Lame Duck Threat to Bailout Union Pensions

Connie Hair has an informative piece at Human Events about what Democrats are hoping to do in the next few weeks in this lame duck session by pushing another big union bailout.

In October, Sen. Tom Harkin (D, Iowa) heard witnesses advancing the “Guaranteed Retirement Account” (GRA) idea authored by left-wing activist and purported “labor economist” Theresa Guilarducci.

As an aside, Guilarducci being called an “economist” is an hilarious conceit. She is nothing of the kind but is merely a big labor activist disguising herself as an “economist.”

Anyway, the Democrats would love to slip this budget busting nonsense past the American people in this zombie congress. Here is how Hair defines the policy:

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.

Pro-marketeers are worried that this dead-man-walking congress will try to attach this thing to another bill in order to push it through at the last second quite despite what voters want.

Of course this is yet one more big government boondoggle meant to pay off unions for spending millions on electing Democrats and little else. It certainly makes no common sense or economic sense.

The sooner these people get out of Washington the better.

Warner Todd Huston

Warner Todd Huston is a Chicago-based freelance writer, has been writing opinion editorials and social criticism since early 2001 and is featured on many websites such as Andrew Breitbart's BigGovernment.com, BigJournalsim.com and all Breitbart News' other sites, RightWingNews.com, CanadaFreePress.com, and many, many others. Additionally, he has been a frequent guest on talk-radio programs across the country to discuss his opinion editorials and current events as well as appearing on TV networks such as CNN, Fox News, Fox Business Network, and various Chicago-based news programs. He has also written for several history magazines and appears in the book "Americans on Politics, Policy and Pop Culture" which can be purchased on amazon.com. He is also the owner and operator of PubliusForum.com. Feel free to contact him with any comments or questions : EMAIL Warner Todd Huston and follow him on Twitter, on Google Plus , and Facebook.

Leave a Comment

Permalinks


Share this!

Enjoy reading? Share it with your friends!

Send this to a friend