The Big Labor Bailout

The Washington Examiner’s Mark Hemingway has a must-read piece on the real reason behind so many union-driven policies that would seem to hurt millions of other working Americans and millions of taxpayers:

But as the economy sours, there’s increasing pressure to bail out workers from failing unions. Last July, for example, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto parts manufacturer Delphi. And that’s just one company. In 2007, the PBGC was already running a deficit of nearly a billion dollars. Things will only get worse as the PBGC is expected to assume $86 billion in liabilities by 2015.

Concern over underfunded pensions is the real reason behind nearly every legislative item for which unions are currently agitating. One of the top union priorities is “card check” legislation that would eliminate secret ballots in workplace representation elections, marking a return to the union thuggery of yesteryear. Without secret ballots, unions could identify and bully workers who don’t support recognizing the union.

But unions don’t want card check just so they can organize more workplaces and collect more dues — that’s chump change. They want to organize more workplaces so they can then use mandatory binding arbitration to force more businesses into multiemployer pension plans.

He’s exactly right — one of Big Labor’s biggest selling points is the retirement they “guarantee” to their members, but it turns out that guarantee isn’t worth the underfunded pension report it’s printed on.

Rush Limbaugh took notice and discussed the article on air yesterday, concluding:

So pension plans, underfunded pension plans, the UAW via the Chrysler and General Motors bailout, had their pension plans totally bailed out and their retirement benefits totally bailed out. You know who got screwed? Let’s not forget, the bondholders, the people who Obama said were being unreasonable. They wanted their full investment back, and they were told to go pound sand. So, $108 billion for UAW health benefits is in the Senate version of the final health care bill. It is in there, page 48. You will see it. And they just keep coming at us.

Yes, it seems they are going to just keep coming at us — which is why we have to demand our elected officials step in to halt the assault on our economy, on jobs, and on small business.

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  1. [...] — to say nothing of bailouts for the politically connected but economically maniacal UAW and failing union pension funds. jQuery('#lazyload_post_0 img').lazyload({placeholder: [...]

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