Skip to comments.Unions want to dump pensions on taxpayers
Posted on 04/06/2010 7:06:18 AM PDT by rvoitier
Legislation introduced last week could shift costs of union pension plans to taxpayers in an attempt to stave off organized labors 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.
(Excerpt) Read more at dailycaller.com ...
I think the headline should read:
Unions want to dump Taxpayers pensions on Unions
They want our 401(k) funds like a heroin addict wants his fix..........
A while back Glenn Beck showed a chart of plummeting SEIU pension funds that correlated perfectly with Andy Stern taking over. Personally I think forcing the taxpayers to pick up the tab was the intent all along.
Another direct transfer of wealth from US taxpayers to union parasites. Hope and Change.
You’ve got to be kidding me? WHEN will people realize that labor unions have becaome partisan political activist groups? Just look at the mining accident in WV yesterday. That mine was cited in the past for not being safe. Did the United Mine Workers Union do anything to improve workplace safety for their members, or just take their dues money to campaign for democrats? It’s maddening!!!
What was contributed
What was it's actual ROI
Minus what was borrowed and spent on worthless crap.
The rest is what you get to retire on.
Deal with it.
This makes your SS contributions look great until you get to the third line where you realize that the US Gov has borrowed and spent it all leaving you with nothing.
This November you get to "deal with it."
Unions for the most part outlived their usefulness 30 years ago. Now they just soak up money from both ends, the government and the workers.
My guess is the federal pensions are the safest with the military and especially VA payments being at the top of the list. It would require quite a bit of chutzpah to start reducting thouse directly, although there are certainly other ways to indirectly reduce pensions and benefits.
unions are scams.
i had a ups driver recently tell me
“it’s all bushes’ fault’.
not to mention,
unions are morons.
How long do unions, who have priced their goods/services out of the market, think they’ll be able to continue leaching off the dwindling ranks of producers in this country?
“More interestingly, pension funds of union staff and officers are well-funded in the 90-plus percent range while the funds of labors rank and file suffer.”
The rank and file should be hunting union administrators down in the streets like the vermin they are.
They did this in Oregon and then after we tried to get rid of it, the state Surpreme Court said it was a contract and couldn’t be repealed.
Learn from CA and OR...”Just Say NO!”
We should stop forcing employers to play collection agency for the unions and let the unions pass their own collection plate around.
Do that and the unions will begin to fracture in a hurry as disgruntled members begin to rebel with their wallets. After all, a lot of members aren’t members by choice. I was a union member once but it wasn’t because I wanted to be, it was because it was the only way to get the job.
In my view unfunded pension liabilities is the giant elephant in the room. Public pension liabilities need addressing pronto. In my view caps on the amount need to be implemented - equivalent to the maximum social security payout or the actuarial value of the contribution. The fiscal stupidity of a % of highest year salaries has to go. The same goes for private sector union pensions. No bails out without a switch to defined contribution plans.
Yes. If the American people do not deal with it this November, then as Billy Joel said,
“Go on and cry in your coffee, but don’t come bitchin’ to me”
I thought the PBGC already did this.
Put “everything on the taxpayer crap” is going to blow up!
Why? Why not just make them sign up for welfare instead? They support the party of welfare, so why not just equalize the playing field among democrats? What would they, of all people, have against getting on welfare? Do they think they're somehow better than their fellow Oboma supporters?
So, they are having a problem paying for the rich defined benefit plans they used their power to demand from industry - then put the companies out business with their costs and are stuck. Well you know what they say about paybacks. If it was a company’s pension plan the unions would complain about CEOs salaries and force them to pay. Since they run these plans now, they have no one to blame but themselves. Guess what, those corporate profits you complain about were funding the stock prices in your investment portfolio for the pension. Government isn’t bailing out my 401k losses. After all, the pensions could have all been invested in government securities, but I guess the unions got âgreedyâ. Here is a solution - suck it up and just raise your union dues to cover it or cut benefits.
Just as every cop is a criminal, and all the sinners saints . . .
Casey, in the finest tradition of Democrats including Hussein, is attempting to buy the union vote.
Just like Hussein did, and then he delivered big time, with the $787 billion “stimulus.”
It HAS been discussed.........
“Study: Calif. pensions underfunded by $500 billion”
If history is any guide, once they price their goods off the market, the government will step in, take the business away from the stock holders, and then run it at a subsidized loss. Meanwhile, the unions will gain semi-ownership of the business and their cush pensions will go on forever. Isn't fascism wonderful?
This entire regime is nothing more than a gang of criminals raiding the Treasury.
“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.” —Alexis de Tocqueville.
de Tocqueville was right about something.
Casey is worthless as a Senator.
They’ll TRY anything.
repeal NLRA bump
I’ll bet dems back this one - why shouldn’t union retirees get full massive benefits while the rest of the country goes broke? Really. They’re “DEMS” - they’re special.
Would it make sense to empty out one’s 401K to pay down debt, if this thing gets passed, or before?
I know most people say that’s a no-no, but if the money’s going to be stolen anyway...
I do not think so.
If the state constitution is changed, the court wouldn’t have
What do you not think so?
Plenty of time to act before anything like this could ever become law.
That said, how old are you? You will take a 10% hit if you are younger than 59.5 years (on top of income tax).
How much debt do you have and what kind? Paying off a mortgage might make sense if you could pay it all. Then you'd have extra cash every month, but where would you put it?
Does your debt exceed your 401k/IRA holdings?
If you decide to do it get it done this year. Next year the taxes on all income (including unearned income) will rise.
Sucks that we’re going to end up paying for this too. :(
As someone who prepared to defend his home (w/father and brothers) with firearms and whose sister was harassed by the thugs on a dark country road, unions do have a place...in theory.
The theory is to protect workers from a runaway dictator/owner deviating from reasonable wages/conditions.
However, what unions have come to represent is a mean to the end of destroying capitalism by any means. Reasonableness be damned.
I’m in my twenties; Hubby (the worker) early thirties.
Our only debt is credit card and vehicles; under 10k, altogether. We could pay off about 60% with what’s in our 401k(not accounting for extra taxes or penalties). If we did that, we could pay off the remaining 40% in a few months.
The blood sucking union thugs & bosses can EAT DIRT as far as I’m concerned and they better keep their hands off our 401K’s and IRA’s.
That we should pay for union members bennies out of our
pockets. Especially since many of us (contractors/self employed) must pay for our own bennies.
If you can pay off 40% of your debt in a few months then why not pay off 100% of your debt in a year?
Fine. Let’s tell the unions that Social Security will run their pensions. That’ll shut ‘em up!
I will take everything out of it and piss on them when they try to hit me with the tax penalty.