Continued liquidation of the middle and working classes

[Brian_Expat]

United Airlines is likely going to end its pension plan. Over 100,000 employees who worked hard for United over the decades and helped it earn record profits and grow to be the world's largest carrier are set to have their retirements utterly gutted as their pensions are "replaced" and their payments collapse as a result. As a result, health care costs will increase and you and I will have to pay more in taxes to help the people who have lost much of their pensions and need federal assistance in their old age.

More of Bush's America. And it's only just begun.

More on United's pension-dumping:

http://www.denverpost.com/Stories/0,1413,36~26385~2346763,00.html

United Airlines said termination and replacement of all of its pension plans "likely will be required" for the company to exit bankruptcy and attract financing.

The airline made the statement in a bankruptcy-court filing Wednesday and delivered it to employees Thursday in a taped message.

It was the first time United has predicted the outcome of the crisis surrounding its pensions, which are underfunded by $8.3 billion. The company is refusing to pay $575 million it owes the plans this year.

United's four plans cover 120,000 workers and retirees, many of whom would face reduced retirement benefits if the government takes control of the pensions.

[bluestateguy]

1. There's your answer right there

That's why the most recent poll show's Colorado to be dead even.

[cthrumatrix]

2. this is shrub's version of "ownership society".... you fend for yourself

becuase corporation will not be forced to keep their obligations

[ayeshahaqqiqa]

3. A coal mining company

went bankrupt recently and a judge ruled that when it came out of Chapter 11, it could ditch the pension plan and the union contract. The union is suing because they said the company is using the bankruptcy excuse to get rid of the union....coal prices are high right now, and companies aren't that hard off....but some strategic mismanagement at the top can take care of pesky things like unions and those people with black lung....

[SheilaT]

4. Yep. It happens over and over again.

Union busting is an everyday occurrence in this country, ever since the firing of the air traffic controllers in 1981 under Reagan.

And some "conservatives" then blame people for making bad choices for the reason they have no health care or pension benefits. The bad choice sometimes was to work for a company -- like United -- for thirty years or more that then turned its back on its retirees.

For what it's worth, a lot of municipalities and schools and the like have huge unfunded pension obligations. So United Airlines is just the tip of the iceberg about this kind of thing.

[Paradise]

5. they're determined to get rid of the middle class.

the middle class is 'uppity', and this misadministration will not tolerate 'uppity'.