From the desk of Stephen Cabot: According to an editorial in the Wall Street Journal (www.wsj.com), Senator Bob Casey of Pennsylvania is rounding up support for a misnamed bill: “Create Jobs and Save Benefits Act.” It is, in effect, a bailout for under-funded union pensions. If a union pension is under water, its liabilities would be transferred to the Pension Benefit Guaranty Corporation, which (you guessed it) is funded by tax payers. The Act would transfer tens of billions of dollars of retiree liabilities.
According to the Journal’s editorial, the number of under-funded union pensions has “soared to 640!”
The numbers have been growing for years; and as the economy falters, the number of under-funded union pensions will rapidly accelerate, adding significantly to the country’s economic woes.
This is just another example of how various Democratic politicians are in the business of doing organized labor’s bidding. And while they express concern for the welfare of tax payers, they continue to pass legislation that benefits their real constituency (i.e. labor unions), while putting all Americans under an increasingly heavy tax burden.