“Short” Comings?

As the recent bankruptcies of Delta and Northwest Airlines remind us, pensions are a precarious business. Once again, we—and, most particularly, the employees of those airlines—are presented with the stark reality that pension promises made in better times frequently are no more secure than the financial wherewithal of the institution that, once upon a time, made them. One certainly can have some sympathy for the individuals who have made an employment commitment predicated on those promises, most particularly for those who have already entered retirement.