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Lawmaker Introduces $165 Billion Union Pension Bailout Bill
FoxBusiness.com ^ | 05/24/2010 | Erik Berte

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 ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Government; News/Current Events; US: Pennsylvania
KEYWORDS: 111th; bobcasey; democratcongress; democratcorruption; democrats; economy; elections; liberalfascism; obama; obamabrownshirts; obamavoters; pbgc; pensions; spreadthewealth; stealthewealth; taxcheatparty; taxes; tyranny; unioncorruption; unionpensions; unions
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To: nascarnation

Surely, the Republicans will stop this from happening - they don’t get Union votes anyway, or not many.

If this does happen, America as we know it is doomed - there will be no rolling back the Obama BS.

Also, anyone that goes into the private sector seeking a career is going to have a rough row to hoe from now on.


61 posted on 05/24/2010 2:30:45 PM PDT by unique
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To: OldGoatCPO
GOP already bad guys to Unions. It will make no difference, Unions will spend money to attack GOP no matter how they vote. Since Unions now make up a very small percentage, I want this voted down.

I too want this voted down. Matter of fact, I think it's criminal to take tax payer funds and prop up ANY pension fund.

62 posted on 05/24/2010 2:35:25 PM PDT by teletech (Say NO to RINOS!)
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To: Painesright

We’re broke now - we can for Godot - he’ll save us.


63 posted on 05/24/2010 2:40:41 PM PDT by GOPJ (...man was meant to be doubtful about himself, but undoubting about the truth-Gilbert K. Chesterton)
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To: Painesright
Well, I have read that unions plan to spend $100 million on the 2010 campaigns in an attempt to protect Democrat incumbents. So this bill only makes sense. The unions, like the trial lawyers and the abortion industry, is nothing more than another laundromat for washing public tax dollars on their way into Democrat campaign war chests.
64 posted on 05/24/2010 2:41:25 PM PDT by Lancey Howard
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To: April Lexington
$165 million IS paltry, but have no fear...

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.

What the article doesn't say is why the pension funds are so underfunded: They used the money to elect Obama and other Democrats in the 2006-08 cycles.

They want to establish a permanent slush fund for the election of Democrats.

If all 41 don't filibuster this, it really IS the end of the Republican party.

65 posted on 05/24/2010 2:52:01 PM PDT by denydenydeny (The welfare state turns us all into zoo animals, mouths open, waiting for the next feeding.)
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To: Painesright

NO, NO, NO, NO, NO, NO, STOP, NO MORE!!!!


66 posted on 05/24/2010 3:08:31 PM PDT by JPG (Mr. Gore, we have a warrant for your arrest...put your hands behind your back.)
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To: Painesright

Yes, who is going to bail the American Taxpayer out?

Is it 2012 yet?


67 posted on 05/24/2010 4:54:27 PM PDT by Taxman (So that the beautiful pressure does not diminish!)
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To: WayneS
the pension board greatly reduces your pension based on your age....that happened to my husband who after 27 yrs of faithful service was kicked into the pension board....he got maybe 1/3 of what he should have gotten if he had the full pension.....

there is no cola...what you get is what you get....

interesting to see if these high and mighty auto workers get a lot more money than the other poor slobs...

68 posted on 05/24/2010 5:07:22 PM PDT by cherry
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NO! HELL NO!


69 posted on 05/24/2010 5:29:10 PM PDT by FreeStateYank (I want my country and constitution back, now!)
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To: Buckeye McFrog
Which is another way of saying, you will make him look smarter than he really is.

You know, this traitor, like Obama, doesn't care what you call him, so long as he has the final word.

So long as he maintains his boot on the throat of the dissenters, that is...

70 posted on 05/24/2010 9:26:04 PM PDT by Publius6961 (10% of muslims, the killer murdering radicals, are "only" 140,000,000 of 'em)
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To: WOBBLY BOB
SEIU Official Says Reforming Immigration Could Add 8 Million Democratic Votes

It's a hell of a lot more than 8M in the long run.

71 posted on 05/25/2010 7:02:22 AM PDT by ding_dong_daddy_from_dumas (Pat Caddell: Democrats are drinking kool-aid in a political Jonestown)
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To: Painesright
Where does it stop?

When the government commands and controls the entire economy.

72 posted on 05/25/2010 7:03:58 AM PDT by facedown (Armed in the Heartland)
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To: facedown

or when we ALL work for the gubermint:

“Private pay shrinks to historic lows”

http://www.freerepublic.com/focus/f-news/2520837/posts


73 posted on 05/25/2010 9:57:22 AM PDT by WOBBLY BOB ("The welfare of humanity is always the alibi of tyrants"-Albert Camus)
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To: Painesright

Does anyone know how you could tell this money is coming out of your 401K? Or how much. thank you


74 posted on 05/28/2010 1:48:31 PM PDT by gmmb
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To: gmmb

Yep, it is all very clearly indicated what is savings from 401K money.

Their line will be “we ALLOWED you to save this money tax free, so we have the right to take it if we need it.”


75 posted on 05/28/2010 8:12:05 PM PDT by Painesright
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To: Painesright
It doesn't. It didn't stop with the brownshirts, and now it continues with the purpleshirts.


76 posted on 05/28/2010 8:13:41 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: Painesright

Is it in my best interest to drain my 401K and put the money under the mattress will that save me anything.


77 posted on 05/29/2010 5:08:09 PM PDT by gmmb
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To: gmmb

I wish I knew... there is simply no safe place for hard-earned money anymore.

Those who are “less fortunate” have declared it their right to take it from those who earned it, and the politicians are only too happy to rob the producers in exchange for the votes of the moochers.

A sad state we are in, indeed.


78 posted on 05/30/2010 11:33:11 AM PDT by Painesright
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To: lurk

Too many stupid Americans watching TV as ALL of TV supports Obama. Viewers empower him. A nation of fools.


79 posted on 03/07/2011 3:22:52 PM PST by Frantzie (HD TV - Total Brain-washing now in High Def. 3-D Coming soon)
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