Your May 16 comments on UAL's imposition of its pension obligations on the Pension Benefit Guaranty Corp. are right on the money ("Opportunity in UAL" editorial). The notion of "safety nets" for every social or economic challenge is now so inbred (welfare, Social Security, unemployment insurance, Medicaid, Medicare, PBGC and dozens of other programs) that "failure," in personal life or in business is only a concept; in reality the government will bail you out.
The most recent government megablunder was the savings and loan disaster of the 1980s. The government's "fix" cost taxpayers $200 billion. Our elected class is currently debating the financial well-being of Social Security, which will require $2 trillion to fix. And now we have another agency, the PBGC, which in one generation has spent billions to take over defaulted corporate pension funds, is $30 billion in the hole and is looking at potential IOUs of $1 trillion.
With the UAL debacle, earlier defaults of LTV and Bethlehem Steel, and warnings being flashed at General Motors and Ford, this agency, built on good intentions, can take us all down. I agree with you that voters should insist that the 535 elected elitists who foisted this problem on us should remove it by closing PBGC — sooner rather than later.
Boca Raton, Fla.