Another Bailout on the Horizon

[VBshooter]

Not satisfied with the screwing the healthcare,financial reform bill, and tax increases have given the taxpayers this PA Democrap Bob Casey is proposing that the taxpayers bail out mismanaged UNION pension plans. Talk about being arrogant in the face of adversity,,, THis is about as low as it can go as an insult to the taxapayers.It is coming very close to breaking the backs of the working class folks that don;t have jobs as it is.. Unions have donated millions to the Demoncrats and in turn should pay for their own damn pensions, Let the memberships sue the Executive Boards of these money sucking wastes of space and leave us out of it.

Taxes
The Next Bailout: $165B for Unions
By Erik Berte

Published May 24, 2010
| FOXBusiness
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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.

It’s hard to say at the moment what the chances are that the bill will pass. A hearing is scheduled Thursday, which will give the public a sense of where political leaders sit on the topic, said Willis.

Just last week President Obama said there would be no more bailouts.