Reply #9: Social Security my ass- the idea is to eliminate all...

[TreasonousBastard]

funded pensions.

With all the noise about health care, everyone seems ot have forgotten about the huge numbers who will never see a private pension. First it was defined benefit plans being changed to defined contribution, then it was lowered funding of those plans bwecause it was assumed no one was gouing for the gold watch any more. Me, I've technically been in six or seven private plans, but won't see a nickel out of any of them. And I'm not alone by any means.

The first step that I remember was private pensions reducing their payments every time SS gave one of its meager COLA increases. That, in effect, made SS the primary retirement plan.

Various and sundry employer savings plans popped up back in the '80s, maybe earlier, and they were the precursors to 401K and othjer such plans. More importantly, they were the precursors to reducing funded pension liabilities, with the hope of eliminating pension funding altogether.

Once again, the battle is drawn on too fine a line-- it's not simply Social Security that is the fundamental problem-- it's ensuring retirement from whatever sources, private or public.