Monday, May 24, 2010

Delightful: Democrats to stick American taxpayers with a $165 billion bill to pay off the Unions' underfunded pensions

It appears that bankrupting the United States Treasury was only the first step in the Democrat plan to destroy the American economy. Layering in a new entitlement program -- socialized medicine -- when the country can't afford its existing programs was thought to be the icing on the cake. It wasn't.

The final nail in the coffin may come in the form of stealing $165 billion additional dollars from taxpayers to fund union pensions that were mismanaged and misappropriated by the bosses who support Democrats in good times and bad.

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 SEIU spent roughly $85 million electing Barack Obama and significantly more on other Democrat campaigns. Socialized medicine doesn't kick in fast enough to stoke the unions' underfunded pension plans, which is why Joe and Jane Taxpayer -- or, to be precise, their kids and grandkids -- will foot the bill.

The behavior of the modern Democrat Party is beyond the pale.

Oh, and when you're working in the rice fields side by side with your neighbors who voted for Obama, be sure to thank them for me.


10ksnooker said...

There is always a bridge too far.

Anonymous said...

"A bridge too far."

Nope. Honestly, people have been claiming this or that as the proverbial straw for a few years now. I remember when it was "there will be riots if they bail out people who were too stupid to read their mortgages."

Nobody's going to do anything.

Janelle said...

Perhaps we could remove warning labels from all products and let nature take it's course.

EllenS said...

People conveniently forget that all this money comes from Real Taxpayers (not the ones who pay taxes on income that was derived from taxes in the first place). What happens when the taxes are more than the income?
the Have's and the Have Nots are about to switch places... Or maybe that has already happened. Those who work are supporting those who take. Some of the takers make some Really big salaries and great benefits too. Oh, and lets not forget the retirement income that is also taxpayer funded. Those who work for the government (any government: Federal, State, or Local) are all getting great benefits and lifetime pensions when they retire. And don't forget the Contractors who work on Government projects. Everytime a so called "Private" company wins a bidding war for a governmant contract, that contract is funded by Real Taxpayers!