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 ...
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.
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.
We’re broke now - we can for Godot - he’ll save us.
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.
NO, NO, NO, NO, NO, NO, STOP, NO MORE!!!!
Yes, who is going to bail the American Taxpayer out?
Is it 2012 yet?
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...
NO! HELL NO!
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...
It's a hell of a lot more than 8M in the long run.
When the government commands and controls the entire economy.
or when we ALL work for the gubermint:
“Private pay shrinks to historic lows”
http://www.freerepublic.com/focus/f-news/2520837/posts
Does anyone know how you could tell this money is coming out of your 401K? Or how much. thank you
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.”
Is it in my best interest to drain my 401K and put the money under the mattress will that save me anything.
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.
Too many stupid Americans watching TV as ALL of TV supports Obama. Viewers empower him. A nation of fools.
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