General Discussion
In reply to the discussion: Let me explain to you what happened to pensions [View all]Purplehazed
(179 posts)If you think that this is a conspiricy to transfer of wealth away from the worker, you're missing some history.
The mistake is made when you claim "part of the money that each employee earned was put into a pension account" This is dead wrong. The employee indeed helped the company earn this money but nothing ties the worker to any specific amount of money. This is important because companies that funded pensions might fund more or less in any given year due to business reasons. They might choose not to fund a pension at all in a particularly bad year. There's more. Companies and some Unions used pension funds to invest in risky and questionable activities. Pension fund embezzlement happened regularly.
My 2 grandfathers, each lost their pensions for the above reasons while they were in mid retirement. That is transfer of wealth away from a worker.