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Hey ! I'm AOC and I just cost New York 27 Billion in Tax dollars !

Raoul_Luke

I feel a bit lightheaded. Maybe you should drive.
Pensions are agreed-upon compensation for services already rendered, of course. And the fact that bankruptcy laws are written to benefit employers at the expense of workers with whom they have contracted merely underscores how big a lie the claim of “voluntary employment” in a “free market” is.
If it were meant to be a guarantee, it would have been paid out in the present, rather than as a promise to pay in the future.
 

EatTheRich

President
True or false - as corporations have gotten bigger, the percentage of all employees that are unionized has declined.
True (I think), courtesy of war and repression. And of course the economy has suffered as a result, major corporations have verged on bankruptcy, and living standards have dropped.
 

EatTheRich

President
If it were meant to be a guarantee, it would have been paid out in the present, rather than as a promise to pay in the future.
Nope. Paying it in the future allowed the corporations to defer costs until they generated sufficient capital, and workers to hedge against the inflation that would have eaten it up if it had been paid as present compensation. The whole point of a defined-benefit pension is that it is a guarantee.
 

Raoul_Luke

I feel a bit lightheaded. Maybe you should drive.
Nope. Paying it in the future allowed the corporations to defer costs until they generated sufficient capital, and workers to hedge against the inflation that would have eaten it up if it had been paid as present compensation. The whole point of a defined-benefit pension is that it is a guarantee.
It was not a "guarantee" - it was a promise. If it was a guarantee, it would have necessitated it being been funded at 100%, which, of course, it was not - and, of course, is why the "promise" has been able to be broken.
 

EatTheRich

President
It was not a "guarantee" - it was a promise. If it was a guarantee, it would have necessitated it being been funded at 100%, which, of course, it was not - and, of course, is why the "promise" has been able to be broken.
It was funded, until the bankruptcy swindle enabled the bosses to get out of it. Instead they could for example have turned the company stock over to the pension fund to pay for their unfounded liabilities.
 
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