The Next Bailout: $165B for Unions

by
May 25, 2010

By Erik Berte- FOXBusiness

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.

1 Comment - what are your thoughts?

  • John in PA says:

    This is BULLSHIT. Pennsylvania itself is short 5 BILLION for the state workers and teachers add another 3-4 BILLION for the unions! SO all the self employed or those with out a “pension” should make up this shortfall.

    Sorry folks—there isn’t enough money.

    If government leaders like Casey keep making asinine requests for money I feel that we are not far off from a “revolution” and or anarchy. People will have to rally in the streets and take our country back!

    Where does stuttering BOB think the money is going to come from? In PA they were talking about a one time surcharge on EVERY taxpayer of $1500 next year. So a 17 year old who
    just got their 1st job would ow that?

    Stuttering BOB should be more worried that PA has not passed a budget yet, and the word on the “street” is Gov. Ed Rendell will be forced to layoff 4000 State Workers on July 1.

    Where do these BOOBS think this money is coming from—-the well is dry and they want us to send them OUR water!

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