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Ticking Time Bomb

Ticking Time Bomb

  USA Today examines the financial ticking time bomb that is the public workers pension system.  Thanks to the handiwork of the union bosses America's fiscal ledger is starting to look like Greece: Even the most casual observers know the federal government has a serious debt problem that's propelling the USA toward the same cliff as Greece. Less well known is that certain states and localities are even worse off. Or at least their problems are coming to a head sooner, as they have fewer options for kicking the proverbial can down the road. States can't print money, and they have limits on borrowing. Much of their shortfall, moreover, is the result of pension obligations that are binding contracts, not just political promises. The looming shortfalls were hidden in recent years through a combination of outright deceit and overly rosy projections for annual investment returns. But the truth is now emerging. Last month, a panel from Stanford University concluded that California's public employee pensions were underfunded by $500 billion. That's about $35,700 per California household. Nationally, the American Enterprise Institute estimates that state pension funds are more than $3 trillion short.
Forced-Unionism Expansion, by Hook or Crook

Forced-Unionism Expansion, by Hook or Crook

Big Labor 'Organizing' Strategy Reliant on Washington, D.C. (Source: May 2010 NRTWC Newsletter) Nationwide unemployment hovers near 10%.  (U.S. DOL reports unemployment rate of 9.9% for April 2010) Across America today, there is widespread hardship resulting from most businesses' lingering inability to hire more workers profitably even as the country emerges from the 2008-2009 recession. What is the response of Big Labor politicians in Washington, D.C.? Sadly, they appear determined to make matters worse. Last month, union-label U.S. Sen. Claire McCaskill (Mo.) admitted to the Hill, a D.C. Beltway publication, that she and other members of her chamber's Democratic majority were working behind the scenes to concoct an "alternative" version of the mislabeled "Employee Free Choice Act" for floor action this year. In its current form, this legislation (S.560/H.R.1409) is designed to help union bosses sharply increase the share of all private-sector workers who are under union monopoly control by effectively ending secret-ballot elections in union organizing campaigns. However, the National Right to Work Committee and its allies have mobilized massive public opposition to the measure, greatly lowering its prospects for passage in its current form. Monopoly Unionism Negatively Correlated With Private-Sector Job Growth In response, as Ms. McCaskill recently acknowledged, Big Labor politicians and union lobbyists are now concocting new legislation designed to accomplish the same objective through somewhat different means.