Guaranty Corporation. 
That government agency, for its part, also has an underfunding problem. 
And because not enough money was set aside for Delphi retirees, pensioners took major cuts to their benefits..."
Read on!