A bill introduced by Sen. Robert Casey’s (D-PA) is a micro targeted bailout which could have drastic ramifications, resulting in billions of taxpayer dollars being funneled to union pensions.
Sen. Dick Durbin (D-IL) gave a boost to a massive taxpayer bailout of union pension funds just before Congress’ August Recess. Durbin, who is Senate Majority Whip, joins notable Democratic Senators such as Roland Burris (D-IL), and Al Franken (D-MN) as the fifth cosponsor to Casey’s Create Jobs and Save Benefits Act of 2010.
The bill would create a special fund in the Pension Benefit Guarantee Corporation (PBGC.) PBGC uses private premiums paid by pensions to insure retirees are paid if a plan sponsor becomes insolvent. If passed, the bill would use tax payer dollars to shore up some underfunded union pension plans. The use of public funds to insure private pension plans is a first for PBGC which has not used public moneys in the past.
Last October the Washington Times was the first to identify bailout language in similar legislation, introduced in the House sponsored by Rep. Earl Pomeroy (D-ND).
The draft would allow union-controlled multiemployer pension plans to form alliances with one another. It also would create something known as a fifth fund that the Pension Benefit Guarantee Corp., with taxpayer help, would use to prop up failing union pension plans…..
Mr. Pomeroy proposes putting the taxpayer on the hook now. In a stark departure from the traditional role of PBGC, the draft bill states that "obligations of the corporation that are financed by the [fifth fund] shall be obligations of the United States." For the first time, PBGC liabilities will be borne by taxpayers. The fifth fund could make available billions of dollars to prop up union pensions.
Union pension plans have been in trouble for years and the latest economic downturn has only exasperated the problem. In 2008 the Department of Labor listed 230 union plans as being either endangered -less than 80% funded-, or critical -less than 65% funded-. In a year the number skyrocketed to 640.
In 2009, Moody’s Investors Service estimated the union pensions to be underfunded by $165 billion dollars.
[…]
Anti-spending watch dog groups have been sounding the alarm on the Casey Bill and Pomeroy Bills for months. In May, 50 free market and anti-tax organizations co-signed a letter urging congress to “oppose legislation which provides the framework for a taxpayer funded bailout for failing pension plans.”
The Casey Bill has been slow to gain traction, but now, with the second highest Democrat in the Senate backing the bill, that all could change. When Congress returns from recess a new bailout battle is likely on Capitol Hill.
And like many other battles, public opinion won’t change the outcome: to the Democrat-controlled Congress and this Administration, public opinion ceased to matter just after 52% of a deluded voting populace cast their votes for a carefully-manufactured “symbol.” They won, you see. And there’s no taking that back.
Yes we did!
Has there ever been another President that was as much of a bitch for the unions as Teh One?
What a sucka I am for not learning arc welding! I wasted all that time in college!
I wish I were being entirely facetious!
If only I had learned to be a back-biting, back-stabbing, nose-up-my-bosses’ asses “public servant”…
– Well that dicentra, or throw yourself down an escape chute, and join the cult of the Celeb.
– All of this is reversible. The real question is: Do the Reps have the stones once they’re back in power. Based on recent performance, there’s just no reason to believe they do.
Tax monies shouldn’t be used to subsidize the retirements of fat illiterate union homos I don’t think especially since our little country is suck your dick for a dollar broke.
Hmmm, just musing here, but what could possibly determine that political representatives in Washington would not be first and foremost skilled self-servers but instead, thoughtful and humble servants of the polity possessed of less inclination toward self-seeking? It’s a mystery.
Cool, I think I’ll join a union to get in on some of the free money the obamanistas are throwing around.
First this bailout, now this. Seems like everyone is getting bailed out, except…
why should people what don’t have pensions subsidize the pensions of union losers I don’t get that at all maybe president fuckstain can explain his thinking here?
– Its one of those Lefturd “Awww fuck” moments feets. The Dems are fighting to hang on to whatever voter demographic they can. This, and other such “bailouts” of special interest groups, is the most flagrant vote buying you’ll probably ever see in your lifetime, other than maybe 13,000 black sidewalk weed growers being payed off by the USDA.
Boo! That money belongs to the executives at financial companies.
“….I didn’t do anything, can I have a bailout?”
“No…..First you have to join a union and then do nothing.”
why should people what don’t have pensions subsidize the pensions of military industrial-complex losers I don’t get that at all maybe president fuckstain can explain his thinking here?
Boo! That money belongs to the executives at financial companies.
Like Jamie Whorelick and Rahm Emmanuel?
What military industrial complex. Had legislation introduced to bail out the pensions that they failed to fund, AJB? Or, are you just trying to out-imbecile Elf, prurveyor of al things sci-fi dorm chic?
I’m having trouble translating this into English. Unfortunately, with Babelfish you have to specify a language, and this isn’t one I’m familiar with. It’s almost English, only some important things like punctuation and a point are missing.
– Why should the American tax-payer have to subsidize ANY special interest group. Perhaps you could explain your thinking here and how you came to believe two wrongs make it bettah Fuckstain.
Oops, got a couple crackberry miscues in that last one …
It may be that the pensions of defense contractors are an issue, here, but who can tell? If so, the point is being made by someone who hasn’t bothered to outrage themselves over pensions of government employees, or at least read and learn about such things.
“Look guys, we’re just a bank. If your pension up and mysteriously disappeared, you need to go find your union president and ask HIM about it.”
why should people what don’t have pensions subsidize the pensions of military industrial-complex losers
Care to link something that proves this asinine statement? Or will you leave it freestanding as proof of your twatwaffleness?
– The Dems are literally raping the treasury. How long before you start to see some tax-payer revolts?
Cost Guard genius Thad Allen is holding up fixing the well in the middle of hurricane season cause he’s worried that a thousand barrels might pollute the pristine waters of the Gulf (what our cowardly president is too afraid to swim in)
1,000 barrels.
Where do we get these pussy retards from and how do they end up with the rank of Admiral?
The Dems are literally raping the treasury. How long before you start to see some tax-payer revolts?
And slightly sticky money?
Slarti – I have no doubt that was the target of AJB’s idiocy, in general. I do not recall legislation being pushed to fund defense contractor pensions when they did not fund their pensions properly. Did I miss something?
The Dems are literally raping the treasury.
What, no trigger alert? Or isn’t it rape-rape?
TRIGGER ALERT !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RACISTS !!!!!!!!!!!!!!!!!!!!!!!!!!
– No JD – It never happened. Every one of the major defense contractors quietly jettisoned pensions for millions of workers by closing plants, relocation’s, and buy outs by other corporations.
– It’s been estimated that those companies saved 300+ billion by manipulating amongst themselves.
– Class warfare….It’s whats for Lefturd dinner.
I know that, BBH. I was just trying to highlight the abjection dishonesty and ignorance again proudly displayed by AJB.
I am thinking what we do is right before the company I work for goes tits up we just all unionize and grant ourselves a big fucking pension.
Boom! We on Obama money now!
Yes we can!
I think there may have been an episode of something like that back in the ’80s. Not since then, I don’t think.
Pension for defense contractors is, like every other expense of doing business, folded in to overhead. Most defense contractors are heading away from pension funds, toward increased contributions to employee-owned 401k programs.
– I figured you did JD.
– There out to be some public Display board where this sort of truthiness could be permanently posted so the Left would have a cork stuffed up their mendacious asses..
– It truly boring having to repeat things over and over against their bullshit memes.
People like AJB that use the phrase military industrial complex should be mocked relentlessly. Not just for using that phrase.
Hell AJB was talking about the damn Triangle Shirtwaist Factory fire the other day. That is straight out of the Jr. Scholastic Talking Points for Kinder-Kommies.
Some people are grandfathered into pension plans. Me, for instance.
Lucky me, until they decide they can buy me out for current value of the pension. Not sure anyone knows what that is, but if I get laid off right this second I can earn 2000-ish bucks a month after I retire in 16 years. If I’m still alive then.
They really want to try surfing a tsunami.
Cowabunga, dudes!
– They’re going to get their tsunami alright, but I don’t think they’re going to enjoy the “hang ten” part so much.
Defense contractors, chicken pluckers, government employees. Doesn;t matter and doesn;t take away from Feet’s original point.
I blame the independents for this mess. We all know part of the 52’ers are special stupid. But those that don;t have the gumption to pick a principle really need to step forward and be punched in the face.
Does AJB understand how much damage Barry is doing to his, and AJB’s, precious International Socialism?
International Socialism needed a strong America to fund, buy from, and occasionally bail out the countries subscribing to The Magic Unicorns Poop Money school of political science, aka Leftism.
Now that the pesky US economy can barely pull the bloated government employees and their equally bloated pensions, you Juice Box Anarchists might soon find yourselves with…gasp…actual jobs!
The horror…The Horror…
this must be why the mob had a thing for unions
That is how you buy votes and power, the Chicago Way®
– Judging from the way the Left is disemboweling Reid over his statement about the Mosque (Cordoba house – Chapter V), you’d think the pigs have turned on their masters.
No.
pass the popcorn
Whouda thunk that Reid would have more of a spine than Barcky, Pelosi, AJB, Elfie, and William Plagiarist Yelverton – combined.
How do you disembowel the gutless?
fatman punts
My Page Name
Elf = Nishi?
Elf = Nishi?
– Well it’s true neither of them have a dick…..but no, probably not.
– The Left had already decided in the star chamber that Reid had outlived his idiot usefullness, so this is just a good excuse to turn on him even faster.
– With Bumbblefuck they are looking for more nuanced ways to reinvent the whole “yes we can” most excellent adventure mass fuckup.
oh and bob casey is the empty suit’s empty suit
AJB may pretend not to understand the failure that is Obama, but like all useful idiots, his little “the Party’s in danger!!!!” alarm is ringing off the wall.
BBH,
The true money men behind the facade of International Socialism, guys like Soros and Gore, you know, the ones with the fat checkbooks, the ones who are running the grift, as opposed to the marks like AJB, are trying to figure out how to cut Barry loose without their hands getting dirty(er) in the process.
“NEW YORK — New York Mayor Michael Bloomberg says it would be “a sad day for America” if opponents successfully kill plans for a mosque…”
– Yes, we’re trying to make this a very sad day for the Islamists who thought they were being cagey.
– But hey Bloom-ass, if you’d rather we could go ahead and let them build it, and then just cap the Jihadists inside. We thought this would be more human, but if you insist.
– I think once we dig ourselves out of this legislative and financial desaster (assuming we can), there will come a time when admitting that you’re a Progressive will get about the same reaction as saying you’re a child molester.
– And I’m suspicious of feets. He’s been veddy veddy quiet the last week on the cupcake front. I think he’s cheating.
or a public school teacher
or a public school teacher
– Now that’s just gross
insert eye roll here see palin sarah
– The MFM begins the arduous task of softening the blow. The new meme – “It’s gonna be ok fella’s, just a double dip thingy…”
– Reason #3181 we don’t want a Mosque at ground zero…
– news broken on twitter via edgery…
To those who don’t want mosque blt in lower Manhattan: good thing Cordoba House is a community center and NOT a mosque.
– You just don’t “get it” bitch. We don’t want a fucking thing that’s Islamic built on ground zero – capish?
= Interesting how the MFM has already adapted the term “Gay marrauge” as an accepted concept.
– But then, just when you thought it was safe to go back in the bath house, some Christer loving judge jerks things back to Reality.
How do you mail a greasy pork sandwich served in a dirty ash tray? Anyone know?
See Ric Locke’s treatise on how anything Islamic is, by definition and practice, religious.
Stupidity is trying to equate an islamic community center with a senior citizen/mexican/lutheran community center to support your argument and finding that the sides are balanced. Cultures and Religions are NOT all equal.
That mosquerade is sooo overdone…
– You feed it to a 72 year old virgin, and then send her to the Mosque and let her barf it up on the front steps.
That shouldn’t be too hard. I’m sure Virginia has a lot of septuagenarians this time of year.
– The fact that the stay was granted so quickly by the 9th circuit is not a good sign for the Leftoids.
From my inbox:
A question for AJB the troll: Where in the fuck did the Constitution authorize congress, in the timeless words of at least seventeen Democrat congresscriminals, to do whatever it wanted?
– OT – Your union dues hard at work.
allen forbid if the union thugs are exposed
Any of y’all seen this?
It’s worth at least a skim, for the chuckles if nothing else (no mention of Fannie Mae or Freddie Mac, skim lightly over unemployment; in fact, one reason to read it is to spot and count the holes).
Executive summary: Teh lightworker is teh awsum majikal! His peeps is da shits makin’ him tek a boat win he shudda jes walked, an teh Repubs is jus nassssty, o yessss precioussssss, dey don play nice win ya stomp on em, but iss all gud, jus needa spin mo’money!
Regards,
Ric
Teacher’s Union: Um…I was promised there would be no metrics…
– You Reich wingers really chap my ass.
– What sort of unfair over critical peckerheads would think of demanding the people that teach our children actually be competent.
– Fucking haters.
If you needed any more proof that devolving power from the District of Criminals to the several states and their subdivisions was a good idea…. I find it difficult to believe that a blatant payoff to a political favorite would be done at the local level.
Not even in Crook County, IL would a politician have the stones to directly pay off his buddies like this. It would go through at least two intermediaries to launder the transaction. Then, under the table, those companies would hire subcontractors owned by spouses, relatives, and friends of the politically connected.
I want to know which one of you is “AJB”.
That one HAS to be a faux troll, because he’s getting more ridiculous by the day.
Come on, fess up!
Spiny – I can do a pretty good parody, and I cannot even approach the levels of idiocy displayed routinely by AJB.
From Ric’s link at 70:
I agree with that, which is why I don’t much care for most Republicans either. But the point he is missing is the notion of whether the various ideas, concepts and philosophies actually work is nowhere to be found. Intellectualism at its purest, all that matters is can we sell the idea to the rubes, not whether it will function as designed if implemented.
It’s very sad that union people, mostly good hard working folk as individuals, become so predatory and self serving as a collective. I was never too hard on unions, was in the UMWA for a few years and had no problem collecting on a sweet contract the company signed. I think American union workers should refuse to allow the government anywhere near their pension funds. happyfeet is right, it’s wrong to force the taxpayers to pay for any special interest groups pensions.
Having said that, here’s a union story that will almost restore your faith.
Agents’ union disavows leaders of ICE
Bolding mine.
It’s odd, I heard this on Mark Levins show last week, but nowhere since.
Not that I’ve had time to look much…
JD,
Back in the “good old days” at a certain formerly pro-conservative blog, the was a (Israeli?) guy who did a spot-on impersonation of a sanctimonious Muslima named “Aisha”. Newbies who were not in on the joke would often be driven nuts. He was the archetype of the “froll”. It was quite hilarious at times.
Meanwhile, have a look at something not so funny. Not funny at all in fact.
This is not going to end well at all.
THE STREETS WILL FLOW WITH THE BLOOD OF THE NONBELIEVERS AND TO SHOW YOU HOW SERIOUSLY I TAKE MY FAITH I WILL BANG THIS RUSTY SCIMTAR AGAINST MY FOREHEAD UNTIL I BLEED AND THEN I WILL LAUGH AS YOUR FILTHY INFIDEL CULTURE CONTINUES TO IMPLODE
Brought to you by the Religion of Hashish.
I found a lebanese place in my zone the other day it’s over by what I think might could be the only free-standing Macy’s left in the whole world
more muslim news as it develops
AND THE INFIDEL THAT GOES BY THE NAME OF SPINY NORMAN THINKS THAT BY INSULTING ALLAH HE WILL BE EMBRACED BY THE REST OF THE HATE LOVING INFIDELS BUT WILL TAKE HIS PLACE IN THE LINE WITH THE UNCLEAN WOMEN WHO HAVE BEEN RAPED AND THE LOVERS OF THE SEX IN THE RECTUM WHERE THEY WILL BE STONED UNTIL THEY ARE DEAD AND THEN DESECRATED IN UNSPEAKABLE WAYS
LBascom,
If that sort of thing spread, I might gain a slightly different impression of both unions and Government workers.
After all, it’s a work-rules issue. If the city Government has such a maze of twisty little laws all alike, how’re the cops to enforce them? And why don’t they go on strike for a simpler, easier-to-enforce legal code that didn’t make them antagonists of the general citizenry?
Same for IRS agents, SEIU members all. But instead of going on strike for a tax code in which “code” didn’t mean “encryption”, they demanded and got an exemption — they don’t have to know the law, they just have to enforce it.
Unions could do good work if they wanted to, even public employee unions. Mostly they decide to do something else.
Regards,
Ric
– I think at this point we’ll be fortunate if they just don’t do anything important.
(Would someone pour some lubricant on that stuck tab key before it commits Jihad on someones computer)
Yeah? And piss on you too, pal.
I PRESS THE SHIFT KEY FOR EVERY LETTER AND THAT SHOWS MY DEVOTION TO THE CAUSE OF ALLAH JUST LIKE BANGING SCIMTARS AGAINST MY FOREHEAD UNTIL I BLEED AND PASS OUT FROM LOSS OF BLOOD SHOWS MY DEVOTION TO ALLAH AND YELLING LALALALALLALALALALALALALALALALALALALALALALALALALALALALALALALALALALALALALALA IN A CROWD AND SPEAKING OF CROWDS WHILE I AM EATING FIGS FROM THE HANDS OF VIRGINS YOU INFIDEL PIGS WILL BE BURNING IN HELL FROM THE HEAT AND THE C4
French Lebanese food is a favorite of mine. There was a place in Chicago called Zu Zu’s (or something like that) and the little French twists on the standard dishes made all the difference.
DO NOT DOUBT MY SINCERITY AND DEVOTION TO THE CAUSE YOU FILTHY MONGREL INFIDELS THE STREETS WILL FLOW WITH THE BLOOD OF THE NONBELIEVERS
Does a McDonalds in Riyadh serve sausage McMuffins with egg for breakfast?
LaRoche – they do not. Its all about beef sausages, hot dogs and bacon. They serve a MacArabia. Lamb patty in a pita pocket with lettuc pickles and secret sauce. (I kid you not)
Had occasion to visit Saudi Arabia, Bahrain and Kuwait for work recently and I’ll tell you this – the Imams have to deal with 15 to 20 thousand western educated kids returning to the land every year that want the same benefits of living on Edgeware Road or Park Avenue. We seldom see the effects of globalization and westernization on those countries. The battle is two-way. Most of the Jihadi crap is eaten up by western muslimans in Europe and North Africans.
I was walking in the COrniche one evening with my Saudi Colleague when the evening call for prayers went out and I asked him in a panic if we should walk into a hotel lobby or get off the streets to avoid the religious police. He said anyone trying to enforce morals was likely to get punched in the face. That stuff was for the small villages and Mecca, doesn’t fly in the cities. Most Saudis have liquor in their houses and those in the east will flock to Bahrain for a beer on Wednesday. And when they do, its high heels and push up bras for the ladies. I saw that for myself.
Give them another decade. The hatred for Shia and Joos? Well that is gonna take re-programming.