"There were billions in promises to retirees for pensions and healthcare and death benefits and life insurance, and the companies figured out that if they cut or eliminated them altogether then they could get those billions in profit -- and even use them for executive compensation," Schultz explained in a recent interview with Salon. Workers in the private sector whose pensions were cut either had no idea what was happening, or wrongly believed that their pensions were crippling their employer.

We've all heard the 'CEOs are greedy' line before. But how does that affect the rest of us?

The problem is that now millions of people who have worked their entire lives, which should allow them to live a comfortable and secure life in retirement, instead find themselves facing financial difficulties and insecurity. Many of these retirees may have to rely on public assistance to get by, putting a strain on our society. "Without Social Security, a lot of these people would be destitute," Schultz says. "In many cases, that's all they have."

Many Americans investing only through 401(k)s or IRAs are hesitant to spend money in the current economy, for fear that they won't be financially secure when it comes time to retire. Moreover, those who have access to 401(k)s in the private sector often are unable to set aside enough money in them, don't know how to invest, and are ill-prepared for the market crashes that have come all too often in the last decade. The plans that are meant to replace pensions simply aren't working to ensure an adequate retirement for many people.

Pensions have consistently provided a boost to the economy, supporting retirees, creating jobs, and providing tax revenue. National Institute on Retirement Security (NIRS) director Diane Oakley recently testified before a Senate committee, saying, "Pensions are a 'high five' for the U.S economy: investing $5.35 trillion in assets for the future, keeping some 5 million retired Americans out of poverty, supporting 5.3 million American jobs, and delivering retirement income at nearly 50 percent lower cost than individual defined contribution retirement accounts."

Over at The Motley Fool, Maranjian argues that corporations should rethink pensions and how we might bring them back to the private sector. "According to NIRS, people without pensions are six times more likely to be living in poverty than those with pensions," she writes. "Those folks cost society, via public assistance, and they're much less able to spend money and support the economy. Government pensions are valuable, too. The NIRS estimates that 'each taxpayer dollar invested in state and local pensions supported $11.45 in total economic activity, while each dollar paid out in benefits supported $2.36 in economic activity.' And best of all, there's a strong case to be made that pensions are more cost-effective than alternatives in providing retirement income."

The demonstrated benefits of public employees' pensions should be something every corporation keeps its eye on.

Without spending, investing and a healthy economy, the private sector suffers as well. And without retirement savings for a growing population, things will only get worse.

"I think we're seeing how critical it is to see some absolute guaranteed benefits in old age," says Ellen Schultz. "I could see that if people didn't have that, this country would start to look a lot more like a third-world country. "

Update: You can read more on how employers are raiding pension plans in Ellen Schultz's most recent, timely column in The Wall Street Journal.