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.
Eff that. I’m pretty sure that both of my pensions have been lost. One from my years as a union employee working for a grocery store chain that since went out of business, and another from my years working for an IT company that since went out of business. Not that either pension was huge, but the money is gone as far as I know. Hell, right now I feel blessed that my 401K is actually worth just a little more now than it was 9 years ago. If that keeps up, maybe by the time I retire I’ll be able to live two whole years on that money.
Unfortunately, he’s NOT his father - GOVERNOR Bob Casey was a credit to Pennsylvania; the son has had too much time hobbing-&-nobbing with the likes of the late, unlamented Teddy, Kerry-the-war-hero & didn’t have time with John Heinz ...................
Thanks for re-enabling my posting, Drew!!
A billion here and a billion there and soon your talkin REAL money. Oh Wait,Its Fiat currency so Katie bar the Door.
So exactly how many years are we going to be paying folk to NOT work?? 2 years so far and counting.Thats a fuck of a lot of windows to clean drew!!
You know - back in the day when I first became an Army wife - all I heard was about how awful the Military was because they ‘double’ dipped - had this ‘golden parachute’ pension and were young enough to work another 20+ years to get another ‘golden parachute’ pension. It is to laugh (even then) - because you had to as the ‘golden pension’ of the military only got you a new trailer- - as we all know that of all government ‘employees’ the Military gets the least. In all my years - I’ve only known one guy who actually sat on his ‘golden parachute’ a** and did not go out and find another job - that lasted until he got a another DUI & his wife got sick of him doing nothing (not even something around the house) and told him to do something or leave. And most of the people I know, didn’t even begin to touch all the goodies that they were eligible for (GI Bill, VA etc).
Now I live in a place ruined by Unions - and all I see is middle aged men out walking the dog or the grandkid every morning and by afternoon (with nothing to do all day) they are out in groups of one or two bitching about the state of affairs - and yes 2 or even 3 generations are living together (and I am talking the 60s 3, 1.5 small suburban ranch homes here) - all because they were able to retire at 38 to 40 and get a pension and medical care. No thought that the ‘company’ is no longer in business, that they’ve destroyed the local economy & job prospects or that they are slugs now looking to Uncle Obama to bail them out so that they don’t have to actually go to work to get by.
I have a relative (2nd cousin once removed, is how I believe it is called) who is on his 3rd wife and at the young age of 57 is once again - looking for work - as he followed his dad into the Union work, the company collapsed before he could reap a ‘golden parachute’ and since he was illiterate (graduated from the same HS I did - not the school) and only has a HS diploma - is up the creek with no money.
Looking for ‘The Union Label’ was possibly the first step in the current destruction of America. At least business and employees (not workers) - got smart and started to ignore the Union - now Uncle Obama is having to sneak it into Amendments on bills - Once again - Governing against the will of America.
Time to really challenge his NBC status so that We The People - Can reset America back to reality, Freedom and Individual Rights with a Smaller Government and the Rule Of Law backed by the Constitution.