Posted on 05/24/2010 11:36:59 AM PDT by Painesright
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 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.
It’s 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.
(Excerpt) Read more at foxbusiness.com ...
Tar and feathers.
Shouldn’t those who mismanaged, and skimmed the pension funds be responsible for correcting it?
Oh wait, those would be the union bosses; The Won cannot dismiss them.
Bob Casey and his union pension bailout scheme
One of the costs that’s currently bankrupting New Jersey is the cost of funding the unions’ pension plans.
We are billions of dollars behind in our payments, and we have billions more to pay before it’s all over.
So believe me when I say that any attempt to bail out unions and their pension responsibilities is a very, very bad idea for a government to consider.
Why bring it up? Because legislation introduced last week by Senator Bob Casey, a Democrat from Pennsylvania, would require taxpayers to fund union pension plans “in an attempt to stave off organized labor’s pension funding crisis.” A similar bill in the U.S. House is sponsored by Earl Pomeroy (D-ND) and Patrick Tiberi (R-Ohio).
The bill covers union-administered multi-employer pension plans, which continue to pay member benefits even if the companies that fund the plans go out of business. Casey would have them all brought under the Pension Benefit Guarantee Corporation (PBGC).
It’s estimated that the bill would cost the federal government (us) $8 to 10 billion.
It stops in the gulag, when your heart no longer works or your brains are splattered all over the ground.
Study: States must fill $1 trillion pension gap
http://www.msnbc.msn.com/id/35448576/ns/us_news-life
Gubermint unions are bankrupting our country...it’ s us VS. them (private sector against public)
—nowhere is it more true than CA an NY. They are the models of our pending demise. don’t expect in government to take any serious action .
http://www.pensiontsunami.com/public.php
I always came out on the Swirlie side of the argument.
They must be brought to realise that largesse given to them is TAKEN from someone else in the first place.
we got to take care and Pay Off our workers and bubby in the states
“Just last week President Obama said there would be no more bailouts.”
HE LIES!!
if you in a Pension get your money out now
Somebody needs to tar and feather the Senator for introducing this bill.
If you tar and feather Bob Casey, you will make him look like a bird.
Which is another way of saying, you will make him look smarter than he really is.
Once again, the struggling middle class will bail out rich union thugs....
This cannot happen - once we start bailing out pension funds there is no end to it.
The Messiah was crucified.
Bob Casey is too stupid to have come up with this all by himself.
“Just last week President Obama said there would be no more bailouts.”
HE LIES!!
You know the spin will be “this is not a bailout, we are just keeping faith with Working Families!”
eliminate the pensions!
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.