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.