Alex Tabarrok at Marginal Revolution notes United Airlines dropping it’s union pension plan… and with it about 134,000 workers… and muses;

Now, let’s review.  A large organization counts on its younger workers and continuing high revenues to fund the pensions and medical care of its retired workers but finds that rising health care costs, longer life-expectancy, and its own inability to control spending force it to cut pension benefits and switch to personal accounts.

Kinda makes you go hmmm…doesn’t it?

If you’re not getting this, think “Socialist Security”.

And by the way, we have the Unions to thank for this. They over-reached, casued the company to over-promise, and casued the collapse of the company.

And, ya know what? The same thing will be happening at GM, and Ford soon enough. In each case the pensions are the biggest headaches they have. Once again, the Unions are to blame.

And guess who the unions are, politically? The same folks who brought you Socialist Security.

Still think there’s no crisis?