Wolff's article, US Pensions: Capitalist Disaster, brings to the forefront the rapidly growing concern regarding unfunded and underfunded private and public pension programs. A surge in pension offerings occurred following World War II. Employees saw pensions as an attractive option for securing their future, while organizations saw it as a way to cut costs through compensation concessions and reduced employee turnover. However, mismanagement and underfunding of these programs has led the current shortfall of these programs t

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In the end, pensions were the hopes and dreams of millions of workers. Irresponsible management of these funds, by the organizations, has seen those dreams fall apart. Although laws have been put in place, with each piece of legislation come loopholes that seem to allow even more organizations to slip quietly through.

For my personal career, this article also provides a powerful lesson. An individual should not take for granted that benefits, such as a pension, will be there for him or her, when retirement time comes. The only retirement income an individual can truly count on is that which he prepares himself. This fact needs to be taken into consideration when compensation agreements are made. Although the idea of a pension is attractive, one must truly consider whether or not it will be there decades from now, when the time comes to claim the reward for so many years of service.

In addition, organizations may seek to counteract these increased costs, by reducing current labor costs. Outsourcing off shore is already a popular economic strategy, for many organizations. It is not unrealistic to consider greater outsourcing as a method to cut costs even further, should organizations be forced, in some way, to meet their pension commitments. A surge in outsourced jobs will mean increased unemployment in the United States. Increased unemployment will lead to lower wages and decreased consumer spending. This coupled with the need for the organization to increase revenues, which may lead to increased pricing, would significantly affect me.

The state of pensions does not directly affect me, personally. Like a majority of the other employees working in the private sector, my current organization does not offer a pension plan. However, this does not mean that unfunded and und

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