Skip to comments.Lawmaker Introduces $165 Billion Union Pension Bailout Bill
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 Networks 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.
Its 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 ...
Sadly, $165 billion seems so paltry these days!
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?
To bail-out union pensions, I bet it is just a drop in the bucket.
Where do they expect to get the $$?..............NOT MY 401(k)!............
“When the people find they can vote themselves money, that will herald the end of the republic.”
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?
Dumb and evil. Both.
Too many wedgies in Jr High.
Somebody needs to tar and feather the Senator for introducing this bill.
more vote buying at taxpayer expense by DemocRATS! if the GOP says no, they become the bad guys in November.
If I was a betting man, I’d put my money on the UAW and SEIU being first in line for this proposed entitlement.
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!
UNION JOBS/UNION PEOPLE! We pay for it!
This sh!t needs to stop..... now
I know the SEIU is deeply underfunded although the pensions for the top, Stern, are well funded.
It’s time to start boycotting all unionized businesses.
Gee the unions who fund the DNC? Instead of funding campaigns they should be funding their pension plans.
For the unions it a great deal; shovel $100 million to the DNC and get back a $165 billion bail-out.
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”
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.”
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 nations 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 havent. 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.)