Democrats brewing up a union pension fund bailout
It's union payback time - again
As hard (or not) as it may be to believe, the Democrats in Congress are working on yet another bailout. Given how the American people seem to be growing more and more upset with the level of federal spending, you might find that a little surprise, especially since we're getting closer and closer to a mid-term election where recent polls continue to show the Dems in big trouble.
But you probably wouldn't be surprised when you consider just "who" the bailout is for. That's because this big early Christmas present is for the labor unions. You know, those guys who spent over 100 million (that they admit to) helping Obama get in the White House...and the same guys that the Democrats desperately need to be in high gear for them come November.
In other words, it's payback time (again) for the unions.
(Via FOX News)
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.
The name of this nifty new piece of legislation? The "Create Jobs and Save Benefits Act". How nice. (How about a "Save the Taxpayers Act"?)
It's not like they haven't given the unions some payback yet. Thanks to Obama and the Democrats, we DID bailout GM...and Chrysler...and pension funds with those companies...and essentially give the unions half of GM...then put on of their own in a critical spot on the National Labor Relations Board in order to get them one step closer to their Holy Grail (card check).
But like most good little Democrats, these guys still have their hand out. And as long as they've got their hands out going into a critical election, the Dems are likely to keep trying to hand out the goodies.
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