Up Next… Dems Propose Union Pension Bailout
Posted by Jim Hoft on Monday, May 24, 2010, 3:22 PM
The unions blew billions working to get democrats elected.
Now it’s payback time. Senator Bob Casey (D-PA) wants taxpayers to fork over $165 billion to bailout the troubled union pension funds.
FOX News reported:
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.
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Published May 24, 2012 at 8:46 pm - 87 Comments
newton commented:
!?!?
Not just no… HELL NO!!!
theadmiral commented:
We get closer to April 19 every day…..
Bruce commented:
If they do this I will actively seek out products made outside of this country to buy. Hey Dems, how about bailing out my Simple IRA which your economy is helping to fall to rock bottom!
M Malone commented:
Unions = Failure.
Boycott all union made goods.
down with dems commented:
NOPE
SeniorD commented:
Just a matter of scale – the Congresstitutes suck money from their ‘johns’ while Unions suck money from their memberships. Both organizations also have the power of the gun to enforce their demands. Congress with the IRS and Unions with their thugs.
As I say, just a matter of scale.
iconoclast commented:
Since the unions are basically private organizations who are arranging their own benefits based on union dues and fees from employers, why in hell should anyone else have to pay into them?
Other than make good the $$$ stolen by union thug leadership, of course.
exceller commented:
NO F’ing WAY!! most taxpayers don’t have those kind of lavish pension plans anymore. They disappeared years ago in the private sector, BECAUSE THEY ARE TOO EXPENSIVE.
If they bail out the unions i’m ready to go to the torches and pitchforks.
Kevin P commented:
“…the liability could essentially be unlimited because these pensions have to be paid out until the workers die”
Obummercare will ensure this will happen faster than normal. Oh wait – the unions are exempted from Obummercare, aren’t they?
John Gargano commented:
Let me get this straight. The Unions have higher than market wages, they put the squeeze to management every time they can, and they have exorbitant pension plans. Only now, it seems they have promised their employees more money for pensions than they actually have.
Why don’t they raise the dues of their membership who eventually benefit from the pension plans instead of asking the American taxpayers to bail them out? I see no reason why the American public should bailout unions who are one of the biggest causes of our economic decline in the first place.
Everyone knows the unions are taking America down. Bailing them out would be absurd. Another alternative would be to go to their membership and tell them they lied to them about the viability of their pension plans and either reduce the benefits or go bankrupt and renegotiate the benefits?
JR commented:
Wasn’t one of oba mao’s first policy changes something like removing the obligation for unions to open their books, especially in matters regarding campaign contributions?
This bailout thing shouldn’t even be considered, especially in light of no open audits of all union spending.
Dennis commented:
The most corrupt government in US history stealing from the taxpayers to pay the corrupt Union Thugs? Whould’ a thought?
Mark Twain said it right. The best Congress money can buy.
Hang them all.
Dennis commented:
We should, instead tax Union Pension benefits at 99%
Let the bastards go to work.
aro5o75 commented:
…..have to be paid out until the workers die.
—————————————-
So, says the left, we need to take over their healthcare and see to their early demise.!!
Robert commented:
We taxpayers would be borrowing money to pay for union pensions. And some portion of that money would go to union political activities, meaning Democratic candidates who would vote for yet more money for union pension funds. Which we would then have to borrow again.
Had enough yet?
And by the way Dems, what about JOBS?
Best comment of the day commented:
You remember the Reagan era, when Ronald Reagan was President, and Bob Hope and Johnny Cash were still with us? Well, now we have Obama, no hope, and no cash.
Nance commented:
No way taxpayers should pay! The unions spent billions getting democrats elected to office… I say let the democrats share their own wealth and bailout the unions, starting with Obama’s 2.5 million he “earned” last year and suspend all future WH parties, then “poor boy” Reid, Pelosi, Dodd, Rangel, et al. You’ll have 165 billion in no time! Who’s going to bailout the rest of America’s social security retirement funds? This favored class crap has to stop.
Kenny Solomon commented:
This is a way for the unions to start protests at ordinary civilians homes, not just ‘the evil bankers’ and the oth……..
Hold on a second. Phone’s ringin’……..
Yes, this is Kenny…………….. Right. 1,000 rounds, DRT at .223 Rem and 250 DRT at 9mm. They’re in ?….. Awesome. I’ll pick ‘em up tomorrow…… Thanks for calling.
………now where was I…… Oh yeah……
……and the other high-level…….
…..aaaaahhhhhh, forget it…… I’m gonna go pick up that ammo tonight. Talk atcha later.
Tammy commented:
Nice post, Kenny Solomon! Love it. Haa!
I’m a member of TWO worthless Unions, and they’ve driven all of the Union jobs out of my town!
I don’t expect to see any pension, and I’m getting work elsewhere.
SCREW the Unions!
Kevin P commented:
“The unions blew billions working to get democrats elected.
Now it’s payback time. ”
NOW??? What do you mean NOW???
Didn’t they already get GM handed to them when they had no equity in the company? I say – since you now own GM – you have to fund all union pensions with the profits you earn. What – can’t make a profit? Figure out why!!!
Fargin’ bastages!!!
Don Rodrigo commented:
So, the looters want to loot some more.
Will the Stupid Party make a campaign issue of this, or let the Dems slide?
The litany of grievances is so long it literally dwarfs the list from the Declaration of Independence against the Crown. Will the Republicans have the with and wisdom to run ads with different sets of bullet points to cover as many grievances as possible and have those points stick in the public’s mind? They better get started real soon.
squeaky commented:
kindda’ dwarfs the 100 million the unions will
fork over to help save a democrat majority….
this is getting more and more insane.
http://thehill.com/homenews/campaign/99103-unions-100m-to-save-the-dems
Robert commented:
So we have the Democrats preparing to look after their own base instead of allocating resources toward fighting the creeping environmental catastrophe in the Gulf of Mexico.
When you look at what the government has actually done, it is nothing. Now they are saying that it is the responsibility of BP Oil to fix the problem. Maybe so, but the government could help rather than simply looking on and nodding, thumbs up or thumbs down on BP’s efforts.
Meanwhile Dems, yeah, look out for your unions. You do that.
Opus #6 commented:
This is a now or never moment for looting the treasury.
I say NEVER!
Moright commented:
I’m going w/ Newton: Hell No! News flash: private industry has no pensions! We have what we manage to save ourselves.
Public pensions are a relic from the days when public salaries were not competitive with private industry. Public salaries, increases, and benefits FAR outpace private industry now. Pension system needs to go. I personally know several retired public “servants” making more in retirement than they ever earned while employed. This must stop -and no bailout!!
Taqiyyotomist commented:
Union workers = Slavemasters.
Me and you, the “scabs” = slaves.
They spend the fruits of our labor, while pretending to be the only people in America who really work.
Union workers, you’re not “The Working Class”. You are “The Spending Class”, and you are spending money that you did not earn, that you stole from us by force of law. You are benefitting from our labor, at gunpoint. We all work for your fat, piggish, eight-steak-a-day-eating asses at the end of a whip.
Union workers, screw you. You all suck. You are nothing but p.o.s. thieves. When you finally run out of our money to spend, and you riot and burn and rape and destroy because of this, like we know you will, I have hopes and prayers for your and your families’ ultimate demise.
In the late 80′s some Japanese wise man said “American Workers are Lazy.” It’s more than that. You are thieves and slaveowners making the equivalent of $80 and hour at our expense, while you buy your two houses, your five cars, your endless boats and recreational vehicles, your five televisions per house, your his-and-hers Harley-Davidsons (with the beefed-up suspension to support your fat, lazy asses), your f***iing NASCAR tickets, your f***ing PRINCELY LIFESTYLES, while you tell us we better “tighten our belts”.
Screw you all, you can all eat your copious fat when it all runs out.
Robert commented:
I wonder how many people have thought of the amount of food that is going to be affected by the oil spill in the Gulf.
Enough to be of concern.
Food, people.
We now have a fishery disaster on our hands, and no solutions whatsoever from the purveyors of so-called SMART POWER!
bg commented:
++
Dems to push $200 billion in spending before Memorial Day recess
excerpt via an email:
[And they are pressing for votes THIS WEEK before they
run out of town for their week-long Memorial Day break.
According to the Washington Post, "senior
Democratic aides said [the House spending bill]
could approach $200 billion, most of it unpaid
for by new revenue.”
Meanwhile in the Senate, an original request
for $30 billion in emergency war funding has
already doubled and may grow to over $80 billion
if a $23 billion public school teacher bailout
is added as expected.
The two spending bills will total more than $250 billion –
and Congress and the President are once again on a mad-
dash to spend, spend, spend.]
==
Militant Conservative commented:
Kenny Solomon
May 24th, 2010 | 4:02 pm | #19
I’m really starting to like you KS. Bought 900 rounds of 5.56 green tip AP on thursday and 1000 rounds of FMJ .223 today. I have 30+ 30 round mags loaded into combat entry vests. I’m ready and itching to water the tree of liberty. I’m old but my son is not nor his friends either. the welfare wagon has four flat tires and no spare and the workers of this country are pissed.
Oh, powder is dry, lots of powder.
Opus #6 commented:
Robert #28
Food???
Couple the gulf disaster with the CA dried-up dustbowl, formerly some of the world’s most fertile farm land, and we may be heading for a food disaster.
But will CA politicians turn the water on? No. And all for a little minnow that is not even on the endangered species list. But the farmers in the central valley are predominantly Republican.
exceller commented:
unions are not too big to fail, so let them solve their own problems. no way can they get away with the sob story about helping out the working man. these are the lazy fatcats of our system who have ruined the economy and are now looting the treasury.
CDR M commented:
So a politician wants to save the union pensions but NOT do a damn thing about social security? So only union members are constituents?
bg commented:
++
The Manchurian President
==
neomom commented:
Kenny #19 MC #31, don’t tell all your secrets boys. I have many friends that have been working since WACO to establish their own safety net. It’s sad that the punk college kids, Union thugs, Anarchists and other sheep in wolves clothing really don’t understand the level of determination that many patriots feel.
This “bailout” is just another way to funnel tax money to the democratic party. Nothing more.
squeaky commented:
Opus #6
May 24th, 2010 | 5:15 pm | #32
step out of line and the adm will hurt you where
it counts. lessons were learned from last summer
[If this isn't using water as a weapon, I don't know what is,” Fox News Channel talk show star Glenn Beck opined Friday. “This is one of the most hair raising, terrifying pieces of information I think I've ever seen.”
Cardoza and Costa both said the Interior Department’s March 17 water delivery announcement was unrelated to their health care bill decisions.]
http://www.mcclatchydc.com/2010/03/20/90770/2-california-congressmen-say-theyll.html#ixzz0otPstZzz
Finncrisp commented:
Barry is not a socialist, yeah, right!
Is it NOvember yet?
Floradora commented:
Hmmm, OUR social security will be fully evaporated and gone by the time my generation needs it (I’m in my latter 40s), despite my having paid into it since I was 18. But the UNIONS want us taxpayers to foot the bill for their lavish, gold plated pension plans “until they die.” Um, yeah. Jim Dandy plan there, congressman. I foresee terrible trouble. These Dem congressmen are breathtaking.
bg commented:
++
squeaky @ 4:26 pm #23
i know what you mean, and there’s no intent to
dis, i’m just taking advantage of the premise..
how could insane get more insane..
that’s like saying they’re a little pregnant, lol
they are insane, and every step they take verifies that fact..
and if something isn’t done to stop them, then we’re the
ones who are insane for allowing them to do this to US!!
==
Robert commented:
Opus #6 #32
Of course the union pensions are more important and must be fixed immediately, while an important source of food is destroyed while they dither.
Plans will involve yet more money for the fishermen and others down the line whose livelihoods are being destroyed. And, I would imagine that there will be some inflation of seafood prices, it may be regional, which will also work its way into frozen foods, etc.
But is is supremely more important that, first, the union workers know that their fat pensions are being paid off the backs of American taxpayers.
And JOBS legislation is nowhere in sight, probably a good thing since they can’t do anything else. This bunch is floundering and we are sinking with them.
SMART POWER!
Patriotic commented:
This is why November cannot come quick enough.
The marriage of the Democrat party and labor unions, is the single biggest weapon in these evil Progressive democrat’s arsenal.
Conservatives, and the GOP, had better start getting serious about exposing, and defeating this behemoth, before it is too late for America.
The democrats do not hold the cards on this one, and are bluffing about their chances of scoring more democrat/union votes, in return for fat union pension checks in November.
This is why it is awesome of Jim Hoft to give this issue attention on his blog, and why more media needs to keep pounding this story to the American people.
The conservative media needs to call their bluff nad ask the question: how are 170 billion dollars in bailouts, from the American taxpayers, going to help secure union pension funds, when the unions are perpetually looting their pension holdings to elect democrats?
Newsflash to union members:
IT’S A SCAM.
Your union leaders are not “for-the-working-man”. They are using your hard earned work and labor, to dismantle everything that has made America great, and to redistribute your wealth to “poor” countries around the world in the name of “social justice” and “climate change”.
Sure, it appears that the union bosses and dems are sticking up for you…but what are they doing in the background to make it impossible for you and your children to secure a future?
Until more union members either figure it out, or are shamed into recognizing this fact, it will be difficult to remove the Progressive democrats from our government.
America, we are NOT a very “united” States of America anymore. We have become so divided and polarized, that this country cannot keep up this insanity for much longer.
I’ve said this before, and I’ll say it again: The purpose of unions should be to help provide workers with a reasonably safe work environment, a commensurate wage, and protections from being fired by bosses on a personal vendetta, against a worker they personally dislike.
The purpose of unions is NOT to control our government, and take taxpayer money from the rest of Americans, and use it in this circular-criminal scheme of quid-pro-quo that they have with the Democrats.
There is a tsunami coming in November that will be the first wave of change that will be coming to unions, and their unholy marriage with the Democrat party.
bg commented:
++
Floradora @ 5:39 pm #40
your post reminded me of Saddam Hussein building his Palaces while he slaughtered, tortured, maimed, raped, and did the most atrocious (some
too evil to imagine) things to the Iraqi people..
==
squeaky commented:
[The desire of politicians to obtain instant electoral gratification at the expense of long-term financial security has reached epidemic proportions..]
http://www.investors.com/NewsAndAnalysis/Article/535014/201005241902/Todays-Party-Now-Pay-Later-Politicians-Are-Kicking-The-Can-Right-Off-The-Cliff.aspx
the hang-over always follows the big time…..
http://www.youtube.com/watch?v=a8arvEzHsA8
myohmy commented:
Get ready. Time to VOTE OUT all these corrupt politicians.
bitterclinger commented:
As far as the Delta Smelt and the Cali water situation, I think this is good news, though it doesn’t say the water has been turned on yet.
http://www.kansascity.com/2010/05/18/1955169/judge-reverses-stance-on-delta.html
Sandy commented:
I guess if you consider that the Unions are putting in close to 200 Million to bail the Dems out in 2010 then its up to the Dems to bail the unions out to the tune of165 Billion. As Margaret Thatcher once said Liberalism is a great form of Govt until you run out of other people’s money.
Sandy commented:
I wonder how many Union members understand that they are getting screwed because their leadership would like nothing better than to have million of Hispanics working under the Union label at a fraction of the cost of their present members.
Sandy commented:
I read once that our jobs will return when our people are content with 3rd world wages.
Look out India we are coming for your leftovers.
squeaky commented:
[Collectively, these seven deadly un-solved problems have us headed for the same type of economic and social turmoil we are seeing in Greece. It’s just a matter of time, and there is no “sugar daddy” to bail Uncle Sam out.] we saw an example of that in n.j.
http://www.hermancain.com/news/press-opinion-052310.asp
archer52 commented:
What most don’t realize is this will give Obama the “right” to all the the union dues and future 401K’s. This is the next step to nationalizing a work force.
Kenny Solomon commented:
bitterclinger
May 24th, 2010 | 6:31 pm | #47
—- —- —- —-
Check this out from the same newspaper…… Here’s why the judge reversed his decision:
It’s Aaaaaaaaahnold…… He and the rest of Sacramento are pooping too much.
http://www.contracostatimes.com/ci_15105110
A new study that shows environmental problems in the Delta are primarily driven by toilet-flushing in Sacramento — and not the state’s dams and pumps — is sure to get a lot of attention from water agencies that contend their effect on the Delta is exaggerated.
Discharges from the Sacramento Regional County Sanitation District and other sewer-treatment plants have profoundly changed the food web in ways that deprive Delta smelt and other native fish while favoring fish considered less desirable, the study says.
=====================
Hey Judge Wanger…… Enough of the b.s. and 134+ page decisions……… Order all the water turned back on IMMEDIATELY, allowing the farmers and ranchers to get back to doing what they do best, which is feeding the engine of our nation, a.k.a., her people…….. While you’re at it, best tell Aaaaaaahnold and the rest of the Sacramento schmucks to stop pooping in the pumps.
Kenny Solomon
Jew.
Heavily armed.
Never again means NEVER AGAIN !
JPL17 commented:
Don Rodrigo
May 24th, 2010 | 4:15 pm | #22
The litany of grievances is so long it literally dwarfs the list from the Declaration of Independence against the Crown.
This is one of the truest and most profound statements I’ve read on any blog, anywhere, any time.
The question is, what the h*ll are we going to do about it? Tax strike, anyone?
vargas commented:
They’re trying to pass anything and everything before the November elections. It’s like they already realize they have no hope of passing any of this crap after November and are raiding the taxpayers for every last nickle and dime and penny that they can.
We WILL REMEMBER
We WILL REPEAL
We WILL RECAPTURE AMERICA!
gus commented:
I have no pension. Whatever I save is my pension.
The war is coming. I’m not on Bob Casey’s side.
archer52 commented:
Here is a sort post from my website.
http://truthandcommonsense.com/2010/05/24/this-is-the-first-step-to-nationalizing-the-workforce-and-seizing-your-assets/
Remember they (the professional politicians and bureaucrats) are afraid you are going to figure out are responsible for the problem. They have only a few choices; 1. The ignorance of the populace, hoping they can’t put two and two together. 2. That the people are scared to the point of allowing the government greater control (i.e. trading your private 401K for a guaranteed government retirement). 3. Force.
Read the book REVOLT (www.revoltthebook.com) One of the characters, a senior Senator, is motivated by the fear the Ponzi scheme is falling apart and the masses will retaliate- against him.
A some point, this will be between us surviving and the government surviving.
Any bets which will win?
bbh commented:
Not one dime of US taxpayer money should be used to bailout the Unions’ fiscal mismanagement.
Why, on Earth, should I pay for the Union bailout? Oh, right, to elect Democrats!
Talk about a circle j*rk at our expense. NO MORE!
Not one dime for Union corruptocrats – who feel it is good policy to terrorize 14 year olds who are home alone.
Chiron Pyrope commented:
“I OWE these unions.” Barack -0bama.
And why do you think our money was confiscated to bail out Chrysler (for the 2nd time!), and General Motors?
Simple: So the union members pensions would be made whole. Had GM and Chrysler been forced to file bankruptcy and reorganize, the union pensions would have been renegotiated.
Who is the most frequent visitor to the White House during the -0bama regime? Andy Stearns. If SEIU gets its way, you won’t have any choice but to buy union made (e.g. inferior) products.
We’ve been HAD America! It’s too late to wake up.
Valerie commented:
Let the unions explain to their membership that they spent the pension money on buying elections.
Sandy from Chesterfield commented:
When is there going to be a law passed that pension plan money cannot be used for campaign contributions? Or did they even pay into their pension plans?
bbh commented:
A taxpayer funded union slush fund for Democrat preservation; not one more dime. The unions’ fiscal disaster is not my financial obligation.
donh commented:
This fund would just be a fresh 165 Billion slush fund used to finance more elections of fascist politicians. It would not provide care to the intended recipients.
justasimplepatriot commented:
This is a no-brainer. All candidates and any organizations who received union campaign funds must pay these back.
bobc commented:
Since our elite politicians over the years, have stolen $2.5 trillion from our social security funds, and never paid back….one would think the next bailout should be S.S.!
So, unions steal member’s dues, politicians steal S.S…..and the tax payers pick up the bill, and our senior citizens are in a world of hurt!
fightinggranny commented:
This SENATE CRITTER belongs to Me and the State of PA. How many times do we need to bailout the Unions? Didn’t we bail-out AFLCIO
when we took over Chrysler and GM. The BOND holders got screwed, but the UNIONS got millions. Their Management MIS manages and over promises. They are attempting to pass a BAILOUT in the STATE for their Unions and coming up against a lot of opposition, i.e. my 401K lost 40% why are they different?
Gilly commented:
Bob Casey- union whore. This is his payback to the unions for running out Rick Santourm.
Rick at least has some honor, unlike poor Bob,Jr.- who has to hide from the people.