IBM freezes pensions, HAL laughs it up

Well, now even technological powerhouse has bowed to fiscal reality: “International Business Machines Corp., the world's biggest computer company, will cut its U.S. pension plans to help save as much as $3 billion in the next four years.” IBM pension deficit at $7.4 billion was fourth behind Ford, Exxon, and General Motors.

Companies, answering to stockholders, are facing up to their overextended promises. The U.S. government, answering to Baby Boomers, cannot. Down, down we go.