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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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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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