Andrew Gideon wrote:

They are bankrupt, and the pensions will now be paid by all of us.

It's quite dishonest in a very real way. The company contracted to make
payments that it is now refusing to make. Rather than selling off all
assets to help fund those promises, they've been passed on so you and I
will be paying them.

It's especially unfair to those of us that receive no benefit from
guaranteed pensions (because we don't get pensions).

As the Pension Guarantee Board is currently set up, only companies that
have guaranteed pensions will pay to make up the difference. Those who
don't get pensions don't have to pay.

However, as I noted in another post, the Board's obligations are getting
so big that Congress might have to step in to financially support the
plans.

The roots of the problem are similar to those affecting Social Security
and Medica The number of people paying into the plans has diminished
compared to the people collecting money. Further, many of the private
plans invested in the stock market, and the value of the money invested
tanked along with the market, meaning there now isn't enough money to
fully support all those who are expected to retire and collect
benefits. Many of the companies are close to bankruptcy, so they can't
afford to increase contributions. It's a catch-22. They make partial
payments and go bankrupt, or they don't and perhaps stay solvent. Either
way, the employees lose.