Indeed, this is the dirty secret of short term do it now policies that feed monies promised to Union Employees Pension plans to corrupt bosses who use it to buy influence or just steal it from the fund in various ways.
Been that way since the early days, watch the movie Hoffa and it is right there in front of you.
My brother belonged to the printers union in Illinois, worked for 30 some years. They went bankrupt, and the Teamsters bought them out.
He was promised 75% of his pay as a pension. I think he said it was around 650 a week.
Within a year of the Teamsters taking over his union, his pension was reduced to like $125 a week. Less than SS.
He was a union man his whole life.....
The “solution” is a loan program for Seniors?! That would have the same effect that reverse mortgages have on home equity. Loans have to be repaid. They’d be repaid with assets upon death. It’s another nail in the coffin of the middle class, while the rich (and those who mismanaged the pensions) get richer.
How about taking the money from welfare and Medicaid payments-especially to illegals?
Save Our Pensions means taxpayer bailouts.
Too bad. Let it run out. I saved for myself. Screw those that think they can live off the tit because they worked for 20 years or so and expect to get paid forever.
Hey John Kasich,
Where have you been while the states pension fund has been failing?
Oh that’s right, you’ve been deluding your ass in to believing you are presidential material.
Hey pal, you couldn’t carry The Donalds jock.
The vulnerability of union pension funds is that the funds are not necessarily invested with an eye to maximum returns and security.
I’d like to see the unions stripped of control over the funds. Have insurance companies bid for taking over the funds and offering annuities to retirees (which may not be as high as the union people were expecting, but that’s life).
This might be an opportunity.
Make the government employees understand that the viability of their pensions is totally dependent upon the financial health of their state (and its attractiveness to the TAX PAYING middle class) and their allegiance to the Democrats’ policies may reduce.
Unions again...
Find the Democrat politicians who promised things that could never be delivered, and get the money from them.