The Taxpayer Funded Union Pension Bailout

Legislation introduced last week could shift costs of union pension plans to taxpayers in an attempt to stave off organized labor’s pension funding crisis.  Senator Bob Casey, Pennsylvania Democrat, introduced the so-called Create Jobs & Save Benefits Act of 2010 to address the funding problems faced by union-administered multi-employer pension plans by shifting the burden to the taxpayers.  Casey said his bill would cost the taxpayers $8 to $10 billion.

Bailouts are a bipartisan affair.  Senator Casey’s bill is similar to the bill, H.R. 3936, in the U.S. House sponsored by Earl Pomeroy (D-ND) and Patrick Tiberi (R-Ohio).