Posted on 08/21/2010 8:28:47 AM PDT by Mobile Vulgus
When will Obama's gifts to unions (at the expense of the taxpayers) ever end? On the heels of a $26.1 billion teacher union bailout, now Democrats are attempting to get Congress to give $34 billion of the taxpayer's money to the Teamsters because that union has mishandled its pension funds.
Senators Robert Casey (D., Pa.) and Rep. Earl Pomeroy (D., N.D.) are now pushing the bill that will bailout the Teamsters pension fund by altering the U.S. Pension Benefit Guaranty Corp. which currently charges insurance rates to the funds it helps to solvency. Under new rules the help the PBGC offers troubled pension funds will now just end up coming out of federal funds.
As Kevin D. Williamson of National Review informs us, as the PBGC law stands now the obligations that PBGC takes on to help "orphan pensions" are not obligations of the U.S. government. "Casey-Pomeroy would reverse that," Williamson tells us, "mandating that "'obligations of the corporation that are financed by the [fifth fund] shall be obligations of the United States.'" Yep, another gigantic bailout...
Read the rest at Publiusforum.com...
Equal protection is a myth!
Goshdamndest thing(s) I have ever seen.....these folks need a good literal tarring and feathering....=.=
Get used to it, they’ll be bailing out every one but the average tax payer who will be on the hook for it all.
bump
Teamsters? Can we pay them in mules?
I would willfully buy from Iran or PRNK before I would willfully give a dime to a union by buying a union made product!
At least Iran and PRNK are honest about their intent.
I would gladly have the U.S. bailout the Teamsters under three conditions.
1. Teamsters would no longer be allowed to lobby. All accounts would be forfeited to the IRS.
2. Teamsters would no longer have any right to collect dues other than those spent directly on negotiations.
3. Pension payouts would be at 25 cents on the dollar for current retirees. Payout for individual future retirees would be 1% for every year of service as of July 1, 2010, with no payout larger than 25%.
Teamster employees can instead participate in whatever 401K plan they are able to negotiate with the employer.
Unions are the ruination of this country.
No, I would make it a national 401k for all Teamsters, and they get a "Fee-Only" financial adviser to advise them on the choices. Also the plan would have a list of asset classes that would be the envy of many an employee.
This would wake up the rank and file as to the Kemp-Roth-Reagan vision of it is your money and you can do better than the Union Pensions.
This would make Conservatives and Republicans out them real quick when the numbers and the investment choices become serious money....
NO MORE BAILOUTS...STOP SPENDING...ITS REALLY NOT SPENDING ..ITS STEALING.
I have known something was stinky since I divorced a (then) Teamster in 2004. We used to get statements from his employer who was (forced) to put in 9 to 11K a year into the fund. (We used to get annual statements saying how much the employer was putting in, his future benefits, etc.) When we divorced, he had been employed there for 9 years. The Teamsters said his pension was worth only 17K.
Considering I only got 50% of $17,000 credited to me of what should have been closer to $90,000 (this was in a whole pool of assets, including my 401k, my car, house equity, etc.)....let them sink.
ping
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.