His support for the auto bailouts should have been my first clue. But he talks the talk. I’ve been quite supportive of Michigan Rep. Thaddeus McCotter in the past. I even interviewed him once, and I liked him. Sigh. Now this. Trading principles for votes.
McCotter isn’t the only Republican supporting the union bailout, he’s joined by eight others. But he’s a co-sponsor! Why does he think professional baseball and football players, as well as other union members, should be bailed out by people like me? You know, people funding our own retirements?
Americans for Limited Government (ALG) has sent a letter to 9 House Republicans urging that they withdraw their support from legislation providing a taxpayer bail-out of labor union run pension funds. Among the union pension funds in critical danger are those run by the Major League Baseball Players Association (MLBPA), the National Football League Players Association (NFLPA) and more than a hundred other union-run funds.“We are asking that each Representative remove his or her cosponsorship of this blatant handout to unions, which are now asking the American people to bail them out of their own mismanagement of pensions,” Wilson said, adding that “Compensating poor investment strategies, like those pursued by the multi-employer pension plans, only incentives further underfunding of these plans.”
According to Wilson’s letter to the 9 House Republicans, “While the legislation deals with some challenging issues related to retiree pensions, it is our view that it in fact rewards bad behavior. Those who are asking Congress for this change are largely responsible for the plight of these pension funds, having failed to take the steps to rectify problems that have been looming since well before the stock market drop and recovery over the past two years.”
The letter was sent to Representatives Patrick Tiberi, Ginny Brown-Waite, Jo Ann Emerson, Steven LaTourette, John Linder, Thaddeus McCotter, Tim Murphy, Peter Roskam, and Aaron Schock.
The ALG report goes on to note that these unions are all woefully underfunded. And all the usual suspects are involved – SEIU, Teamsters and many others. Is it the fault of the taxpayers that they are underfunded? Why should we bail them out? Who’s bailing out the millions of private sector workers whose 401k accounts have been decimated? Oh yeah, nobody. We’re bailing out the unions.
Further, ALG President Bill Wilson pointed out just how egregious this is to American taxpayers.
“The proposed Congressional bailout of union pension funds is outrageous, particularly when you consider that these union run pension funds have failed to take reasonable measures to meet basic solvency requirements.”“HR 3936 does not require that a union cut benefits, have participants pay part of the pension costs, change retirement ages, limit access to younger employees, or use union dues to supplement the plan. It doesn’t require that unions negotiate for higher pension payments from employers in lieu of other benefits. Instead, it merely throws the unfunded liabilities onto the backs of taxpayers – a potential $165 billion dollar bailout,” Wilson explained.
Maggie thinks it’s criminal, and has a lot more to say on the subject. I agree completely. And may I just add, those union dues that aren’t going into the pension funds are going into campaign coffers of the politicians voting for these bailouts. It’s sick. It’s maddening. Every American should be enraged. Even union members whose leadership failed them completely and uses their union dues to advance a political agenda. Now their pariahs to the rest of us, I wonder how that feels. Their leadership and politicians have turned them into welfare recipients.
Update: I’m still seething. Remember just a few days ago we learned that unions are planning to spend upwards of $100 million on the mid-term elections? I know, it’s not $165 Billion but it sure would help, right? And someone should ask Rep. McCotter and the other Republicans supporting this dreadful legislation why they support enslaving the private sector to the public sector. That’s right, we work to support them. When will it end? When will politicians grow the gonads to stand up to the unions? Until then we can all enjoy a life of serfdom.
Update 2: As far as I’m concerned, McCotter and his Republican friends supporting this legislation are WORSE than the Democrats. We all know what these smarmy big-spending Democrats stand for. The Big-R Republicans tell us they stand for one thing and turn around and vote the other way. There is no excuse. None! They should be willing to lose their seat in Congress if it means doing the wrong thing. This is absolutely disgusting. And in case you missed it above, here’s the list of Republicans supporting this immoral legislation:
Patrick Tiberi, Ginny Brown-Waite, Jo Ann Emerson, Steven LaTourette, John Linder, Thaddeus McCotter, Tim Murphy, Peter Roskam, and Aaron Schock