Democrat Introduces $165 Billion Union Pension Bailout Bill

 

From Bluegrass Pundit: **All credit for this post goes to Bluegrass***

Monday, May 24, 2010

In an attempt to payback their union supporters, Democrats are trying to put taxpayers on the hook for at least $165 Billion by putting the Pension Benefit Guarantee Corporation behind struggling union pensions.The final amount would be nearly unlimited depending on how long the recipients lived. Unions plan to spend well over $100 million on the 2010 midterm election.

FOX Business reported:

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.

 

http://www.bluegrasspundit.com/2010/05/democrat-introduces-165-billion-union.html

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ADD THIS:

SEIU Deadbeat Union’s $90 MILLION DEBT

As SEIU Terrorizes Bank Employee’s Son, HuffPo and MediaMatters Omit Deadbeat Union’s $90 Million Debt

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Unions to spend $100M in 2010 campaign to save Dem majorities

By Kevin Bogardus and Sean J. Miller – 05/21/10 06:00 AM ET

 At least two influential unions will spend close to $100 million on the 2010 election, with most of those funds going to protect incumbents.

Read more……

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Speaking of pensions and unions

If you loved TARP, were enamored with the government bailout of banks and financial institutions and orgasmic at the government takeover of GM and Chrysler, you’ll love this as well:

Legislation introduced last week could shift costs of union pension plans to taxpayers in an attempt to stave off organized labor’s pension funding crisis.

Senator Bob Casey, Pennsylvania Democrat, introduced the Create Jobs & Save Benefits Act of 2010 to address the funding problems faced by union-administered multi-employer pension plans.

Multi-employer pension plans have to cover the benefits of members, even if their companies are defunct. Currently the costs are shared among the companies that remain in the pool, but Casey’s bill proposes offloading them to the Pension Benefit Guarantee Corporation (PBGC), a federal corporation, which backs the pensions of 44 million workers, more than 75 percent of which are nonunion.

“Multi-employer plans face unique challenges that are overburdening pension plans and the bottom lines of companies,” Casey said. “My legislation would help correct these problems to protect the pensions of workers and unburden companies stuck paying a crippling expense that threatens its existence and the jobs of its employees.”

Casey said his bill would cost the federal government taxpayer [there, fixed it for him – ed.] $8 to 10 billion.

I choked right about here – it would cost $8 to 10 billion?

Continue reading here…..

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Is this Obama and the Progressive Democrats’ version of UNIONS too big to fail?

 

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Have you had ENOUGH yet America?

 

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NOT RACIST.

NOT VIOLENT.

JUST NO LONGER SILENT.