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The Next Bailout: $165B for Unions
Taxpayers could be on the hook for another $165 billion if a bill to bail out private union pension funds makes it through Congress.A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers. The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people. As FOX Business Networks Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well. Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die. Its hard to say at the moment what the chances are that the bill will pass. A hearing is scheduled Thursday, which will give the public a sense of where political leaders sit on the topic, said Willis. Just last week President Obama said there would be no more bailouts. We know who the Unions own. I'm absolutely boggled. Puting us Taxpayers on the hook for the Unions' private pension funds. I hope to heck it won't pass. There's a promise with an expiration date measured in hours ... Posted by: Deacon Blues 2010-05-24 |
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