You mean, getting rid of people who had been promised deferred compensation, before having to make good on it? That was the deal with old-skool companies, remain loyal for 30 years then ease your way into retirement. GE got the loyalty then shafted those guys.
In India many old people got shafted both the ways being asked to take voluntary retirements and being subjected to high inflation rates at the same time.
Well, you can, or no obligation means anything anymore. Why should a company even pay you your wages if things are a little tight this month, by that logic?
Its just people woke up to the fact that socialism wasn't a feasible model anymore.
These are debt obligations at the level of a country. On 'your' investments.
This is totally different than saying a person should be given a job, even if they don't work.
Jack Welch was simply doing long pending layoffs.