In the debate about whether to bail out the Big Three automakers or let them go into Chapter 11 (an issue about which I’m still genuinely on the fence), one of the commonly-repeated talking points I keep hearing from the anti-bailout crowd is that Chapter 11 would allow the automakers to “dispose of legacy costs.” It’s pretty clear what that actually means, however, and why the Chapter 11 proponents don’t want to call it what it is: Screwing the pensioners.

Now some will doubtless object that the federal pension insurance will cover the pensioners, but there are two problems with this. First, this insurance will only pay a fraction of what the pensioners are currently receiving, and secondly, it makes those payments on the taxpayer dime, which means that from that perspective, we’re screwing both the pensioners and the taxpayers.

Now maybe this is unavoidable at this point — maybe the pensioners can’t fully be saved. I don’t know. But when we’re talking about real people, real benefits, and real jobs, we should at least be honest about what it is we’re talking about doing.