Tuesday, May 25, 2010

Money Grab

Every paycheck for years I have contributed to my pension plan.  It wasn't always easy.  In fact, when my kids were young it was hard.  Now, Uncle Obama via legislation introduced by Senator Bob Casey, (D-Pa.), wants me to chip in for Big Labor's pensions as well.  Doug Ross:

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.
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. (emphasis added)
 I think this can be summed up pretty easily:
1.  You and I go to work
2.  Uncle Obama confiscates a portion of our paychecks
3.  Uncle Obama uses the money we earned to bailout the unions
4.  The unions contribute and vote for Uncle Obama
5.  Repeat as necessary
But it gets even better!  Nine Republicans have signed on as co-sponsors of the House version of this travesty and Rep. Steven LaTourette (R-Ohio) is pissed at Fox News for pointing out these weasels:

In a floor speech, the Republican ripped the conservative-leaning network for calling a "bailout" legislation that deals with union pension plans that he supports.

"Mr. Speaker, I am going to veer off-message," he began. "I think as a Republican, I’m supposed to love Fox News and hate [liberal-leaning] MSNBC. Now, I’m going to tell you, I do hate MSNBC, but something just happened on Fox News that compelled me to come to the floor."

He continued, saying, "Well, that’s nonsense and I don’t know who the pinhead and weenie is at Fox News that decided to put that story together." LaTourette concluded by saying "I don’t know what they’re doing at Fox News, but they should stop smoking it and get back to reporting the facts."

Critics say the bill wrongly gives taxpayer dollars to companies that have troubled union pension plans. Supporters say it will keep the funds solvent over the long term, thus avoiding a massive emergency bailout. (emphasis added)
Emergency bailout?  Why should there be any bailout, emergency or otherwise?  It is not the taxpayer's responsibility to bailout every failed institution.  Margaret Thatcher said, "The trouble with socialism is that eventually you run out of other people's money." Right now I'm feeling mighty tapped out.

Cross posted at Potluck

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