Just as millions of Americans face more inflation and more taxes, here’s another bill, since it’s payback time for the unions by the Democrats:
Doug Ross posts, 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.
Doug points out that the SEIU spent $85 million just on getting Obama elected. I should add that Obama has also made the government owner of automakers whose unfunded pension plans burden the public – so we’re being punched twice with this proposed bill, first with the bailout, now with this. (Is cardcheck far?)
But Doug is optimistic as to the tab total:
Fox News reports (emphasis added):
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.
Happy yet?
UPDATE
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AJ Strata looks at how Insipid Arrogance Abounds In Today’s Politics, and takes a peek at the future.
Follow-up post:
And how is this sustainable?
