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More than that - those men in the OP worked at a UNION firm.
None of the "story" makes much sense. UNIONS were very strong in that time period - not only retirement pensions but good benefits, even for line workers.
Douglas almost went bankrupt before the merger with McDonnell - then they had to fight their way through the Oil Crisis of the Carter years and the Military showdown of the Clinton years. All the UNION strikes and work slowdowns didn't help the situation. Cost overruns, missed deadlines and delivery issues made them a bargain for Boeing when they bought what was left at McDonnell-Douglas in 1997. They offered to hire about half the workforce and move them to Seattle, offered buy-outs (which severely reduce pensions unless you are very, very close to retirement age) - this is a very biased "story" of men who made poor decisions.
McDonnell - Douglas History
Note the problems they had and the reduction in sales through the years - consider why that happened.
As to President Trump -- I'm going out on a limb here and betting he had absolutely ZERO to do with the Douglas Company, the McDonnell Company or the Boeing Company. I've known men who worked for all 3 and my family was also in the aero business during the same time-period and beyond.
Retired with pension and 401K. Saved our money, didn't run up debt, paid off a home instead of refinancing to get Cash for "stuff" and fancy vacations. The real oddity is that Job offers come in regularly, even from the Federal Government to go back to work. There just are not enough properly trained employees to do some of these jobs. Anyone who tells you that retirement is boring - Doesn't know how to Fish
Click on my avatar if you don't think I know how to fish! Actually, you are partially right; I don't know how to safely fish!
Years ago the unions would go after union busters with baseball bats. That was before security cameras. Those tactics faded away as the corporations were learning new skills to deal with the unions at the height of their power. They made all employees 'replaceable' - it kind of rhymes with deplorable! But those changes did not happen in the public sector. Civil service workers, teachers, policemen, firefighters, lawyers and judges had unions that were gaining in power. I think the difference is that, in the private sector, the companies go out of business if they cannot afford to pay the wages and benefits. In the public sector: bankrupt; so what!
I still have tools in my garage that I received from companies as 'safety awards' or 'service awards'. The last time I really got any good award was about 17 years ago. Now companies do not really care if we like them or not.
I did retire from the Teamsters about ten years ago. We also paid everything off before my official retirement date. But I like extra and what I do is making products for a noble cause. And; I do not have to pay to go to a gym; my current job gives me all the exercise that I can stand! Now who would want to stay home and gain weight while you can be sweating off your fat? Besides; I have five more years before I am supposed to croak!
Pensions were not the problem. Not funding them was the problem. Politicians making promises they had no desire to fund and knew they would not be personally responsible for were the problem.
CEO's agreeing to things that they knew would be a problem in the future but not caring because they get paid on the next earnings report are the problem.
Huge pensions have been what have killed companies like GM and states like Illinois. My FIL retired from GM with a huge pension at 54 and has now been retired longer than he worked.
States are going to have major problems in the future meeting their Pension obligations.
nobody said pensions had to be huge, there exists a sensible middle ground.
Pensions were not the problem. Not funding them was the problem.
Yes, this is very true. If you sign a legal contract saying you're going to pay someone, that money ought to be accounted for. Properly. And it should be the government's job to ensure it. Even a libertarian will tell you that fair contract arbitration is one of the fundamental responsibilities of government.
Entities like FASB are undemocratic, private rule-making entities that like to rewrite accounting standards in favor of the 'big money.'
Another thing I often hear is how the baby boomers had it so good because "good paying jobs" were everywhere.
In the late 60's and 70's there wasn't a safety net. You either worked or you went hungry, your choice.
Wrong.. there were welfare programs, but in the 50's and 60's they were state or county run. My grandmother had to raise 4 of her brother's kids and she got a cash stipend for them as well as clothing vouchers and free medical care at the county clinic.
In the 60's under Johnson welfare and associated programs were federally administered and included Head Start, the Job Corps, food stamps, medicaid, funded education, job training, direct food assistance. During the Nixon administration States were required to provide food stamps, and Supplemental Security Income (SSI) consolidated aid for aged, blind, and disabled. The Earned Income Credit provided the working poor with direct cash assistance in the form of tax credits.
Yes, this is very true. If you sign a legal contract saying you're going to pay someone, that money ought to be accounted for. Properly. And it should be the government's job to ensure it. Even a libertarian will tell you that fair contract arbitration is one of the fundamental responsibilities of government.
Entities like FASB are undemocratic, private rule-making entities that like to rewrite accounting standards in favor of the 'big money.' https://en.wikipedia.org/wiki/Financ...tandards_Board
Huh? It was FASB that created the rules for reporting the amount by which pensions were funded, if that had been around 20 or 30 years earlier far more companies and government entities would not have kicked the can down the road until they realized that they couldn't meet their pension obligations. I am surprised to hear anyone claim that accounting standards favor 'big money' or are a bad idea
Trump and his GOP cronies' goal was to bring us to third world status all along. They simply do not care about anyone below a certain income level. This is evidenced by their attempt at taking away our healthcare and now the tax giveaway to the wealthy. Anyone who didn't see that coming was delusional.
It's vital that we put a top to what they are attempting to do. It starts with the midterms this coming November. Remember...every vote counts!!! If we want to retire with dignity in this country there's no other choice but to boot out as many Republicans as we can. If not, they'll leave us in the gutter to die.
Years ago they were called 'scabs': https://www.urbandictionary.com/define.php?term=scab. Feelings ran very high as union brothers watched workers (many times from out of the area) take their jobs. It used to get physical very quick. There were other reasons that where violence replaced reason and it wasn't always the workers that started the violence; sometimes the companies hired goons.
My feeling is that security cameras and eventually smart phones stopped the violence. Now both the company and workers can record whatever happens.
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