May 25, 2010

The Thugs Want Their Cut; and They'll Wreck The Nation to Get It

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.

Labor and the Left have been using their political power for years to extort exorbitant benefits out of companies, and they've done as good of a job in managing their pensions as they have the government. As the article states, 94% of these union pensions were in trouble before the recession.

Now Democrats want their incompetent constituencies bailed out by the taxpayers—again—and the bailout is, as the article states, unlimited. If passed, we will have to pay for this forever.

Not just no, but Hell no.
I don't know if it is arrogance, stupidity, or simply corruption, but Democrats can't seem to fathom that the public trough is not bottomless. They seem to think that they can keep appropriating funds that don't exist, and that if they pass laws, money will magically appear from somewhere to pay for it all.

Its amazing that so many on the left ridicule those of us who believe in God, and yet stake the entirely of their future on hopes of a fiscal miracle.

Washington is an addictive culture, and now more than ever before, Democrats operate like drunken sorority girls, living completely in the moment, doing whatever feels good without any thought towards the future, hoping that when they wake up in the morning, mom and dad will be there to settle up for all the damage they've caused.

Quite frankly, the collective actions of the Democratic Party in the House of Representatives, Senate, and White House could not be any more of a threat to this nation if it tried. Their fiscal irresponsibility is a far greater threat to this nation's future than collective actions of al Qaeda, Iran, and North Korea.

If we do not radically change the behavior of both parties in Washington (and the Democrats in particular), this nation will collapse, just as Greece and the European Union seemed destined to do in coming days.

Despite warnings sounded around the globe, free-spending enemies of our way of life such as Senator Bob Casey continue to push our nation towards insolvency at a quickening pace. No one in government or depdent on the government is willing to stop them... nor will they be, as the get rich off the labor of the taxpayers.

Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.

At the same time, government-provided benefits from Social Security, unemployment insurance, food stamps and other programs rose to a record high during the first three months of 2010.

Those records reflect a long-term trend accelerated by the recession and the federal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs.

The trend is not sustainable, says University of Michigan economist Donald Grimes. Reason: The federal government depends on private wages to generate income taxes to pay for its ever-more-expensive programs.

Most Americans hope that the elections in November will allow us a chance to save our nation via the ballot box.

Sadly, if we can't find a way to shut down the reckless spending of our current crop of politicians and force them towards the path of fiscal accountability and restraint before the mid-terms, any resulting change in personnel may come to late to save our way of life, or our nation's future.

Posted by Confederate Yankee at May 25, 2010 09:01 AM

No, no, you guys are right. All of those negotiated pensions should be allowed to fold, sending millions into abject poverty in their later years Hey, what could be more American, and more conservative, than ensuring poverty for millions. As long as we can keep the government's hands off of the estates of the richest 1% of the country, that is.

Posted by: Remarkulus at May 25, 2010 10:33 AM

Remarkulus, are you real so dim, and so indoctrinated, that you actually believe that it will be the richest 1% that will bear the burden for the incompetent administration of these pension funds? No, ALL OF US--or at least all of us who pay taxes--will be stuck with the bill, at least until the entire nation defaults thanks to profligate spending.

You aren't worried about saving millions from poverty.

By attempting to create another unfunded mandate, you're insuring it.

Posted by: Confederate Yankee at May 25, 2010 10:42 AM

It is too late for the ballot box to save us. We must cleanse our government of the parasites. We must reverse the damage. That calls for more radical methods. We cannot keep doing thing s the same way and expect different results. Get real.
We must do it another way or we are doomed to sicialism or worse, Marxism. No. Not on my land.

Posted by: OdinsAcolyte at May 25, 2010 10:58 AM

It is to late already. AT this point it does not matter what they put on we can't/won't pay it. The people really think things are getting better. So other than the Tea Partier's they is no one that cares. We are just going to have to watch this come down and hope/pray that we can build something after wards to replace it. I am sorry to sya it but I think we have lost the Republic and the nation as we know it.


Posted by: s4r at May 25, 2010 01:07 PM

So they guys making $20.00 an hour will cover for the guys who made $40.00 an hour?

Posted by: Picric at May 25, 2010 02:34 PM

Remarkulus wants the "rich" to bail everyone out and rescue them from ill-considered decisions.

Screw that. If the union pensions are underwater, then either raise pension contribution rates or lower benefits. This is their problem, not anyone else's. If (as is very likely) union thugs and gangsters have stolen the money, then go after their estates and the auditing firms who made the theft possible.

The same should be done for over-generous public pensions too.

Posted by: iconoclast at May 25, 2010 06:03 PM
All of those negotiated pensions should be allowed to fold, sending millions into abject poverty in their later years

Pish posh! They've got Social Security to save them, Remarkulus! What a Great Society!

Posted by: Pablo at May 26, 2010 07:29 AM