Congress pushing $165 billion union pension bailout

[boedicca]

What a joke. This is proof that socialist Unions are a failure. They can't even keep their word with their own sheople workers. ~BH

Neither are coporations doing very well on this.
Benefits being cut every year.
Many corps have already ended their traditional retirement plans for new employees.

Yes, as Social Security taxes have increased, private pensions have gone away.

And you're surprised?

 

[BolshevikHunter]

What a joke. This is proof that socialist Unions are a failure. They can't even keep their word with their own sheople workers. ~BH

Neither are coporations doing very well on this.
Benefits being cut every year.
Many corps have already ended their traditional retirement plans for new employees.

People should manage their own retirement plans. ~BH

 

[keee keee]

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

after they raid all 401k's and other savings plans.

 

[Rozman]

All you hope and change dopes that voted for this guy,hope you are happy?

 

[boedicca]

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

after they raid all 401k's and other savings plans.

Their working on that. Pay attention to the Guarantee Retirement Account legislation.

It's designed to takeover 401K assets in exchange for a "guaranteed" benefit down the line. It's a wealth seizure gambit to fund current federal spending and saddle future taxpayers with more entitlements.

 

[syrenn]

If my 401k can tank into the ground union pensions can come and join me. Sorry there was no bail out for us there should be NO bail out of this.

 

[boedicca]

Of course there shouldn't if one is using a proper moral and ethical barometer.

That is not the case with our present government. It's a gang of looters raiding the economy as fast as they can.

 

[syrenn]

Of course there shouldn't if one is using a proper moral and ethical barometer.

That is not the case with our present government. It's a gang of looters raiding the economy as fast as they can.

I didn't expect anything else from someone out of the Illinois political pool.

 

[Care4all]

Review & Outlook: The Union Pension Bailout - WSJ.com

it explains much more in the article above...if you are in to being fully informed!

 

[boedicca]

Thanks. I read that yesterday - one of the sources for the multi-compay aspect to the legislation.

Telling quote:

At issue are multi-employer pension plans, in which companies across an industry pay into a single pension pool. The plans are predominately run by unions and for years have distinguished themselves by poor management. The Labor Department in 2008 listed 230 multi-employer plans that were either endangered (less than 80% funded), or critical (less than 65% funded), or that had applied to government for funding relief. By 2009 that number had soared to 640.

The financial crash is partly to blame, but even before 2006 only about 6% of multi-employer plans were fully funded, compared to about 31% of single-employer plans. The real problem is that multi-employer plans have become a sort of pension Ponzi scheme.

Unions love multi-employer plans because they let workers keep their retirement benefits even if they switch jobs to another participating company. This encourages lifelong union membership. Unions are less enthusiastic about paying the bills. The negotiating priority of union leaders is to get hefty wage increases and benefits for current workers, leaving the scraps to the pensions of retirees who no longer vote in union elections.

When a company in an industry goes out of business, meanwhile, the remaining firms are still on the hook for all costs of the multi-employer plan. This explains why the trucking industry is backing Mr. Casey's bill, and why Mr. Casey announced his legislation at a Pennsylvania facility of YRC Worldwide, a Kansas trucking outfit. Someone has to pay for years of the industry agreeing to Teamster demands.

 

[The T]

It's yet more looting of the private sector by career politicians and their cronies.

It's political payback especially for the UNIONS.

 

[boedicca]

Of course it is. It's the consolation prize for not getting Card Check passed.

 

[The T]

What a joke. This is proof that socialist Unions are a failure. They can't even keep their word with their own sheople workers. ~BH

Neither are coporations doing very well on this.
Benefits being cut every year.
Many corps have already ended their traditional retirement plans for new employees.

People should manage their own retirement plans. ~BH

IF they're responsible CITIZENS? Yes they should. So this tells us that the Government thinks we're NOT so much responsible...And I take exception to thier premise, and am highy offended by the notion.

 

[The T]

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

When EVERYONE in the populace has been beaten down by Government's intentional actions to put us there. And have to rely upon Government as in the Old Soviet Union.

That will be the end result if people don't rise UP and put a stop to this shit.

 

[Foxfyre]

Well we bailed out financial institutions without requiring that they correct the practices that created the problem.

We bailed out GM and Crysler or rather we bailed out their unions. We continue to do so. I thought THAT was supposed to be the payoff?

We further bailed out the unions by funneling to them most of the stimulus money that has thus far been allocated. Or maybe THAT was the payoff?

We will be expending several more billion to bail out Greece. (Okay, we probably can blame that one on the unions.)

So now they plan to funnel $165 more billion to save the unions? Isn't it wonderful that they keep finding more and more of these huge piles of money to bail folks out with?

The only ones not getting bailed out are the common working man or woman trying to pay the bills, keep a roof overhead, and feed and educate a family. And as long as every resource we can borrow is going to bail out some pet interest of this Administration and Congress, the long range outlook isn't looking all that good for the rest of us who will be paying that bill.

 

[The T]

I have two words.

**** that!

Sorry union workers your union bosses fucked you over. Ask the union bosses to bail you out.

And isn't it interesting that our President, the present Congress so full of Statists decry 'Big Business'?

A question?

What are UNIONS but BIG BUSINESS..unto their own?

This is all political payback for votes.

Isn't anything else.

 

[The T]

Well we bailed out financial institutions without requiring that they correct the practices that created the problem.

We bailed out GM and Crysler or rather we bailed out their unions. We continue to do so. I thought THAT was supposed to be the payoff?

We further bailed out the unions by funneling to them most of the stimulus money that has thus far been allocated. Or maybe THAT was the payoff?

We will be expending several more billion to bail out Greece. (Okay, we probably can blame that one on the unions.)

So now they plan to funnel $165 more billion to save the unions? Isn't it wonderful that they keep finding more and more of these huge piles of money to bail folks out with?

The only ones not getting bailed out are the common working man or woman trying to pay the bills, keep a roof overhead, and feed and educate a family. And as long as every resource we can borrow is going to bail out some pet interest of this Administration and Congress, the long range outlook isn't looking all that good for the rest of us who will be paying that bill.

Let the UNIONS...Die for their practices like any other Business.

 

[Foxfyre]

Well we bailed out financial institutions without requiring that they correct the practices that created the problem.

We bailed out GM and Crysler or rather we bailed out their unions. We continue to do so. I thought THAT was supposed to be the payoff?

We further bailed out the unions by funneling to them most of the stimulus money that has thus far been allocated. Or maybe THAT was the payoff?

We will be expending several more billion to bail out Greece. (Okay, we probably can blame that one on the unions.)

So now they plan to funnel $165 more billion to save the unions? Isn't it wonderful that they keep finding more and more of these huge piles of money to bail folks out with?

The only ones not getting bailed out are the common working man or woman trying to pay the bills, keep a roof overhead, and feed and educate a family. And as long as every resource we can borrow is going to bail out some pet interest of this Administration and Congress, the long range outlook isn't looking all that good for the rest of us who will be paying that bill.

Let the UNIONS...Die for their practices like any other Business.

I'm willing. But without them, we would be complaining about President Hillary or President McCain instead of His Arrogance. And he knows it.

So you convince him to let the Unions take whatever lumps they deserve. He isn't exactly listening to me.

 

[Care4all]

Well we bailed out financial institutions without requiring that they correct the practices that created the problem.

We bailed out GM and Crysler or rather we bailed out their unions. We continue to do so. I thought THAT was supposed to be the payoff?

We further bailed out the unions by funneling to them most of the stimulus money that has thus far been allocated. Or maybe THAT was the payoff?

We will be expending several more billion to bail out Greece. (Okay, we probably can blame that one on the unions.)

So now they plan to funnel $165 more billion to save the unions? Isn't it wonderful that they keep finding more and more of these huge piles of money to bail folks out with?

The only ones not getting bailed out are the common working man or woman trying to pay the bills, keep a roof overhead, and feed and educate a family. And as long as every resource we can borrow is going to bail out some pet interest of this Administration and Congress, the long range outlook isn't looking all that good for the rest of us who will be paying that bill.

the Bill is for $8 billion if you read the article I linked to....NOT the $165 billion as the op speculates in the header of this thread.

NOT that we can spare even $8 billion, with the financial straights we are in

 

[Foxfyre]

Well we bailed out financial institutions without requiring that they correct the practices that created the problem.

We bailed out GM and Crysler or rather we bailed out their unions. We continue to do so. I thought THAT was supposed to be the payoff?

We further bailed out the unions by funneling to them most of the stimulus money that has thus far been allocated. Or maybe THAT was the payoff?

We will be expending several more billion to bail out Greece. (Okay, we probably can blame that one on the unions.)

So now they plan to funnel $165 more billion to save the unions? Isn't it wonderful that they keep finding more and more of these huge piles of money to bail folks out with?

The only ones not getting bailed out are the common working man or woman trying to pay the bills, keep a roof overhead, and feed and educate a family. And as long as every resource we can borrow is going to bail out some pet interest of this Administration and Congress, the long range outlook isn't looking all that good for the rest of us who will be paying that bill.

the Bill is for $8 billion if you read the article I linked to....NOT the $165 billion as the op speculates in the header of this thread.

NOT that we can spare even $8 billion, with the financial straights we are in

Yeah the numbers kicked around on most of these things tend to be really fluid and don't reflect the whole picture so numbers tend to be pretty flexible. I'll admit $152 billion of flexibility is a lot but not all unusual these days. Just look at the propaganda numbers for the healthcare overhaul when compared to the analysts projections of the actual costs for instance.

But any time you have our elected leaders casually tossing around a billion dollars as inconsequential, we have problems. Evenmoreso $8 billion. Or more than a hundred billion. Or several trillion.

I would like to know that the tax dollars my family and several thousand more like us send to Washington are actually going to do good for the country instead of being tossed aside in a billion dollar expenditure that accomplishes little or nothing or, even worse, makes things worse.

(The aggregate tax contributions of those several thousand folks I mentioned add up to probably a million or so, not a billion, just to put things into perspective. The amount of money Congress is spending now is no longer just annoying. It is terrifying. And if we don't stop it, we will soon reach the point of no return as we rush headlong into financial disaster.