October 13, 2010
Union pension plans in America are falling apart. Congress has a plan to fix that.
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.The plan has been in the works for a while.
In February, the White House released its "Annual Report on the Middle Class" containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through "retirement security" options.You have to love the names they give these abominations. More correctly it would be called Guaranteed Retirement Accounts for Unions. If you are an ordinary citizen all Guarantees are off.
Here is a report from 2008 on the topic which names some more names.
GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not "earn a 3% real return in perpetuity." In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.What she means by "spreading the wealth" is straight up theft by the government.
Well 2008 was a good year for warnings about this stuff. Joe "The Plumber" Wurzelbacher tried to warn the 53% among us who were about to do something foolish.
Wurzelbacher said he planned to become the owner of a small plumbing business that will take in more than the $250,000 amount at which Obama plans to begin raising tax rates.Well that is history now. You know what this administration is up to. No excuses this time. The only recourse short of appeal to the Gods of War is to vote the Democrats out. Every single last one of them. No exceptions.
Cross Posted at Power and Control
posted by Simon on 10.13.10 at 04:18 AM
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