Sen. Robert Casey (D., Pa.
NO TAXPAYER MONEY SHOULD BE SPENT TO FUND THESE OUTRAGOUS BENEFITS!
I work hard to feed, cloth, and educate my children and with what little is left over after the confiscatory federal, state, and local taxes that have been imposed, I try to save for retirement. The Ponzi scheme called Social Security is going broke, making in more important than ever to save for one’s own retirement.
Less than 8% of Americans belong to unions and even less to the Teamsters! Inflated promises, gross underfunding, near criminal miss-management, greed, trade policy, energy issues and an evolving economy caused many of theses company’s and their Teamsters’ sponsored pension plans to go broke. The U.S. Pension Benefit Guaranty Corp was established in 1974, as the insurer of last resort to deal with these issues – not the US Government!
According to its web site, “PBGC pays monthly retirement benefits, up to a guaranteed maximum, to nearly 744,000 retirees in 4000 pension plans that ended. PBGC is responsible for the current and future pensions of about 1,476,000 people.” Unsurprisingly, PBGC already is more than $20 billion in the red — which is to say, the insurer who is supposed to cover you when your pension fund cannot cover its obligations cannot cover their obligations — and its own analysis suggests it will be $34 billion short by 2019. So first we bail out the Teamsters, establishing the precedent, and next we bail out everyone covered by the PBGC.
Why should 92% plus of Americans pay increased taxes so that the "storm-troopers” of the Progress movement get bought off! NO PUBLIC FUNDING TO BAIL OUT THE ALREADY FAILED TEAMSTERS PENSION PLANS. PBGC sinks or swims on its own merits. For years regulators have resisted increasing insurance premiums to levels deemed necessary to cover the predicted risk of insured pension plan failures. Why, because if government mandated insurance rates increased to the levels necessary, it was assumed that more employers [mostly union shops] would drop employer sponsored defined benefit pension plans in favor of plans like 401(k)s. Such a change was contrary to the Democrat party’s and its union supporters’ social agenda. So everyone ducked the issues, kicked the can down the road, and now the chickens are coming home to roost.
DO NOT support the Casey / Pomeroy legislation that would commit taxpayers’ dollars to bailing out the Teamsters’ retirement pension fund.
Stop spending, reduce taxes and shrink the size of the federal government – NOW! Congress in particular and elected representatives in general, you have been weighed, you have been measured, and you have been found wanting - 11.02.10 is the day of reckoning.
