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| The Next Bailout: $165B for Unions |
| 2010-05-24 |
| 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 |
| #8 Well the government can just take over all the Pensions, IRA's, and 401k and put them into a government program - to make sure everyone gets their fair share. Russia did it. But Russia kept the peace by having armed troops at every intersection. But wait, Obama had legislation buried in the health care bill approving his private army . . . . |
| Posted by: gorb 2010-05-24 23:54 |
| #7 Well the government can just take over all the Pensions, IRA's, and 401k and put them into a government program - to make sure everyone gets their fair share. I mean is not fair that you, who worked and slaved and planned for your retirement should be able to live in comfort while some union worker, who's union mismanaged and raided their pension, should suffer for supporting the same union management. Or that you enjoy the benefits of your planning and sacrifice while your neighbor, who blew his money on Boats, Fancy Cars, and flatscreen TV's, has to do without. Where's your humanity? (yes.. I think I need a /SARC here...) |
| Posted by: CrazyFool 2010-05-24 23:32 |
| #6 Fuc& them. The unions are supposedly private. The unions got greedy but the members stuck with the unions anyway. They didn't do their due diligence, they pay the price. Why should I have to work so hard if all that is going to happen is that someone else makes me pay the price for some other guy's mistakes? |
| Posted by: gorb 2010-05-24 22:53 |
| #5 What? SEIU is too big to fail? Seems like we went through this some years ago with the Teamsters. Got pretty rough as I recall. |
| Posted by: Ebbang Uluque6305 2010-05-24 17:56 |
| #4 Patronage. The teachers are up next to loot the Federal Treasury as well to maintain the manner of life they're accustomed to. There hasn't been this level of open looting of the Treasury building since the British burned Washington. |
| Posted by: Procopius2k 2010-05-24 17:51 |
| #3 Why do the unions have to bailed out? Because they reliably vote demonrat? |
| Posted by: JohnQC 2010-05-24 16:43 |
| #2 We need to understand why union pension funds aren't doing well. Then we need to laugh. |
| Posted by: gorb 2010-05-24 16:35 |
| #1 Then do we own the unions like we own the banks, so who ever is the 'finger pointer in chief' can tell union leaders and pensioners what is acceptable pay and what isn't? /rhet question |
| Posted by: Procopius2k 2010-05-24 15:42 |