Sunday, August 22, 2010

Private Pensions - The Next Big Bail Out

While it is well known that state and federal governments have promised public union employees pensions that are unsustainable and under funded by billions of dollars, there is another fiscal catastrophe in the making that is just as bad. Many estimate that private pensions, often negotiated in collective bargaining agreements for union employees in various industries, are also under funded by as much as $165 Billion. Of course, this should be none of our business as tax payers, except that now the Socialists that control Congress are planning a bail out for their union supporters that work for private companies. Socialist Senator Bob Casey of Pennsylvania is sponsoring his "Create Jobs and Save Benefits Act of 2010. Casey claims this pension protection will only cost a mere $10 Billion; but critics claim this legislation, if enacted, will expose the tax payer to the full $165 Billion of unfunded liability to pay these private pensions. We The People must stand up and JUST SAY HELL NO.

Senator Casey wants to transfer this private employer liability to the Federal government Pension Benefit Guaranty Corporation, funded like an insurance plan, that usually steps in to guarantee pensions in the event a company that promised them files bankruptcy. Of course, the Pension Benefit Guaranty Corporation has its own $21 Billion deficit. This agency is technically bankrupt like so many other government agencies. Taking on this liability means that the federal government would have to borrow this money in more deficit spending to cover these private pensions. This is crazy!!

The question is why should the taxpayer be on the hook for private pensions at all. Most Americans do not have private pension plans. Years ago, most companies switched to 401K contribution plans, which are less costly for companies than the old style pension plans. And or, many Americans just have Social Security to rely on in retirement plus any savings, or investments they may have made during their working life. So now the Socialists that control Congress want Americans, who have no pension plans, to pay higher taxes to bail out private companies and their union employees. What is wrong with this picture? This is another example of redistribution of income that is nothing more than stealing from the American people. This has got to stop.

We must take back our country in 2010 and 2012 by electing Conservatives who support free market capitalism, limited government, lower taxes and less regulation, a balanced budget, term limits, real energy independence and health care reform, a strong national defense, including securing our border and fighting Terrorism, the right to bear arms, the sanctity of life and family values. This is the winning platform supported by the majority of the American people and the only way to restore economic growth and job creation.

Most important, we must elect Conservatives in 2010 and 2012 who support the Constitution, as written by our Founding Fathers, not as contrived by the left wing media, Socialists Obama, Reid, Pelosi, former Presidents, Congresses, or the Courts. We must sweep these Socialists out of office in 2010 and 2012. We can do it. We must do it to preserve our freedoms, our nation and way of life and for the sake of our children and grandchildren.

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