May 24, 2010

How's that hope and change working for you

Obama is using our money to pay back his political debts. Meet Senator Bob Casey — another person who needs to be voted out of office in 2012. From FOX News:

The Next Bailout: $165B 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.

No more bailouts — yeah and my farts are rainbow hued and smell like raspberries.
Power and control — not their constituents.

Posted by DaveH at May 24, 2010 09:57 PM | TrackBack
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