The Next Bailout: $165B for Unions
FOX Business
Taxpayers could be on the hook for another $165 billion if a bill to bail out private union pension funds makes it through Congress.
Senator Bob Casey (D-PA) wants taxpayers to fork over $165 billion to bailout the troubled union pension funds.
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 Network’s 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.
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Wild Thing’s comment…….
For God’s sake where does it stop. God save America from these communists.
So the unions raid the pensions and use the money to get politicians elected , then the politicians raid the treasury to bail out the unions, affectively stealing from the taxpayers. Some scam that is sheesh!
Look at this:
Unions to spend $100M in 2010 campaign to save Dem majorities
At least two influential unions will spend close to $100 million on the 2010 election, with most of those funds going to protect incumbents.
Union officials told The Hill they plan to help endangered members — particularly freshmen — who made politically difficult votes in a year during which an anti-incumbent mood has filled the country.
And the number will be even higher since the AFL-CIO declined to give its figures.
While the labor movement has displayed an aggressive tack in Democratic primaries, including supporting some challengers over incumbents, it remains concerned about the party retaining its congressional majorities.
That was the reason Health Care was passed to bail out the Union pension funds. Because its leaders spent them into the ground.
So now the Unions are too big to fail ? How did they get into the red in the first place by over spending and chasing the communist dream of all people being equally enslaved to their minions.
What has obama done for the country. That he’s suppose to lead. He’s already spent over a trillon dollars to bail out their pension funds with Nationalizing Health care to the detrimint of every citizen and 20 million Plus Illegals.
We had better wake up in a hurry.
Ah, the ACORN union… fat, ignorant, racist, minority leftists (mis)led by ambitious, power-hungry, equally racist (though in a condescending paternalistic liberal “white man’s burden” manner), white leftist for personal gain… er, “social justice.” Gimme, gimme, gimme.
Another fleecing of the American taxpayer. Geez these people suck. Bunch of parasites looking for a free ride.
Mark, exactly.
This stinks to high heaven. They want our tax dollars to give the unions money so they can spend it on campaigns and donations to democrats next election. grrrrrrrrrrrrrr
Anonymous, DITTO that!!!
Jim, they really are parasites, I agree.