May 11 2005
Another Pension Fund Decimated
They did it again. The bankruptcy court is
allowing United Airlines to renege on it's pension plans as it promised its
workers and scrap it's pension plans to prop up a failing company just like
they did for Pan Am. Pan Am failed anyway and while the pensions that
were promised by Pan Am are backed up by a federal guarantee the benefits
gotten from it are just a fraction of what was promised and the guarantee
fund is quickly going broke.
Promises are totally meaningless whether they
come from the U.S. government or a private corporation. Just like the Social
Security fund is a myth, the money is gone and spent, Pan Am spent the pension
funds and now UAL is about to spend the pension funds. These entities made
contracts with people in return for labor and now the courts has chosen to
invalidate those contracts. This is totally absurd and unacceptable and should
not be allowed.
In my opinion this is promoting wacky and
irrational spending policies by everyone involved that is addicted to the
money drug and actions like this may very well cause the fall of the country
that I love.