Posted on 05/24/2010 12:51:28 PM PDT by teddyballgame
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.
(Excerpt) Read more at foxbusiness.com ...
yes, way...Casey would not be presenting it if they had not cooked up some way to get it thru
it doesn’t stop until no one is buying US Bonds. In which case, Ben Bernanke will buy them... for a while.
So the unions raid the pensions and use the money to get politicians elected , then the politicians raid the treasury to bail out the unions, affectively stealing from the taxpayers. Nice scam...
Or union workers could have a sudden, drastic drop in their life expectancies.
OH QUIT YOUR BITCHIN! THE MONEY IS COMING OUT OF OBAMA’S STASH NOT YOUR POCKET! (sarc)
WAY!
” So the unions raid the pensions and use the money to get politicians elected , then the politicians raid the treasury to bail out the unions, affectively stealing from the taxpayers. Nice scam...”
Folks, we have a W I N N E R
Pensions destroyed the auto industry, the Greek economy, California budget and the U.S. economy is evidently next.
Your 401K is next.
Damn, I need to git me sum of dat Obama money.
I’m getting the feeling on Capitol Hill they know the system is crashing and they’re grabbing everything they can to throw money everywhere possible.
Meh, once you’ve blown through a few trillions, what’re another few hundred billions.
It’s like they’re playing with monopoly money, total delusion.
When will this man stop paying off his donors with OUR money? NO MORE BAILOUTS!
Not one dime of Federal money should go to these clowns. They took ridiculous risks based on ridiculous assumptions that weren't in line with actuarial realities.
THATS IT! I no longer feel bad that my husband is on unemployment for the first time in his adult life after having worked his ass off for 30 years. If these ass hats have that kind of money to just throw at those spoiled rotten unions...then i’m not bitching about regular guys collecting unemployment or food stamps anymore.
A separate Teacher’s Union bailout bill is hidden in the War Appropriations bill.
The ‘Rats are looting the treasury since they know the game is almost over.
This is where SEIU gets payback for spending Union Members money on politics, not that Andy’s pension was ever at risk. His pension was FULLY funded.
Ha! My 96 year old grandfather is STILL collecting his Steel Mill pension. He’s been retired for 37 years! I’ll bet they wish he’d die and don’t think for a second under the Obama regime that his euthenatsia supporting buddies won’t do everything they can to him and others in the same situation. Obama’s regime and the unions are the ones that truly want us to “die quicker.”
At least someone in my family is getting something out of those corrupt bastards!
As an aside, grandpap had a hip replaced about a year ago. If you think that a 96 yo is EVER going to get a hip replaced under the regime’s health”PLAN”, think it over please.
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