In an attempt to payback their union supporters, Democrats are trying to put taxpayers on the hook for at least $165 Billion by putting the Pension Benefit Guarantee Corporation behind struggling union pensions.The final amount would be nearly unlimited depending on how long the recipients lived. Unions plan to spend well over $100 million on the 2010 midterm election.
FOX Business reported:
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.