Last week it was the $26 billion teachers bailout and this week troubled union pensions are clamoring for some love. Makes you proud to live in the land of freedom -- the freedom to exercise your moral hazard, at the expense of everyone else.
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Video: Fox News -- 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.
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Is The Government Bailing Out Union Pension Funds To The Tune Of $165 Billion?
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Video: 'State of the Unions' author Phil Dine argues union workers have already given up some benefits so they shouldn’t have to give up their pensions -- May 25, 2010
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The Next Bailout -- $165 Billion for Unions
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.
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