Now We Can Pay for All the Union Pensions

[ImWithStupid]

More Dem payback to big labor...

Updated May 24, 2010
The Next Bailout: $165B for Unions

By Erik Berte

- FOXBusiness

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.

http://www.foxbusiness.com/personal-finance/2010/05/24/lawmaker-introduces-b-union-pension-bailout/

That doesn't include the $23 billion for teacher's unions...

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Obama-pushing-23-billion-teachers-union-bailout-93782314.html

Maybe if the unions didn't spend hundreds of millions of dollars per election cycle to keep Dems in office, they could invest that money and pay their own promises.

http://www.foxbusiness.com/markets/makeittakeit.html

Who's going to bail out the 401k plans? Still no help for main street.

 

[ToriAllen]

Where's my free money?

 

[timesjoke]

Where's my free money?

You most likely did not vote right to get your free money.

 

[RegisteredAndEducated]

I need to join a union i guess.. they are about to get payed.