This article about United Airlines’ ongoing cash problems points out a serious problem for the American taxpayer. It seems that when a company defaults on a pension plan, the federal government (which is the taxpayers) get left holding the bag!
Of course, we also get some wonderful insights into the entitlement and class warfare mindsets here:
Betty has already started a mediation business on the side. “All of the benefits that I’d been promised during those 26 years have been erased by corporate American greed,” she says. “And yet I can see the big picture. I’ve said for three years that our pensions are history. No matter how many promises they make us, if the money isn’t there, it isn’t there.”
Notice she blames “corporate American greed”, but not the simple fact that the American consumer won’t pay enough for an airline ticket to cover what it actually costs to fly a plane. Most airlines have been running operating losses for the better part of a decade, and continue to cut prices on flights to get people in the seats. Quite frankly, I wouldn’t pay $1,000 to fly to LA, but that’s probably close to what it should cost to do it.
Of course, this also points out the folly of relying upon someone else to plan your retirement for you. “Betty” does mention that she’s started a company, but nothing about having saved for her retirement, even though she “saw the writing on the wall” for three years. She may have, in fact, set up a nice retirement account, and just didn’t tell the author of the article.
Tags: News, Politics by Brian Corbino
Comments Off