Who Needs a Pension?

When the US Congress recently overhauled the bankruptcy laws, making it far more difficult to declare bankruptcy, the executives of United Airlines must've been nervous. But when they saw that it only affected poor people and not big corporations, they must've breathed a lot easier.

Yesterday, a bankruptcy court allowed United to bankrupt its pension plans, allowing United to renege on the contractual obligations they had made with their employees. The pensions will now be picked by the federal government; that is, the taxpayers, but only at 50 cents on the dollar.

But rest easy, United retirees, if you get hungry, you'll find the dog food in aisle 4.