Congress should allow pension cuts, but only for Congress. When Congress is willing to take the same measures for themselves that they are forcing on American citizens, then they will earn the respect of the people again. Otherwise, Congress needs to stay out of pensions. The companies entered into the agreements and should be bound by them.
In this current economic climate it is not a good thing for pension cuts to be happening to anyone anywhere. Congress should not allow this to happen as it will affect too many who rely on the income from their own pensions to live comfortably in the future and provide for their families.
The pension system that government employees currently have to look forward to will soon be over. This doesn't mean that Congress should renege on its promises to the workers. They spent their life living up to their part of the bargain and Congress should make sure that they do likewise.
Congress already has too much power and say over things and to implement cuts in pensions was not in the Constitution. People are dissatisfied with how much power they have and this could cause more protests. Not many people have pensions these days, but what they do have they want to hold on to and not have the government mess around with their livelihoods.