Can anyone identify the union proposed to be bailed out? Why does any taxpayer owe a union worker an insured pension? Are they now considered government workers?
If I was a betting man, I’d put my money on the UAW and SEIU being first in line for this proposed entitlement.
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.
I would bet that it IS the government worker unions this bill addresses.
All of them.