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Lawmaker Introduces $165 Billion Union Pension Bailout Bill
FoxBusiness.com ^ | 05/24/2010 | Erik Berte

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 ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Government; News/Current Events; US: Pennsylvania
KEYWORDS: 111th; bobcasey; democratcongress; democratcorruption; democrats; economy; elections; liberalfascism; obama; obamabrownshirts; obamavoters; pbgc; pensions; spreadthewealth; stealthewealth; taxcheatparty; taxes; tyranny; unioncorruption; unionpensions; unions
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Where does it stop?
1 posted on 05/24/2010 11:36:59 AM PDT by Painesright
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To: Painesright

Sadly, $165 billion seems so paltry these days!


2 posted on 05/24/2010 11:39:33 AM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: Painesright

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?


3 posted on 05/24/2010 11:40:08 AM PDT by equalitybeforethelaw
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To: April Lexington

To bail-out union pensions, I bet it is just a drop in the bucket.


4 posted on 05/24/2010 11:40:35 AM PDT by Army Air Corps (Four fried chickens and a coke)
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To: Painesright

Better question:

Where do they expect to get the $$?..............NOT MY 401(k)!............


5 posted on 05/24/2010 11:40:37 AM PDT by Red Badger (When you see Jerusalem being surrounded by armies, you'll know that its desolation is NEAR. Luke 21)
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To: Painesright

“When the people find they can vote themselves money, that will herald the end of the republic.”

Benjamin Franklin


6 posted on 05/24/2010 11:40:52 AM PDT by NavyCanDo
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To: Painesright

The healthcare bill was in a large part to bail out unions. The union thugs couldn’t afford the healthcare they promised their members so we’re having to bail them out for that.

Now they want us to bail out their pensions?


7 posted on 05/24/2010 11:41:33 AM PDT by boycott (CAL)
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To: Painesright

Dumb and evil. Both.

Too many wedgies in Jr High.


8 posted on 05/24/2010 11:41:44 AM PDT by lurk
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To: Painesright

Somebody needs to tar and feather the Senator for introducing this bill.


9 posted on 05/24/2010 11:41:54 AM PDT by OB1kNOb (When injustice becomes law, resistance becomes duty. - Thomas Jefferson)
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To: Painesright

more vote buying at taxpayer expense by DemocRATS! if the GOP says no, they become the bad guys in November.


10 posted on 05/24/2010 11:42:44 AM PDT by teletech (Say NO to RINOS!)
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To: equalitybeforethelaw

If I was a betting man, I’d put my money on the UAW and SEIU being first in line for this proposed entitlement.


11 posted on 05/24/2010 11:42:53 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: Painesright

We do not have the money!! Stop the presses. Where is it all going..? I mean all the billions and billions? The ones getting this cash should have houses made of pure gold!IMO!


12 posted on 05/24/2010 11:44:36 AM PDT by ColdOne
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To: Painesright
Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

UNION JOBS/UNION PEOPLE! We pay for it!

13 posted on 05/24/2010 11:45:42 AM PDT by kcvl
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To: Painesright
by who's authority are the tax payers (us) responsible for union pensions?

This sh!t needs to stop..... now

14 posted on 05/24/2010 11:46:00 AM PDT by SERE_DOC (My Rice Krispies told me to stay home & clean my weapons! How does one clean a phase 4 plasma rifle)
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To: WayneS

I know the SEIU is deeply underfunded although the pensions for the top, Stern, are well funded.


15 posted on 05/24/2010 11:46:03 AM PDT by C19fan
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To: Painesright

It’s time to start boycotting all unionized businesses.


16 posted on 05/24/2010 11:46:12 AM PDT by matt1234
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To: Painesright

Gee the unions who fund the DNC? Instead of funding campaigns they should be funding their pension plans.


17 posted on 05/24/2010 11:48:25 AM PDT by byteback
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To: byteback

For the unions it a great deal; shovel $100 million to the DNC and get back a $165 billion bail-out.


18 posted on 05/24/2010 11:49:20 AM PDT by C19fan
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To: Painesright

PA AFL-CIO Endorses Bob Casey Jr. for U.S. Senate

Bob Casey believes, as we do, that government’s purpose is to promote the well-being of all citizens, and not more giveaways and favors to big corporations and the well-connected”

“Our goal is to educate and mobilize even more union households than in 2004 when union members and volunteers helped John Kerry win Pennsylvania’s electoral votes. Bob Casey will have the full support of the Labor Movement because he has actively supported AFL-CIO members and their families and we know he is a leader we can count on”


19 posted on 05/24/2010 11:49:21 AM PDT by kcvl
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To: C19fan

VIDEO: SEIU Official Says Reforming Immigration Could Add 8 Million Democratic Votes

“We will be creating a governing coalition for the long term, not just for an election cycle.”

http://www.youtube.com/watch?v=AK7K0itgQt0

At the America’s Future Now! conference in Washington, DC on June 2, 2009, SEIU International Executive Vice President Eliseo Medina addressed attendees on why comprehensive immigration reform is an important issue for the progressive community to support, and how progressives can forge common ground on an immigration reform strategy.


“comprehensive immigration reform “= “amnesty for illegal aliens”

**********************************************************
Bend Over America: Now The SEIU Wants Your 401k!

Having ruined the pension funds of Americans nationally through corrupt and utterly unsustainable “projections” of future growth labor unions are now targeting your money to make up the difference:

One of the nation’s largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new “retirement system” for the United States.

In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.

Yes, because labor unions have done such a great job of managing their pension plans, right?

Oh wait, they haven’t. In fact, virtually none of them are actuarially sound, and they know it. So instead of addressing this (which would mean that workers would have to put up much more of their wages to be funneled into these funds) the SEUI is effectively advocating stealing your 401k - to cover for their outrageously rosy “estimates” on portfolio returns (which in fact have been negative over the last ten years.)

http://market-ticker.denninger.net/archives/2121-Bend-Over-America-Now-The-SEIU-Wants-Your-401k!.html


20 posted on 05/24/2010 11:50:54 AM PDT by WOBBLY BOB ("The welfare of humanity is always the alibi of tyrants"-Albert Camus)
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To: Painesright

Tar and feathers.


21 posted on 05/24/2010 11:51:26 AM PDT by muddler (Obama is either incompetent or malicious, and it makes little difference which.)
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To: Painesright

Shouldn’t those who mismanaged, and skimmed the pension funds be responsible for correcting it?

Oh wait, those would be the union bosses; The Won cannot dismiss them.


22 posted on 05/24/2010 11:51:54 AM PDT by AFreeBird
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To: equalitybeforethelaw

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.

http://tinyurl.com/35p9ow6


23 posted on 05/24/2010 11:52:19 AM PDT by kcvl
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Comment #24 Removed by Moderator

To: Painesright
Where does it stop?

It stops when the socialists have taken all our freedoms, wealth and eviscerated the Constitution.
25 posted on 05/24/2010 11:57:09 AM PDT by Man50D (Fair Tax, you earn it, you keep it! www.FairTaxNation.com)
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To: Man50D

It stops in the gulag, when your heart no longer works or your brains are splattered all over the ground.


26 posted on 05/24/2010 11:59:53 AM PDT by wac3rd (Prepare for the November 2010 Tsunami)
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To: wac3rd

Study: States must fill $1 trillion pension gap
http://www.msnbc.msn.com/id/35448576/ns/us_news-life
Gubermint unions are bankrupting our country...it’ s us VS. them (private sector against public)

—nowhere is it more true than CA an NY. They are the models of our pending demise. don’t expect in government to take any serious action .
http://www.pensiontsunami.com/public.php


27 posted on 05/24/2010 12:00:46 PM PDT by WOBBLY BOB ("The welfare of humanity is always the alibi of tyrants"-Albert Camus)
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To: lurk
Too many wedgies in Jr High.

I always came out on the Swirlie side of the argument.

28 posted on 05/24/2010 12:02:05 PM PDT by mlocher (USA is a sovereign nation)
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To: Painesright
TAX THE POOR!

They must be brought to realise that largesse given to them is TAKEN from someone else in the first place.

29 posted on 05/24/2010 12:02:52 PM PDT by I am Richard Brandon
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To: Painesright

we got to take care and Pay Off our workers and bubby in the states


30 posted on 05/24/2010 12:04:09 PM PDT by day21221
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To: Painesright

“Just last week President Obama said there would be no more bailouts.”

HE LIES!!


31 posted on 05/24/2010 12:04:29 PM PDT by Spok (Free Range Republican)
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To: Spok

if you in a Pension get your money out now


32 posted on 05/24/2010 12:07:20 PM PDT by day21221
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To: OB1kNOb

Somebody needs to tar and feather the Senator for introducing this bill.

If you tar and feather Bob Casey, you will make him look like a bird.

Which is another way of saying, you will make him look smarter than he really is.


33 posted on 05/24/2010 12:10:19 PM PDT by Buckeye McFrog
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To: Painesright
WTF!
It's getting to time for the masses to storm the Bastille and bring out the guillotine.
34 posted on 05/24/2010 12:11:04 PM PDT by SmokingJoe
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To: Painesright

Once again, the struggling middle class will bail out rich union thugs....


35 posted on 05/24/2010 12:15:07 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: Painesright

This cannot happen - once we start bailing out pension funds there is no end to it.


36 posted on 05/24/2010 12:16:57 PM PDT by unique
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To: SmokingJoe

The Messiah was crucified.


37 posted on 05/24/2010 12:17:41 PM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: Painesright

Bob Casey is too stupid to have come up with this all by himself.


38 posted on 05/24/2010 12:18:33 PM PDT by Hoodat (.For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: Spok

“Just last week President Obama said there would be no more bailouts.”

HE LIES!!

You know the spin will be “this is not a bailout, we are just keeping faith with Working Families!”


39 posted on 05/24/2010 12:18:55 PM PDT by Buckeye McFrog
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To: Painesright

eliminate the pensions!


40 posted on 05/24/2010 12:21:46 PM PDT by dalereed
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To: Painesright
who says it will save jobs and help people.

It won't save any jobs. Hiring me and my friends at 350K a year would save jobs and help people -- and it wouldn't cost anywhere near that much.I don't have THAT many friends.

41 posted on 05/24/2010 12:23:26 PM PDT by expatpat
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To: equalitybeforethelaw

I would bet that it IS the government worker unions this bill addresses.


42 posted on 05/24/2010 12:25:57 PM PDT by raybbr (Someone who invades another country is NOT an immigrant - illegal or otherwise.)
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To: OB1kNOb

How bout tar and feathers for the union Boards. Fiduciary responsibility. They need to be tried, convicted and sent away. Can’t wait for November.


43 posted on 05/24/2010 12:26:01 PM PDT by Pit1
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To: unique
This cannot happen - once we start bailing out pension funds there is no end to it.

Actually I think it started with the expedited bankruptcy / govt takeover of GM which totally screwed the bondholders to benefit the UAW - both working and retired. You get to pay taxes to provide $3000 a month and silver plated health care to 52 yr old UAW retirees.

44 posted on 05/24/2010 12:27:27 PM PDT by nascarnation
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To: Painesright
So let's get this correctly stated.

Unionized employees through their bargaining locals and the employer's bargained for their members to have a certain pension benefit in addition to their wage. The union with probably participation by the employers set up an independent pension fund that invested and managed the funds that the union members and the employers set aside as contributions to fund that prescribed pension benefit.

Due to (1) poor management or (2) shorting the funds needed to properly fund that actuarial risk to give employers and union employees more money to keep for themselves the funds have now a certain percentage of “un-funded” pension liabilities to meet the expectations the two parties bargained for as measured against government rules regulating pension funds.

Now there are all sorts of rules about who pays, who is at fault and what the resolutions are in cases like this under established law. One solution would be for the employers to pay more for the un-funded liability. That makes it real hard to get employers to sign up with that union.

Another option is to have employees take only the government guaranteed portion of the benefits making it likely to be cut at ten years or have the benefit cut to make the funds provide only the benefit they can fund.

But, in order to buy votes and do paybacks to a small percentage of his constituency, a US Senator wants the general taxpayer to pay for this privately bargained expectation's short fall to the tune of 200 Billion dollars.

So if you are an individual trying to save for your retirement income (what is what a pension does), you first have to pay for this Senator's buddies to get their retirement package (that they mismanaged) made whole before you get to keep an after tax share of your own income.

Theft. Theft by tyrants.

45 posted on 05/24/2010 12:35:51 PM PDT by KC Burke (...but He has made the trains run on time.)
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To: equalitybeforethelaw
Can anyone identify the union proposed to be bailed out?

All of them.

46 posted on 05/24/2010 12:37:43 PM PDT by gogeo ("Every one has a right to be an idiot. He abuses the privilege!" Groucho Marx)
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To: Painesright

Scerw the unions, they spent the money on corrupt politicians and now the pols want to give it back out of our pockets. If they pull this off they better lock the capitol doors and never come out because there are gonna be some really ticked off tax payers, with pitchforks.


47 posted on 05/24/2010 12:40:20 PM PDT by DCmarcher-976453 (SARAH PALIN 2012)
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To: Painesright

How in the Hell will we pay for this?


48 posted on 05/24/2010 12:42:38 PM PDT by billuk1
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To: KC Burke

You pretty much summed it up perfectly.

I’ll just add one thing... you mentioned that before an individual will be able to save for his own retirement, he will have to pay taxes that will then be used to pay for the retirement of politically favored unions. You are 100% correct, but the evilness does not stop there.

Next, they are going to come for your retirement funds (401K, IRA, etc) to help pay the interest of our ballooning national debt (A temporarily fix until they can get the hell out of Dodge with cushy lobbyist jobs and lifetime pensions of their own).

So, responsible savers are going to be robbed at least twice. Once when they pay taxes and then again when their savings are confiscated in order to pay the interest on the debt. Not to pay down the debt mind you, just to pay the interest!

Oh, they’ll give you a “fair” return in exchange for you loaning them your savings in this time of unprecedented crisis... which was created by them... worthless guarantees backed by the NO LONGER good faith and credit of the U.S. Gov’t!!

That is where we are... when will it stop?


49 posted on 05/24/2010 12:52:40 PM PDT by Painesright
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To: Hoodat
"Bob Casey is too stupid to have come up with this all by himself."

I completely agree. He's doing the bidding of his masters on the left . . .

50 posted on 05/24/2010 12:58:26 PM PDT by Think free or die
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