Corporate America Once Again Drops the FU-Bomb on the Workers.

[The Whiskey Priest]

“Alcoa announced Monday that it will no longer offer pension benefits to most U.S. salaried employees it hires beginning March 1, joining a list of companies looking to curb retiree benefit costs.

The new employees instead will get a more flexible, beefed-up 401(k) retirement plan, the company said.” http://abcnews.go.com/Business/wireStory?id=1512780

Alcoa is one of the nation's soundest blue-chip companies.

“U.S. Stocks Fall on Profit Concern, Oil Prices; Financials Drop
Jan. 17 (Bloomberg) -- The tailspin in U.S. stocks continued for a second week as the price of oil jumped to a three-month high and investors prepared for disappointing earnings from banks and technology companies. “http://www.bloomberg.com/apps/news?pid=10000087&sid=a6SzZRRaTyAs&refer=top_world_news


Corporate America is putting the working class into a crap game…where once a worker could depend upon a retirement at some point, today, he is at the mercy of the stock market. Economic stability for the worker just took another hit and it was all sanctioned by the Republican Party.
Well at least the Corporate Bosses still have their golden parachutes…nice to know there is some justice under the conservative right-wing republican party.

[Hobarticus]

1. Not breaking: Alcoa announces plan to pay employees in company stock

Not too far away, anymore...

[The_Casual_Observer]

2. It appears that the only "safe" retirement plans are government

ones, for Local, county, state and federal employees. And they say that socialism is a bad thing.

[Dunvegan]

3. Gov't "anything" isn't "safe" anymore ...

...with Bushco in the White House.

[neverevergivein]

4. I never said that. n/t

[Occulus]

5. This is why I invest $.00.

And I never will. There is no longer any guarantee that the money I put away now for the future will still be there when that future arrives.

I think we may as well face it- those of us 30 or under will be working until we simply can't anymore. Our parents were the final generation of Americans who will have the capability of "retirement", and even so, many of them are finding they have to go back to work.

WTF is the point of saving anything if we don't know if it'll be there when we need it? There isn't a point, at all.

I'll use my money now to make my life more enjoyable now, thanks. I don't want to find out, thirty or forty years hence, that all that money I saved and all those financial sacrifices I made in my youth added up to dick in return.

[Samantha]

6. Wall Street has wanted the pension and social security funds for decades

One might say they now have the first and are known to have been working on the latter.