Those big companies weren’t planning on people living as long as they are.
They thought there would be a never ending chart of growth and enough workers to pay the benefits.
It’s bad that retirees are losing benefits, but how did companies not have the foresight to see that their plan was not sustainable?
Professional negligence.
They had access to actuarial tables, financial experts and world-class corporate planners to match their scope of business.
That's an excuse liberals usually give but it's not true. The average age of death from years ago) was lower because so many women died in child birth etc. If a white man born in 1900 made it to 50 years of age he had about the same number of years left to live as we have today. Lots of companies were bullied by Unions to offer more than they could afford to give... and since the 'giving' was in the future it was nothing more than kicking the can down the road...
“Those big companies weren’t planning on people living as long as they are.”
Those big companies weren’t required by law to fully fund the pension plans and other benefits, even though the benefits were compensation for work performed by the employees.