Congress pushing $165 billion union pension bailout

[beowolfe]

Bad move........... I don't think it'll get anywhere.

 

[Claudette]

Let the Unions charge higher dues.

They can then bail themselves out.

Wonder what the Union members would think of that??

Fuck em all.

 

[Foxfyre]

Let the Unions charge higher dues.

They can then bail themselves out.

Wonder what the Union members would think of that??

Fuck em all.

I like that idea. What a novel idea. Let a union that gets itself into financial trouble solve its own financial troubles. And if that means the members take a cut in benefits or less for strike pay or the executives have to take a pay cut, well....aw.....what a shame. It just might prompt fixes that would benefit everybody. What do you think?

 

[Claudette]

Let the Unions charge higher dues.

They can then bail themselves out.

Wonder what the Union members would think of that??

Fuck em all.

I like that idea. What a novel idea. Let a union that gets itself into financial trouble solve its own financial troubles. And if that means the members take a cut in benefits or less for strike pay or the executives have to take a pay cut, well....aw.....what a shame. It just might prompt fixes that would benefit everybody. What do you think?

Works for me. Big Time.

I can't believe the Clowns in Congress are even cotemplating this lunacy.

 

[Gatekeeper]

At what point do we have to admit that we have no money?

When all the "Other Retired" without Union Pensions have to work 3 jobs to support those that do.

Total BullCHIT, enough already, tell THEM, the union retirees, to go get another job and file a class action lawsuit against the damn Unions that 'mismanaged', AHEM, their money in the first place.

 

[Care4all]

Let the Unions charge higher dues.

They can then bail themselves out.

Wonder what the Union members would think of that??

Fuck em all.

I like that idea. What a novel idea. Let a union that gets itself into financial trouble solve its own financial troubles. And if that means the members take a cut in benefits or less for strike pay or the executives have to take a pay cut, well....aw.....what a shame. It just might prompt fixes that would benefit everybody. What do you think?

well, it looks like it is the companies that have been contributing to this retirement for their union workers....in a pact, where multi companies pooled together, in like groups of 5 or so....if one company goes down, the other 4 companies are responsible to pay the retirements of the Company that failed.

so, the 8 billion in bailout, is actually for the other 4 companies left standing having to pay for the company employees that went bankrupt.

Read the article that I linked.

the whole thing is a mess and why these companies agreed to go under this type of retirement plan with other companies is beyond me?

I understand this is what the unions wanted, but the companies should have looked further down the road to the "what ifs" that could happen and did happen.

 

[Foxfyre]

Let the Unions charge higher dues.

They can then bail themselves out.

Wonder what the Union members would think of that??

Fuck em all.

I like that idea. What a novel idea. Let a union that gets itself into financial trouble solve its own financial troubles. And if that means the members take a cut in benefits or less for strike pay or the executives have to take a pay cut, well....aw.....what a shame. It just might prompt fixes that would benefit everybody. What do you think?

well, it looks like it is the companies that have been contributing to this retirement for their union workers....in a pact, where multi companies pooled together, in like groups of 5 or so....if one company goes down, the other 4 companies are responsible to pay the retirements of the Company that failed.

so, the 8 billion in bailout, is actually for the other 4 companies left standing having to pay for the company employees that went bankrupt.

Read the article that I linked.

the whole thing is a mess and why these companies agreed to go under this type of retirement plan with other companies is beyond me?

I understand this is what the unions wanted, but the companies should have looked further down the road to the "what ifs" that could happen and did happen.

I am waiting for the day when we wake up and see the wisdom of people owning their own pension plans as well as owning their own life, health, disability insurance etc. policies. Then if the company goes down the tubes, it is all still intact and can be transported to the next job. Companies would still be able to contribute to 401K or whatever plans and would still be able to pay some or all insurance premiums as a benefit if they wanted to. But the employees wouldn't lose it all if their employer or their union went belly up.

And it would also remove a huge amount of corruption that exists within those system too.

 

[syrenn]

Let the Unions charge higher dues.

They can then bail themselves out.

Wonder what the Union members would think of that??

Fuck em all.

I like that idea. What a novel idea. Let a union that gets itself into financial trouble solve its own financial troubles. And if that means the members take a cut in benefits or less for strike pay or the executives have to take a pay cut, well....aw.....what a shame. It just might prompt fixes that would benefit everybody. What do you think?

well, it looks like it is the companies that have been contributing to this retirement for their union workers....in a pact, where multi companies pooled together, in like groups of 5 or so....if one company goes down, the other 4 companies are responsible to pay the retirements of the Company that failed.

so, the 8 billion in bailout, is actually for the other 4 companies left standing having to pay for the company employees that went bankrupt.

Read the article that I linked.

the whole thing is a mess and why these companies agreed to go under this type of retirement plan with other companies is beyond me?

I understand this is what the unions wanted, but the companies should have looked further down the road to the "what ifs" that could happen and did happen.

Just like 401K's they tank, and you go down with it. To bad. Suck it up. If your business partners take you down what part of partner dont they understrand you all sink or swim together.

Fuck them.

 

[syrenn]

This is what pisses me off.

Using GM as the example. First we bail out their sorry asses and save their jobs so they arent out on the street. And now we are expected to pay them for the rest of their lives as well?

Sweet deal they want isn't it?

 

[Care4all]

This is what pisses me off.

Using GM as the example. First we bail out their sorry asses and save their jobs so they arent out on the street. And now we are expected to pay them for the rest of their lives as well?

Sweet deal they want isn't it?

fyi
this is not an auto union bail out, from what i read....it involves a Truckers Union.

 

[beowolfe]

This is what pisses me off.

Using GM as the example. First we bail out their sorry asses and save their jobs so they arent out on the street. And now we are expected to pay them for the rest of their lives as well?

Sweet deal they want isn't it?

fyi
this is not an auto union bail out, from what i read....it involves a Truckers Union.

The PBGC is already underwater due to all the manufacturing plants dumping their pension plans and moving the jobs overseas in the last 20 years. They don't need to underwrite more workers. If Congress gives them $165 billion, it won't go to the truckers union, it will be used to pay all of the people they are underpaying now.

Everyone cannot get out of this economic calamity unscathed. Someone will have to eat the trillions that were lost and the taxpayers (I don't think) are willing to eat any more than they already have.

 

[Care4all]

This is what pisses me off.

Using GM as the example. First we bail out their sorry asses and save their jobs so they arent out on the street. And now we are expected to pay them for the rest of their lives as well?

Sweet deal they want isn't it?

fyi
this is not an auto union bail out, from what i read....it involves a Truckers Union.

The PBGC is already underwater due to all the manufacturing plants dumping their pension plans and moving the jobs overseas in the last 20 years. They don't need to underwrite more workers. If Congress gives them $165 billion, it won't go to the truckers union, it will be used to pay all of the people they are underpaying now.

Everyone cannot get out of this economic calamity unscathed. Someone will have to eat the trillions that were lost and the taxpayers (I don't think) are willing to eat any more than they already have.

the bill being discussed is for $8 billion....

the $165 billion was a huge (partisan)exaggeration, to say the least!

even so, i agree we do not have the money to do such.

the companies left holding the bag for the employees of the companies that did go under, will have to suck it up or go under/bankrupt themselves I suppose....

 

[Foxfyre]

Was I dreaming it, or didn't President Obama say just last week there would be no more bailouts?

Anyhow:

CNN, certainly nobody’s idea of a GOP propaganda machine or promoter of rightwing ideologies, has been tracking the bailouts. The numbers they are posting are quite remarkable.
Follow the money: Bailout tracker - CNNMoney.com

According to Fox Business News re the union bailout:

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.
FOXBusiness.com - The Next Bailout: $165B for Unions

Of note MediaMatters is using Care’s $8 billion number, but MediaMatters has yet to confirm anything ever published that doesn’t support the extreme leftwing. And MediaMatters, to the best of my knowledge, has yet to admit the many times THEY erred or flat out falsified information.

From the Washington Examiner

About Sen. Bob Casey’s union pension bailout and the multi-employer pension union racket
By: Mark Hemingway
Commentary Staff Writer
05/27/10

Over at The Daily Caller, Jon Ward does an excellent job unpacking the facts surrounding Senator Bob Casey’s, D-Pa., legislation to bailout union pension plans. The Pension Benefit Guaranty Corporation is already billions in the hole and Casey wants to saddle it with billions of dollars more in taxpayer-backed liabilities. Of course, when the stuff hits the fan, this will likely result in yet another big taxpayer bailout.

Read more at the Washington Examiner: About Sen. Bob Casey?s union pension bailout and the multi-employer pension union racket | Washington Examiner

From the Daily Caller:

The facts on whether Dems are in fact pushing a $165 billion union pension bailout
By Jon Ward - The Daily Caller | Published: 05/27/10

Sen. Bob Casey (D-Pa.) is sponsoring a bill that may end up using taxpayer money to support failing union pension funds. (The Patriot News)

A fiery debate erupted this week in Washington over whether Congress is about to slip a massive taxpayer-funded bailout for failing union pension plans, to the tune of $165 billion, into an already bloated emergency spending bill.
What is certain is that no such move is imminent. Legislation sponsored in the Senate by

Sen. Bob Casey, Pennsylvania Democrat, and by Rep. Earl Pomeroy, North Dakota Democrat, is not attached to the bill moving through the House and to the Senate for a vote later this week.

But a close examination of the Casey/Pomeroy bill by The Daily Caller suggests that it does in fact create “the framework for a taxpayer funded bailout for failing pension plans,” as a letter from anti-tax and business groups that will be sent to Congressional leaders and the White House Thursday morning characterizes it.

Here are the facts:
The Casey and Pomeroy bills, say the two lawmakers and their staffs, are aimed at fixing a complicated problem. Many employers are withdrawing from pension funds as they face higher costs in paying for funds where mostly union beneficiaries outnumber payees and where the fund’s performance has been lackluster.

Read more: The facts on whether Dems are in fact pushing a $165 billion union pension bailout | The Daily Caller - Breaking News, Opinion, Research, and Entertainment

And to re-emphasize that we cannot afford any more bailouts or massive expenditures of any kind--in fact we cannot afford what they have already passed:

From RealClear Politics

Decrying the Union Pension Bailout Bill
By Diana Furchtgott-Roth

WASHINGTON-Some members of Congress seem to like putting taxpayers on the hook for practically unlimited liabilities. The latest Congressional Budget Office forecasts 2020 public debt climbing to 90% of GDP under President Obama's 2011 Budget. This is not enough for Senator Robert Casey, a Pennsylvania Democrat and habitual ally of labor, who now wants Americans to bail out union pension plans underfunded by hundreds of billions of dollars.

Following on the healthcare model, it's all part of a political calculus in which Washington politicians try to buy votes today for the next election with money that Uncle Sam won't have to spend until afterwards. It is Pennsylvania's other Senate seat that is to be filled this November, but Mr. Casey, a first-term senator elected in 2006, appears to be looking ahead to 2012.

More here:
RealClearMarkets - Decrying the Union Pension Bailout Bill

 

[syrenn]

This is what pisses me off.

Using GM as the example. First we bail out their sorry asses and save their jobs so they arent out on the street. And now we are expected to pay them for the rest of their lives as well?

Sweet deal they want isn't it?

fyi
this is not an auto union bail out, from what i read....it involves a Truckers Union.

Its all unions and to me they are all the same. I dont really care if it is auto or trucking. Its Union. Let OTHER unions bail the truckers union out.