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The Mad Crapper
05-26-2010, 12:23 PM
May 26, 2010
$165 Billion Bailout for Union Pensions


Had enough massive federal bailouts? Our rulers in Washington haven't. Next come the outrageously lavish and clearly unsustainable pension plans unions receive:

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.
Only $165 billion? Is that all? Actually, it isn't:

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.

The piggy bank is empty, as the Thief in Chief has acknowledged. Yet the looting spree continues.

http://www.moonbattery.com



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.

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/

petegz28
05-26-2010, 12:27 PM
re to the post.

http://www.chiefsplanet.com/BB/showthread.php?t=228639


But it's cool