Teamsters Look To Obama For Pension Bailout

They never had this problem when Jimmy Hoffa was in charge….

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Central States Teamsters Union, the infamous Chicago branch once called “the mobs bank” for its funding of mob activity and loan sharking has a little problem. Their member’s pensions are missing over 40% of its value. In fact nearly a half a million workers are looking at an average 41.6% shortfall in their pension.

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But, Dem Bob Casey from Pennsylvania has a plan to save the day! He has proposed a $165 billion bailout to fund the mismanaged Union pensions. In addition to covering the pension shortfall of Unions nationwide, Casey’s bill would also repay Teamster loyalty to Democrat politicians (Obama specifically) by increasing their annual pension payouts by near $7,000.00 a year.

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While Casey has embarked on a campaign to try and convince the press that his proposal shouldn’t technically be called a bailout, the $165 billion price tag is only an “early estimate.” Conservative estimates suggest that 86% of all union pensions nationwide are in trouble. In fact, if Casey’s proposal passes, the Pension Benefit Guarantee agency would be on the hook to subsidize or even fund outright the pensions of the over 15 million Union members in the US, for the entirety of their lives. Of course this is all on tax payer’s dime.

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I certainly appreciate that discovering your pension has been raped or is missing would be horrific. I also understand that people contribute to a pension believing that their retirement will be protected. But surely the American people can not be expected to support millions more people from retirement to death simply because the unions have long out lived their usefulness and defrauded workers.

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Instead of bailing out the unions…again. The time has come to end the union’s strangle hold on businesses, employees, and communities. I am sorry for those whose pensions may be worth less or even worthless. But millions of non-unionized Americans are facing their own retirement Armageddon thanks to the Obama administration. We can’t afford to support those who have spent years (even decades) being paid at an artificially high rate thanks to the incestuous relationship between government and the unions.