May 13, 2005

by Reb Yudel
Year 5 of the responsibility era

Daniel Gross summarizes the United Airlines bankruptcy plan:

Tens of thousands of people who worked hard, and played by the rules, who met all their contractual obligations and planned for retirement accordingly--just lost at least one-third of their retirement income.

And not because they screwed up and made poor choices, but because the executives who ran the company and willingly agreed to fund the pensions screwed up and made poor choices.

Welcome to the ownership society!

The other two-thirds of their retirement funds will be paid by we taxpayers. For this management got millions of dollars in their bank accounts?

Privatize the gains. Socialize the loss. It's the Republican way.

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