Right Thinking From The Left Coast
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Tuesday, October 19, 2010

Demcorat’s next big give-away.

Find here a prediction of one of the things that the demcorats will try to get done in a hurry after November 2nd to make sure they can pay off their biggest donor block.

When it comes to accounting, the devil is in the details. A new Financial Accounting Standards Board (FASB) rule taking effect in December requires greater transparency for union pension plans and threatens to bankrupt organized labor. In order to survive, unions need a bailout and fast. This presents a political problem—if unions go bankrupt, so do Democrats. Eleven of the top 20 largest political contributors are labor unions, and nearly all of that money is spent campaigning against Republicans. By bailing out unions, Democrats are bailing out themselves.

The problem is that these unions are run by mobsters that underfunded their pension plans, likely so they could funnel big cash to demcorats and their own pockets, and this new legal requirement is going to squash them. If that happens the demcorats will lose millions in campaign funding. The fact that so many union employees wil end up suffering from is just a convenient shield to hide behind. Demcorats care about their own hide first & foremost. They are masters at pretending to do things for others, but that’s all smoke & mirrors. These donkeys already have a plan:

The other piece of legislation is, not surprisingly, a bailout bill offered by Sen. Bob Casey, D-Pa., and co-sponsored by Senate Majority Whip Richard Durbin, D-Ill. (A similar piece of legislation is being offered in the House by Rep. Earl Pomery, D-N.D.) The bill would make failing union pension plans fully backed by the Pension Benefit Guaranty Corp., a government-sponsored entity.

That’s a guaranteed tax payer bailout of underfunded union pensions. As soon as FASB goes live, these unions that have had the luxury of hiding their finances will all be in the tank. And while these donkeys are going to try very hard to sell their bailout as an attempt to come to the aid of the small guy, something ludicrous considering that the proposed bill doesn’t do anything to address the fact that these unions have underfunded their pensions on purpose, have no doubt that the objective here is to keep their biggest donor block relevant. Party of the small guy, indeed. Heh!

Posted by AlexinCT on 10/19/10 at 11:19 AM in Elections   Election 2010   Left Wing Idiocy   Politics   Law, & Economics  • (0) TrackbacksPermalink
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