The Big Freeze

This article is about how many companies are freezing their employee's pensions in favor of profits. Personally I believe this has bad things written all over it. With Social Security slowly but surely being cut off, those that are 20 or 30 years into their careers assuming that their savings will only need to be minimum at best are prone to be hit doubly by a loss of both Social Security and weakended pensions. This, along with ever increasing life expectancies, could create a huge poverty increase especially with baby boomers nearing retirement. I'm not sure in what way it will effect the entire economy, but I believe that companies should be more aware of the future of their employees. Those joining in to the workforce today and in the near future would be wise to keep their savings private and avoid reliance on things like social security and pensions simply because there's no way to ensure their reliability.