I picked up the October 31, 2005 issue of Time with “The Great Retirement Ripoff” cover. The article was terrible. It was so one-sided that it should have been titled as an editorial. The authors made no attempt to explain the situation other than to say Congress allowed everything to happen.
Of course I disagree with companies that leave their retirees high and dry. That should never happen. I think the prudent thing to do would have been to explain to the younger workers that the pensions were no longer going to be available and that they had better start utilizing their 401(k) rather than taking benefits from those who were already retired.
I’ll post more on this later.