Taxpayers May Be on the Hook for Another Massive Bailout. This Time, It’s Unions Who Might Benefit.

[Geee]

Heritage Foundation:

If you’re a worker and you have a pension, there’s a government agency that will pay that pension if your company is unable to fulfill those financial promises made to you and your colleagues.

 

There’s just one catch: that government agency has a massive deficit right now.

 

According to the recently released 2014 annual report from the Pension Benefit Guarantee Corporation, the deficit in PBGC’s multiemployer program increased by $34.2 billion, from $8.6 billion in 2013 to $42.4 billion in 2014.

 

This massive deficit is problematic for the millions of workers who stand to receive mere pennies on the dollar in promised pension benefits.

 

It’s also a problem for taxpayers, who could be charged with bailing out private sector pensions that were never intended to be public liabilities.