NYT slashes retirement benefits

This kind of thing is why unions are so important. As long as it's in the contract, they can't arbitrarily do it without renegoiating. And it's also why it's best to have the pensions in the hands of the unions, rather than management.

 

Breadlines haven't formed yet.

Give it time.

 

Frederik, The Great Depression unemployment rate hit something like 25 or 26 percent and hovered in the mid to high teens throughout the 30s and into early 1940s.

To compare, the current national unemployment rate just hit a 14-year high of 6.5 percent, according a story today by the LA Times.

Sorry, but the media HAS overblown the similarities between this recession and The Great Depression, outside of a NY Times story last week that actually spelled out stark differences.

 

We're no where near the Great Depression.

The masses aren't starving. Most people have jobs. What's true is that many, many people are under-employed.

For instance, most journalists who are laid off will find work somewhere, just not at the same salary and probably with no benefits. You're still feeding your family, but probably way behind on your bills.

I think we're heading to a depression if something doesn't change, but there are factors out there delaying the inevitable.

Credit cards are getting maxed out everywhere. Mortgages are not getting paid. Hell, maybe the government will even pay your mortgage for you for a couple of months and bailout your bank, but like I said: If something doesn't change, the free ride is going to end at some point. And then we'll be in a depression.

Edit to add: I agree with IGQ.

 

In this case, only the non-union employees' retirement packages are being rejiggered.

 

Right. That was my point. When you're union, it's a helluva lot more trouble to jerk you around.

 

But there are always going to be plenty of jobs - even in a union shop - that aren't covered by the union agreement. It's not like the current crop of NYT employees with their retirement in jeopardy elected not to join the union.

 

Yes, I know. And I feel bad for them. I'm just saying, if you're union, you ought to appreciate some of the protection that comes with that.

 

Also, many people are further behind on their bills than they need to be, ie, they're also worried with keeping up with the Joneses - gotta have high speed, gotta have cells for the entire family, etc, etc. There needs to be a sea change in US consumer attitude.

 

That sea change would result in even more people losing their jobs, wouldn't it?

 

Yeah, if people would watch their pennies and just stick with dial-up, maybe newspapers would remain a viable alternative to the ... damn ... slow ... process ... (yawn)


... of ... getting ... (crickets)


... one's ... news ... Zzzzzz


... online.