Tuesday, August 17, 2010

Pensions Commit Fraud, Want Bailout

Jim promised to pay Paul $5,000. Jim also promised to pay Peggy $5,000. Paul and Peggy go to Jim's office to collect their money. Unfortunately, Jim only has $5,000 total, which won't be enough. Jim is now shit out of luck.

That is, unless Jim is an underfunded union pension.

Our government, in its infinite wisdom, is now planning on bailing out the Jim's of the world, by giving our tax dollars to the underfunded pensions that promised out more money than they took in.

Many if not all of the pensions looking for a handout were set up in a way that they would never be able to meet their obligations. They simply promised too much money to retirees, and collected too little money from those who were still working. Usually when you do that, it's called "fraud" and it's illegal. When unions do it, however, they get $165 billion dollars to cover the financial hole left by their shady accounting, if the unions' congressional lapdogs get their way.

What is the point of working hard and paying taxes, if those tax dollars are simply given to crooks and liars?

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