You Hate to Say We Told You So But…Obama Bailouts

You Hate to Say We Told You So But…Obama Bailouts

Liz Peeks discovers the nasty truth of the Obama auto bailouts -- they were a "Hefty Union Payoff": [media-credit name="NRTW Committee®" align="alignright" width="300"][/media-credit] In the second presidential debate, Mr. Obama attacked early on, saying, “Governor Romney said we should let Detroit go bankrupt.” Note to Obama fans: GM did go bankrupt – filing for Chapter 11 protection against its creditors on June 1, 2009. It’s what happened next that the president can take credit for – a handout of $49.5 billion in taxpayer money to GM, some $27 billion of which remains outstanding, and another $17 billion to its financial arm Ally Financial, which still owes $14.7 billion. In other words, Obama didn’t save General Motors; American taxpayers did, with an assist from the Federal Reserve. While liberals rant about the bailouts of Wall Street, it is worthwhile noting that of the $417 billion in TARP funds spent to stabilize the economy, only $65 billion has yet to be repaid – and more than half of that is owed by GM and Chrysler. The latest TARP report from the Congressional Budget Office says that the government invested nearly $80 billion in those two auto giants and that taxpayers are still on the hook for roughly $37 billion. In the same report, the CBO projects that handouts to Wall Street firms will ultimately net the government a cool $11 billion profit. They say the auto industry, on the other hand, will never pay back taxpayers. According to the congressional bean counters, $20 billion is gone for good.
Taxpayer Bailout for Illinois?

Taxpayer Bailout for Illinois?

[media-credit name=" " align="aligncenter" width="300"][/media-credit]After giving away the store and the kitchen sink to the union bosses, Illinois Gov. Pat Quinn is looking for a federal taxpayer guarantee for the state's pension debt, the Wall Street Journal opines: Now that Chicago's children have returned to not learning in school, we can all move on to the next crisis in Illinois public finance: unfunded public pensions. Readers who live in the other 49 states will be pleased to learn that Governor Pat Quinn's 2012 budget proposal already floated the idea of a federal guarantee of its pension debt. Think Germany and eurobonds for Greece, Italy and Spain. Thank you for sharing, Governor. Sooner or later, we knew it would come to this since the Democrats who are running Illinois into the ground can't bring themselves to oppose union demands. Illinois now has some $8 billion in current debts outstanding and taxpayers are on the hook for more than $200 billion in unfunded retirement costs for government workers. By some estimates, the system could be the first in the nation to go broke, as early as 2018. Liabilities are also spiralling nationwide, with some $2.5 trillion in unfunded state pension costs. According to a paper released Thursday by the Illinois Policy Institute, the crisis will end up pitting states against each other as taxpayers in places like Tennessee, Texas, Virginia and Utah will be asked to subsidize the undisciplined likes of Illinois and California.

Labor Day Statement: “Union Officials Are Mounting A Billion Dollar Campaign to Reelect President Barack Obama”

Forced-dues funded billion dollar machine enables union officials to wield immense political clout, even though voluntary union membership continues to steadily decline Washington, DC (August 31, 2012) – Mark Mix, President of the National Right to Work Legal Defense Foundation and National Right to Work Committee, released the following statement regarding this year’s Labor Day holiday. “This Labor Day, many workers will enjoy a well-deserved long weekend. But as we celebrate with friends and family, union officials are mounting a billion dollar campaign to reelect President Barack Obama and elect more pro-forced unionism allies in Congress. “Throughout the United States, tens of millions of American workers are already compelled to pay dues or fees to union officials as a condition of getting or keeping a job.  And millions more workers are required by law to accept a union’s so-called ‘representation,’ even if they would rather negotiate with their employer themselves on their own merits. “Recently, the National Institute For Labor Relations Research and Wall Street Journal independently reported that Big Labor spends about four times on politics and lobbying than what was previously thought.  This forced-dues funded billion dollar machine enables union officials to wield immense political clout, even though voluntary union membership continues to steadily decline.
NLRB Overreach not Overlooked by House Education and Workforce Committee

NLRB Overreach not Overlooked by House Education and Workforce Committee

In their aggressive overreach to help the union bosses, the National Labor Relations Board has a devastating strong of courtroom losses that are putting them back into place.  The House Education and Workforce Committee looks at their grasp for more power: [Last] week, the Obama National Labor Relations Board (NLRB) suffered yet another defeat in federal court. On Monday, U.S. District Judge James Boasberg – appointed to the federal bench last year by President Obama – rejected the board’s recent ambush election rule. During the final days of 2011, the Obama labor board jammed through the regulatory process sweeping changes to long-standing rules governing union elections, changes that undermine employer free speech and worker free choice. As Education and the Workforce Committee Chairman John Kline noted: The Obama board’s rush to enact this rule before it loses its quorum confirms what my Republican colleagues and I have suspected all along – this board is not fighting for the best interests of our workforce, but instead is determined to advance an activist, pro-union agenda at any cost. Yet in their haste to adopt a flawed rule, board members Mark Pearce and Craig Becker neglected to follow the law. Citing Hollywood icon Woody Allen, Judge Boasberg writes: Eighty percent of life is just showing up. When it comes to satisfying a quorum requirement, though, showing up is even more important than that. Indeed, it is the only thing that matters – even when the quorum is constituted electronically. In this case, because no quorum ever existed for the pivotal vote in question, the Court must hold that the challenged rule is invalid. The decision represents a victory on behalf of workers and employers, and is hopefully not the last. As the Wall Street Journal noted, “Given the NLRB spectacle of the last three years, this probably won't be the only time the commission loses in court—or the only time that judges need to invoke Mr. Allen to describe its absurdity.”