Tabarrok: The Canary is Dead

Now that that United Airlines is terminating its employee pension plans, Marginal Revolution's Alex Tabarrok says:

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?

Yup...sure does.