Tuesday, May 25, 2010

The Next Obama Bail Out - $165 Billion For The Unions


Apparently giving the Unions GM wasn't enough, Now the unions have leaned on a friendly senator to put the taxpayers on the hook for a mere $165 billion. And that's just for openers..it's open ended:

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.

Perhaps if the unions hadn't spent all that money buying Obama and his fellow Democrats their pension funds might be in better shape.

As it is, the huge sums given to Democrats by the public employee unions amount to an involuntary contribution to the Democrats by all taxpayers regardless of their political views - since the union dues that fund those contributions come from paychecks funded by the taxpayers.

This just makes it even more blatant.

So, does this make me a heartless creep who wants to see pensioners eating dogfood? No..but I don't see why the taxpayers need to fund what amounts to generational theft because of a group like the SEIU's mismanagement and chicanery.

Perhaps Congress and the president could show their compassion for these pensioners and help out the situation by voluntarily returning the millions in campaign contributions they've received from the unions.

Yeah, that'll happen.

(hat tip, Weasel Zippers)

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B.Poster said...

I suppose the same question is as at always has been. Who pays for this? With the economy in shambles right now the taxpayers are tapped out and can't pay for this. If the economy ever does recover, additional revenues from the taxpayers will simply have to go to pay the interest on the national debt.

Given that the taxpayers can't pay for this, this means either print more money or borrow it from China and others. China and others are not going to finance much more of this and printing more money simply lowers the value of the dollar even more.

There's no way to fund all of this. Eventually the house of cards has to collapse. I would expect a complete cut off by foreign lenders to happen in the next six months. I'm surprised it hasn't already happened. There's no way they can be paid back. Smart lenders would cut their losses and move on at this point or perhaps the Chinese and others are waiting to extract more concessions out of the United States government as our situation becomes even more desparate.

Eric Pearson, for U.S. Congress said...

I do not agree with President Obama and our Democratic Party representatives in Washington.

The history of mankind is full of rife with oppression under dictators, kings, despots, and overlords. America is the first and only true exception, for never before have so many people enjoyed both individual liberty and great material wealth. So why are we throwing it away - and for what, the promise of a better future by progressives with their Marxist form of socialism? This isn’t the first time such a group of people thought they could run things better, that they were smarter, wiser, more deserving of power than everyone else.

The founding fathers of the United States, one of the greatest confluences of brilliant minds in the history of mankind, understood the basic nature of human beings. They accordingly set forth a form of government and a written Constitution to greatly limit those who seek hegemony over the people, especially those seeking unlimited security from a central government. They recognized that only the individual free to pursue economic happiness would result in a society wherein all would benefit on a sustained basis.

In other words, we the Democratic Party members and voters of the United States made a grave error in judgment in 2008; but unlike many other countries this mistake can be reversed, for we the citizens of the United States have the governmental structure to allow our country to step back from the socialist precipice our nation has already started into.

More importantly, we the Democratic Party members must help the general public with the understanding this socialist path our nation has taken is preordained to fail. As Democratic Party members we must each take reasonability and help the citizenry change the government before it is too late.

Thank you, and God bless our Republic of the United States of America.

Eric Pearson, Democratic Party candidate for US Congress in the 5th district, Tennessee.

Site: http://www.democraticreformparty.com

Freedom Fighter said...

I appreciate what you're saying, Mr. Pearson.

I come from a long line of Democrats.

The problem is that the party is so dependent on catering to various special groups like the Public employee unions and the trial lawyers, and the leadership and much of the membership is so far off the spectrum that I don't think it's fixable.

That bothers me, because a two party system is highly necessary in our Republic.

Even Democrats I thought were relatively sane still voted with Obama when the pressure was on, so it's difficult for me to trust any of them...especially when it comes to foreign policy.

I am not a party line voter, but I could not see myself voting for most Democrats unless the alternative was ridiculously bad.