Re: United Airlines’ plan to terminate its employees’ pension plans
It's kinduv like a corporation declaring bankruptcy and not having to make good on its liabilities (pensions).
A lot of companies with strong unions negotiated pension deals with the company that the company has no way of paying off (General Motors, others). The company knows it can't afford it but the problem doesn't effect it for a generation so most of the managers who made the deals are gone by then.
The same thing is going to happen with SS in 20-40 years since it suffers from the same problem of not having any assets to pay off its liabilities.
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