« Goodbye Hank | Main | Fight Club; Republicans come to blows on House floor. »
May 12, 2005
United Airlines Bailout Illuminates the Failure of Private Safety Nets
A brief editorial:
I can think of no better argument to support staying George Bush’s privatization and partial dismantling of Social Security than the May 11 bankruptcy court victory by United Airlines that allows the company to dump its pension liability onto the American taxpayer.
We hear from the Republican leadership time and time again that coffers are better managed by private rather than public hands.
But time and time again, we have seen the Federal Government -- that is, you, me and all American taxpayers -- have bail out corporate managements when they cannot or simply choose not to meet their pension promises to retirees.
The United Airlines default shows precisely why increasing the private management of pensions is risky not only to pension holders, but to taxpayers alike.
Posted by MJuhre at May 12, 2005 02:39 PM