If you thought the stimulus was bad, wait till you see the Union pension bailout.
I got the chance to talk to my friend, Mark Hemingway, from the Washington Examiner. He’s done a little research into what he calls the “mother of all taxpayer bailouts”. It’s about Unions.
Unions aren’t funding their pensions. After all, why should they? Union fat-cat bosses can’t live high on the hog if they have to put all that money aside for their members. Instead of funding pensions they are paying themselves big salaries. In fact, in many cases, you find the Union bosses have a different pension than the Union rank-and-file.
How do you like that? Can you imagine being a Union member and not even knowing that some of the Union pensions are funded at only 65% of the amount of money they’ll need to supply the pensions?
The government can’t bail them out. Heck, just doing Delphi’s bailout cost $6 billion. Mark’s right. If they talk the Obama administration into this, it will be the “mother of all taxpayer bailouts”.