Private sector pension bail out? Hold on to nuts......

[atepointer]

I thought I'd be dead b/f anything like this was even talked about. I know people on the hill are orgasmic staring at 401k balances and going after that one day as well.

Lawmakers Ready to Give Multibillion Bailout to 1 Union

For the first time ever, Congress is poised to use taxpayer dollars to fund the broken pension promises of a private-sector union and private employers.

www.dailysignal.com

 

[Zeroit]

I think not.
I'm waiting for kommiefornia to ask the US to bail out the state if they haven't already.

 

[atepointer]

If CA were a country it's GDP ranks as the 5th largest economy in the world. That's pretty much putting nitrous tanks on the bullet train to hell bailing out CAL-pensions

 

[kenny1773]

So I am forced to scrimp and save and be frugal with my money so I can fund my own retirement 100% via 401k with no guarantees
and I may or may not get anything from social security

but they expect me to pay for a union bailout to guarantee union workers a secure retirement?

WTF did any union ever do for me? Probably raised prices of goods I bought.

 

[atepointer]

So I am forced to scrimp and save and be frugal with my money so I can fund my own retirement 100% via 401k with no guarantees
and I may or may not get anything from social security

but they expect me to pay for a union bailout to guarantee union workers a secure retirement?

View attachment 7204401


WTF did any union ever do for me? Probably raised prices of goods I bought.

C'mon you didn't build that....time to pay your fair share.

 

[RyanScott]

We are signed up for a multi employer (union) pension. Maintaining an unfunded liability allows the union to keep contractors in the union. We would have to pay $3.5m to exit.

 

[W54/XM-388]

I'm guessing the only reason this is even a possibility is the Communists are paying off the Union bosses to get their members to vote for them / fund them with their dues.

Trump has probably done more for actual working class Americans and the security of their jobs than all the democrats ever have.

 

[atepointer]

I'm guessing the only reason this is even a possibility is the Communists are paying off the Union bosses to get their members to vote for them / fund them with their dues.

Trump has probably done more for actual working class Americans and the security of their jobs than all the democrats ever have.

Remember the SCOTUS ruling on public sector unions and pensions earlier this year? That was a LOT of money drying up for Dimocrats

 

[Flyingbullseye]

I'm guessing the only reason this is even a possibility is the Communists are paying off the Union bosses to get their members to vote for them / fund them with their dues.

Trump has probably done more for actual working class Americans and the security of their jobs than all the democrats ever have.

Pretty much. If the unions nationwide were strong republican voting blocks this wouldn't even be a thought.

 

[rtB]

Look at the numbers in that story:

638 billion private sector
6 TRILLION public sector.

All of it grossly underfunded.

Trillion here, trillion there and pretty soon you're talking about a lot of money.

 

[Ravenworks]

WTF did any union ever do for me? Probably raised prices of goods I bought.

That right there is a pretty ignorant statement,maybe you should read some history.

Your work day was forged in blood.

 

[lonegunman762x51]

I'm in two different pension systems, they are both pretty well funded. The reason pensions are fucked up is the same elected assholes who are discussing a bailout, passed laws to allow various pension systems to be underfunded. Fucktards in Congress regularly vote to allow businesses and local governments to make pension promises to unions and not fully fund them or to borrow the money they put into pension systems, leaving them essentially broke.

Pensions would work if we elected people who worked for actual voters to public office. I have been forced into a union to do the kind of work I do. If we had no union our pay would be cut 50% tomorrow. If there had not been unions we would have 13y/o kids doing grunt work for $5 dollars a day and tens of thousands of people killed every year in workplace accidents. That being said, the union these days exists to steal from its members and enrich the asshole kids of former union leaders.

But, if you honestly think that private companies would take good care of employees with unions or the laws unions created, you are in fact a certified idiot. Asbestos is a shining example of capitalism. So are the thousands of dead people who used tritium paint on watches and compass dials. Tobacco is another great example and so are railroads. Pure capitalist operations are simply the race to the bottom, cheapen the product, fuck over the employees and shit on the environment while making as much money as possible.


I'll take a modest compromise with some unions and some capitalism and a government that looks out for the safety and well being of the working man or woman. Utopia here I come,,,hahahahaha

 

[Jsp556]

In their time, they served a purpose. Now it’s purpose is collecting dues, donating to Democrat’s, and saving the job of the sorriest worker in the union.

 

[Ravenworks]

saving the job of the sorriest worker in the union.

Funny, in the 35 years I worked I never had a problem firing someone for lack of work or being a lazy POS.
The guy's I worked with took pride in their work.

I do have a problem with a janitor making 90k a year.

 

[Rthur]

Translated- We are going to buy back some votes with your tax dollars.
Same shit, different day...

R

 

[Dewey7271]

We are signed up for a multi employer (union) pension. Maintaining an unfunded liability allows the union to keep contractors in the union. We would have to pay $3.5m to exit.

And you don’t see the problems or potential pitfalls in that?
Key word “unfunded “

In the referenced article the numbers are huge. And real. We are one major market drop from a disaster with these. 08 damn near sunk quite a few of them. Idiocy in assumptions and management. Example: allowing partial lump sum distributions in a 30-40% down market. Idiots. Lack of attention to actuarial tables (life spans). Use of average rates of return when in withdrawal phase. I could go on but won’t.

Look at the potential numbers in default. Compare to current 401k balances. Nuff said.

 

[308pirate]

That right there is a pretty ignorant statement,maybe you should read some history.

Your work day was forged in blood.

Fuck unions.

When they set fire to my father's business because of a labor dispute at his primary job, it's fucking personal.

 

[308pirate]

We are signed up for a multi employer (union) pension. Maintaining an unfunded liability allows the union to keep contractors in the union. We would have to pay $3.5m to exit.

Nobody fucking cares

 

[RyanScott]

Nobody fucking cares

Data point bro, about why the union underfunds it’s pensions. Not a pity party. Making too much money to feel sorry for ourselves. ??

 

[Cheyenne Bodie]

Data point bro, about why the union underfunds it’s pensions. Not a pity party. Making too much money to feel sorry for ourselves. ??

 

[Dunraven]

So I am forced to scrimp and save and be frugal with my money so I can fund my own retirement 100% via 401k with no guarantees
and I may or may not get anything from social security

but they expect me to pay for a union bailout to guarantee union workers a secure retirement?

View attachment 7204401


WTF did any union ever do for me? Probably raised prices of goods I bought.

no question they kept the cost of goods and services artificially high, on everything they touched.

 

[Dunraven]

Labor unions are a communist construct ('workers of the world, unite'), whose time has come and gone. They exist now to extract the maximum amount of wages and benefits for the least amount of work, to support the union bosses in their extravagant lifestyles, and to protect the unwilling and incompetent.

 

[pmclaine]

I think not.
I'm waiting for kommiefornia to ask the US to bail out the state if they haven't already.

California is the worlds 5th largest economy.

A state that beats most of the world, Britain is even smaller.

Mismanagement is its problem.

 

[Gunfighter14e2]

Laughing,... the crooked shell game continues, an who pays for it? Taxes are nothing more than legalized,... what????

 

[atepointer]

I'll take a modest compromise with some unions and some capitalism and a government that looks out for the safety and well being of the working man or woman. Utopia here I come,,,hahahahaha

Can clarify a bit please b/t the existence of unions and then the separate issue of responsibility on the taxpayer to fix said union/pension mistakes via the article linked. I was following you until the last sentence and then questions popped into my head. Does this modest compromise mean you are ok with the American taxpayer picking up the tab of unfunded liabilities if Congress says 'they' will cover the difference? 2 completely different conversations perhaps you are only addressing union existence. Piss poor planning and execution at the hands of union heads/pension managers should not constitute an emergency for the American tax base.

If the precedent is set where unions/pensions now have a backstop of the American taxpayer to make everything ok if it doesn't turn out rosy at retirement.....ugh makes me nauseous. If they have been managed poorly til now just grab the popcorn and watch irresponsibility run wild if these people have Daddy to make everything awigght.

 

[myronman3]

could it be the dems are afraid of losing california to Trump? cause that’s my takeaway.

 

[Spblademaker]

Fuck unions.

When they set fire to my father's business because of a labor dispute at his primary job, it's fucking personal.

It was lightening and oily rags mixed with some electrical problems. ?

 

[308pirate]

It was lightening and oily rags mixed with some electrical problems. ?

Not a joking matter to me.

I hold grudges forever.

 

[Flyingbullseye]

Bank bailouts, union retirement bailouts, high taxes, 401/403k robbery at the expense of the tax payer ect. Starting to think the Va governor might be on to something.

 

[Gunfighter14e2]

Fuck unions, I'm not paying anyone to work, or allow them to dictate my time table. I've had more than a few run ins with them an luckily I've always come out on top, twice at the point of a gun, another time visiting them on my time table. Sad one has to revert to that level but that's the only why to get the message across at time.

 

[Dewey7271]

Data point bro, about why the union underfunds it’s pensions. Not a pity party. Making too much money to feel sorry for ourselves. ??

Good for you.
I hope you’re salting a bunch of that “too much money” away to make up the difference when that unfunded pension flops.

 

[Dewey7271]

Collective bargaining is communism.

 

[deersniper]

That right there is a pretty ignorant statement,maybe you should read some history.

Your work day was forged in blood.

YEah Unions epa madd all had their small place a long time ago. That time has long passed now they are just parasites and freedom killers.

Fuck unions
More appropriately fuck .gov that enforces unions bs.

 

[Spblademaker]

Not a joking matter to me.

I hold grudges forever.

As well you should in that case. I’m sure the cops and fire marshal got paid off too.

 

[FUNCTIONAL]

my biggest issue among some other ones is I was unable to hire a local shop to do work because the union threw up arms saying its their territory and picketed.

If Unions were for the workers why are they preventing local mom and pop shops from existing?

They had their place but in this day and age everyone is capable of negotiating their own life. They do more harm then good now.

 

[308pirate]

I will never, EVER, buy a new vehicle from any company that employs UAW labor.

I have a hard time even considering a used car made by them. Most of them have shit quality anyway.

 

[RyanScott]

And you don’t see the problems or potential pitfalls in that?
Key word “unfunded “

Oh I completely agree. One of the relatively few regulations I’d like to see implemented would be to set common and realistic assumptions for pension fund management and require they be 100% funded. I am bitter that the union uses it to trap us. Also, the federal pension guarantee corp shouldn’t be able to pay more than 1/2 of the benefit multiplied by the percentage the pension was funded.

California is the worlds 5th largest economy.

A state that beats most of the world, Britain is even smaller.

Mismanagement is its problem.

If you adjust for purchasing power it falls to 11th. If you adjust for taxes and cost of living, per capita income is higher in more than half of US states.

Good for you.
I hope you’re salting a bunch of that “too much money” away to make up the difference when that unfunded pension flops.

We pay every dime the collective bargaining agreement requires, and are not ourselves eligible for union pensions. So it’s not my problem. I’m not even allowed to tell the employees they should raise the issue with the union.

 

[pmclaine]

If you adjust for purchasing power it falls to 11th. If you adjust for taxes and cost of living, per capita income is higher in more than half of US states.

You prove my point.......

 

[pmclaine]

I will never, EVER, buy a new vehicle from any company that employs UAW labor.

I have a hard time even considering a used car made by them. Most of them have shit quality anyway.

Best thing about my 2014 Honda Pilot is it was not made by Communists.

Lot of good people in UAW but UAW is not working for the good people.

 

[chevy_man]

In their time, they served a purpose. Now it’s purpose is collecting dues, donating to Democrat’s, and saving the job of the sorriest worker in the union.

This.

Once OSHA got some teeth the unions should have been done. If they wanted a pension plan great, they can be responsible not the taxpayers.

I could join the IBEW. I will never do it because they donate to the Democratic party. I will sacrifice any wages or "bargaining" based on my morals of never letting them get a $ from me.
They also push lists of "friendly supporters" as suggested votes. If you believe they don't try and tell their members how to vote you're naive. And yes, I've seen the list from a local (co-worker came to the dark side of being self responsible as he was sick of paying dues for nothing).

 

[rockn30809]

A few of the local halls were screaming for members years ago because there weren't enough left to fund their retirement. I was in a union for about 6 years before I got out. I've always got a better deal working nonunion than working through the hall.

 

[atepointer]

Well.....they freaking did it just unreal. Ultimately CA pensions are next this sets the stage for endless streams of taxpayer funded union bailouts. What have unions learned from their piss poor execution? That big daddy the American taxpayer will backstop them no matter how badly they lead their organizations.