The Investor’s Business Daily slams the Union Bailout bill introduced by Sen. Bob Casey (D-PA):
Those who give to politicians expect a lot in return. That’s clear from the budget-busting payoffs directed largely at organized labor by Democrats in Congress and the White House.
A bill making its way through the Senate would bail out union pension funds to the tune of $165 billion. The bill’s author, Democratic Sen. Bob Casey of Pennsylvania, wants the public to pay for the gold-plated union retirement benefits that the funds have mismanaged into oblivion.
This has to be galling to average working saps who watch as their 401(k)s and IRAs plummet, only to be asked to pony up billions of dollars in subsidies for unionized workers — many of whom get to retire into the lap of unlabored luxury while still in their 50s.
Casey’s bill isn’t the only gift that the White House and Congress have for the unions. Last year, economist and columnist Ben Stein estimated that as much as half of the $862 billion stimulus would go to unions, directly or indirectly. Even that might underestimate organized labor’s take.
And just last week, the White House proposed $23 billion in aid to states for education. For education? Well, in point of fact, increased federal involvement in education has had zero positive effect on test scores.
So this money has nothing to do with “the children” or schooling. It has everything to do with teacher unions, which will see billions in payouts from money ostensibly intended for school kids.
In short: bailouts for the unions; higher taxes and penury for you.
By 2020, our nation will owe $20.3 trillion — a lot of that round-tripped from your pocket straight into union pockets.
Your children will pick up the tab for this largesse by having lower wages, fewer jobs and higher taxes.
Welcome to the workers’ paradise.