The 2010 Union Pension Bailout Bills
Get ready to give some of your hard-earned cash – again – to the cronies of Congress who are pushing for yet another bailout. Two bills in Congress propose using taxpayer dollars to bailout private union pension funds. If either one becomes law Congress for the first time will allow the Pension Benefit Guarantee Corporation (PBGC) to use public funds – the money you earn and pay to the government – to shore up horribly mismanaged union pension plans. Estimates for the current shortfall go as high as $165 billion. Aside from the taxpayers’ gift to the unions, the bills could also bailout the deficit-ridden PBGC.