American Taxpayers are going to take another hit.
Looks like the Obama administration is looking to throw their union friends yet another bone! And a big one at that!
The Congressional addiction to bailout spending IS bankrupting America and its taxpayers.
The latest proposal is a bailout scheme for union pensions, which are underfunded by $165 Billion.
Moody’s rating service has found that large multi-employer pension funds are underfunded by $165 billion. This includes funds that either pay or secure the retirement for many Teamsters, AFL-CIO and SEIU members, and other large, politically connected unions.
Here's a report from Capital Research entitled,"Union Pensions In Crisis"
Last September Moody's Investor Services seconded [the Hudson Institute's Diana] Furchtgott-Roth in warning about the perilous funding condition of multiemployer defined benefit plans. Its report, Growing Multiemployer Pension Funding Shortfall is an Increasing Credit Concern looked at the Labor Department's Form 5500 for 126 multiemployer plans in 2007. With 2008 information yet unavailable, the data represented the best look at the majority of assets and obligations for all multiemployer plan. Moody's remarked, "despite the limitations in the data a very stark picture emerges." The 2007 data showed the plans overall were only 77 percent funded and had a total underfunding of $87 billion. By contrast, comparable single employer defined benefit plans were funded at 101 percent.
But what about the condition of defined benefit pension plans after the financial meltdown at the end of 2008? Moody's estimated that funding levels for the single employer plans it examined had fallen and now were only at 75 percent. As for multiemployer plans, Moody's warned that "when data for year end 2008 is finally released, it will probably show substantial deterioration in asset values during 2008." It estimated that the multiemployer plans surveyed from 2007 would be only 56 percent funded. In other words, they would be underfunded by about $165 billion dollars.
and another related report is entitled ‘No’ to union pension bailout.
Pennsylvania Democrat, U.S. Sen. Robert Casey's bill (S. 3157 - ‘‘Create Jobs and Save Benefits Act of 2010’’ ) is merely a transfer of Union pension debt over to the shoulders of American taxpayers. Whether just a piece of it ($8-10 Billion), as Liberals want us to believe, or the whole thing - We The People shouldn't be funding ANY of IT!
CALL YOUR CONGRESSMEN TODAY,
AND TELL THEM TO SAY NO TO UNION PENSION BAILOUTS!
Senator Chris Dodd (D- CT)
Senator Joe Lieberman (I- CT)
Representative John Larson (D - 01)
Representative Joe Courtney (D - 02)
Representative Rosa L. DeLauro (D - 03)
Representative Jim Himes (D - 04)
Representative Chris Murphy (D - 05)
Can we please vote these clowns out in November????
Support sane government fiscal management.
(H/T Susan K, FCTO)