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08/18/2010 06:32 AM ID: 85105 Permalink   

$165 Billion Union Pension Bailout Being Pushed by Congress

 

A bailout of troubled union pension funds is being introduced by a Democratic senator. The bill will put another $165 billion of debt on the American workers.

Senator Bob Casey, (D-Pa.) who is introducing the bill, says it will save jobs and help people. It has been reported that these pensions were in bad shape in 2006 well before the market dropped and recession began. Only 6% of these funds were doing well.

Though the up front money being sought is $165 billion, it has the potential of becoming unlimited because these pensions have to be paid out until the worker dies. At the moment no one knows what the chances are that the bill will pass.

 
  Source: www.foxbusiness.com  
    WebReporter: hellblazer Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  11 Comments
  
  I say sh!t can that idea....  
 
Let it sink. I know a lot of people that are too old to go back to work will be affected but I don´t see why the rest of the country should be held hostage and forced to pony up the money. We had nothing do to with the mismanagement of these funds. It sounds like this pension fund was little more than another ponzi scheme gone bad. Those that are responsible should be stripped of all assets and thrown in prison. I´m sure Bernie could use a new cellmate.
 
  by: valkyrie123     08/18/2010 06:57 AM     
  Am I the only one noticing the double standard?  
 
Obama tells us to tighten our belts, yet his:
-- Congress (est $15tril+)
-- his vacations (Hawaii, anyone?)
-- his extravagant dates (remember his $250K NY City date with Michelle?)
-- and recently Michelle Obama and her entourage of *60* friends to visit the finest accomodations that Spain has to offer.

ALL of this, compliments of the taxpayer. That´s right, guys: Cut back on your extravagance and give more to King Obama´s taxes so that he and his minion may live poshly off the rake.
 
  by: CArnold     08/18/2010 06:58 AM     
  Seniors  
 
Vote in record numbers, politicians must be very cautious.
 
  by: ReasonableAtheist   08/18/2010 07:18 AM     
  Well  
 
I have mixed feelings on this one. I give at the office till it hurts now they are coming to my front door. On the other hand against the will of the people, our government spent trillion on bailing out select banks and such. The only ones who benefited from this were the rich. Out of the trillions spent I see no change to the better worth noting. Millions upon millions of our tax dollars go for the well being of illegals.. Seeing how we bailed the banks and take care of people who really don´t belong here, how can I say no to this when it is people like me and you that will be hurt. Not some fat cats that failed on their promise to make sure the worker would be taken care of. Not the one who owns luxurious homes that sport a bathroom bigger then most of our homes. No matter what you may feel about unions and the workers. to High or low retirement, bottom line is there was a promise made that is going south. I would think these Unions would be held accountable for this and have to at least show where the money went and what went wrong. But we all know that won´t happen. And I am sure most of you are aware that when a government says we, they mean us. When they say pay, they don´t mean them, they mean us.
None the less, the reality of my problem still remains, I simply can´t afford to give any more. I feel like I am working for nothing. I am being hit from all sides of the fence and my family is going to be hurt by it. I just realized, I need a bail out. Where and how do you apply?
 
  by: hellblazer     08/18/2010 07:27 AM     
  @CA  
 
That´s why I was calling Obama President Wagyu from the inception of his term. He threw an extravagant dinner with wagyu steaks, ~$80/lb for the top Dems and Repub to try to bring them to the bargaining table. If he want a bargain he should have fed them hotdogs or catfood like the rest of the country is now eating. The insane spending has not slowed down and we are going to sink because of it. I fear the end is near.
 
  by: valkyrie123     08/18/2010 06:03 PM     
  i agree with u both, Valk and CA  
 
I think I was the one that posted the Wagyu steak story..

Funny how ppl forgot about that.

Everything is a double standard with this admin. WE have to cut back and be fiscally responsible, while they dont...

Nothing new here, we shouldn´t be surpised...
 
  by: cray0la     08/18/2010 06:55 PM     
  @all  
 
Always complaining about high taxes. Get used to it. It is the price we pay to live in the best nation in the world and if I have to pay taxes to live and prosper here then so be it.
If you have a problem with it then move to another country with less taxes and less regulation.
What do you guys expect in a society of 300+ million people?

Stop attacking the taxation, attack the oversight of these systems that have huge budgets, i.e the Defense department.

 
  by: rj712   08/18/2010 10:57 PM     
  @all con´t  
 
If we focus on training managers and comptrollers of the departments there will be less waste. You cannot eliminate waste in any system, let alone a system such as complex as ours.
 
  by: rj712   08/18/2010 11:00 PM     
  LOL @ rj712  
 
Feel free to open your wallet to taxation all you want. I don´t think other people share your excitement about rising taxes, though.

Taxes aren´t the solution --- being fiscally responsible and exercising restraint in spending is. Something this administration has neither of.

"If you have a problem with it then move to another country with less taxes and less regulation."

We´re actually going to do better than that. In November, the Conservatives are going to take over the House and possibly the Senate. Then in 2012, we´re going to vote out the Community Organizer and vote in a real President.
Move out of this country? No, no, no... We´re going to take it over. And then we´ll all live happily ever after.
 
  by: CArnold     08/18/2010 11:46 PM     
  @rj712  
 
Your correct I would imagine we would need tax dollars to maintain the country and armed forces. Take a little out for the boys pay. But with the amount that is being taken in, surely anyone with a brain no matter what side of the fence realizes, it is being mis handled. How much tax are you willing to spend to live in the best country in the world? If this continues on the up hill trend, we as a people will be working and giving it all to the government to live in the best country in the world. Here is a list of most of the taxes we pay.
* Alternative Minimum Tax (AMT)
* U.S. capital gains tax
* Corporate income tax
* U.S. estate tax
* U.S. excise tax (includes taxes on cigarettes and alcoholic beverages)
* U.S. federal income tax
* Federal unemployment tax (FUTA)
* FICA tax (includes Social Security tax and related programs)
* Gasoline tax
* Generation Skipping Tax
* Gift tax
* IRS penalties
* Luxury taxes
* Property tax
* Real estate tax
* Recreational vehicle tax
* Rental car tax
* Resort tax (also known as Hotel/Motel tax, occupancy tax)
* Road usage taxes (Commercial Vehicle Operators)
* Sales tax and equivalent use tax
* School tax
* State income tax
* State unemployment tax (SUTA)
* Tariffs
* Telephone federal excise tax
* Vehicle sales tax
* Workers compensation tax
Now here is a list of taxes that did not exist last century

Accounts Receivable Tax
Building Permit Tax
Capital Gains Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Court Fines
(indirect taxes)
Dog License Tax
Federal Income Tax
Federal Unemployment Tax
(FUTA)
Fishing License Tax
Food License Tax
Fuel permit tax
Gasoline Tax
Hunting License Tax
Inheritance Tax Interest expense
(tax on the money)
Inventory tax IRS Interest Charges
(tax on top of tax)
IRS Penalties
(tax on top of tax)
Liquor Tax
Local Income Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
Road Usage Taxes
(Truckers)
Sales Taxes
Recreational Vehicle Tax
Road Toll Booth Taxes
School Tax
State Income Tax
State Unemployment Tax
(SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and
local surcharge taxes
Telephone mi nimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Toll Bridge Taxes
Toll Tunnel Taxes
Traffic Fines
(indirect taxation)
Trailer Registration Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation
Tax

Not one of these taxes existed 100 years ago and our nation was the most prosperous in the world, had absolutely no national debt
, had the largest middle class in the world and Mom stayed home to raise the kids.

What the hell happened? We are being taxed to death by a group of elites who are making millions. The selected group and a group of private bankers known as the federal reserve are controlling our money and our government. Now where do you think their best interest is. Us or them? Do you really believe there is anyone on the right or left that is going to cut their nose to spite their face for us? Or will they do what they have been doing for years, throw us a bone, take our rights, tax us till we are broke and enslaved by the ones that are suppose to be representing us?

 
  by: hellblazer     08/19/2010 03:08 AM     
  @rj712  
 
No one is complaining about having to pay taxes. The complaints are about the excessive number and rates of taxation we must pay as a direct correlation to the benefits received by them.

Also, waste can be effectively eliminated (reduced to an insignificant amount) but training bureaucrats isn´t the answer, because those people are human and humans have a tendency to do things in their own best interest without regard for their fellow citizens. Forcing them to be accountable would be a better approach.
 
  by: silencedmajority   08/19/2010 05:52 AM     
 
 
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