Jake Johnson at Common Dreams writes—As Millions of Workers Face Pension Cuts Thanks to Wall Street Greed, Executive Benefits Remain Lavish:

In October of 2008, while the economy was in the early stages of what the IMF called "the worst recession since World War II," the Washington Post reported that the "stock market's prolonged tumble has wiped out about $2 trillion in Americans' retirement savings in the past 15 months, a blow that could force workers to stay on the job longer than planned."

Thanks, in other words, to Wall Street's reckless and criminal behavior, workers who were promised a secure retirement were cheated out of the benefits they worked hard — for decades — to attain.

Which brings us to 2016: Just over a week ago, the Washington Post reported (déjà vu?), "More than a quarter of a million active and retired truckers and their families could soon see their pension benefits severely cut — even though their pension fund is still years away from running out of money."

Why?

"Like many other pension plans," Jonnelle Marte explains, "the Central States Pension Fund suffered heavy investment losses during the financial crisis that cut into the pool of money available to pay out benefits." This fact has pushed what is "one of the nation's largest pension funds" to "reduce benefits for retirees," provided that such a move will "improve the solvency of the fund."

If the Treasury Department approves the cuts, it would set a precedent that "could encourage dozens of other pension plans across the country that are facing financial struggles to make similar cuts."

So, one of the last remaining sources of economic security for millions — as the Post correctly observed back in 2008, "For many Americans, pensions and 401(k) plans are their only form of savings" — is crumbling under the weight of a financial collapse sparked, in large part, by the actions of large financial institutions (actions for which these institutions' chief executives were never held accountable).

Put another way: Its socialism for the rich, while everyone else picks up the costs. [...]