Good: Canada Min Says Govt Won’t Bail Out GM Pension Plan
But, the protests continue: Retired workers to rally outside politicians’ offices to protest benefits
This doesn’t mean I don’t think there should be a safety net for people whose pensions completely disappear, but Canada already has such a safety net. The articles mention the GM pension has a $6B shortfall and I’m curious what percentage of the fund that is. Assuming there is no government bailout and benefits had to be reduced to a sustainable level, would that mean a 25% reduction, 50%, etc?
My continuing point is that the government has never set the precedent of maintaining a private pensions standard of living. If we want to do that now, fine, but then we better do it for everyone.