Public sector labor unions have generated a $3.4 TRILLION debt for pensions and benefits. Support HR 4822 - no union bailouts.
Hello, this is Charles Benninghoff on this 11th of April, 2016. Today I’m going talk about the biggest threat facing the American economy -- the $3.4 TRILLION funding gap in public sector labor union pension plans.
You might not think that this subject affects you but if that $3.4 trillion bubble pops then the federal government will raise your taxes, loot your social security reserves, slash veterans benefits and seize PRIVATE SECTOR retirement accounts in order to pay off the labor unions.
OH... IT CAN’T HAPPEN HERE…. ?
Remember General Motors? All of the stockholders of good ol’ GM lost their entire investment, private pension plans holding GM stocks and bonds were wiped clean, all of the company’s wealth ended up in the hands of the unions AND NOW GM is building Cadillacs in communist China.
Remember the “bail-out” to state and local governments following the federally-generated mortgage collapse beginning in 2007 and then the downturn in tax revenue? Did you know that the vast majority of THOSE bailout funds went to pay public sector labor union benefits - there was NEVER a single so-called shovel-ready job created outside government workers?
SO it not only CAN happen here, it HAS happened here.
You need to educate yourself about this issue and then take action.
Here is the action we hope you will take with us!
Our church -- Pray For US, Pray For The United States -- is supporting HR 4822 which is the Public Employee Pension Transparency Act.
A new study from Stanford University researchers shows that state and local governments are hiding a $3.4 trillion funding gap through accounting gimmicks and they expect the federal government to bail them out when those pension plans eventually collapse -- which will happen!
Here is what Republican Congressman Devin Nunes from California says about this pension deficit:
[Nunes clip on Fox News]
The public sector labor unions offer lavish taxpayer-funded retirement plans in which government union workers often retire in their 50s and some can even draw a higher retirement benefit than they made when they were working. In some states they don’t even retire before they start drawing retirement benefits.
Detroit is the perfect example of what happens when one of these public sector pension plans collapses.
The city of Detroit knew that it was broke so it raided the public pension fund and paid BONUSES to retired union workers. Then it borrowed money to refill the pension fund and declared bankruptcy on the money it borrowed!
So, the public sector labor unions ran away with the money and the federal government bailed Detroit out with YOUR tax dollars.
Imagine what would happen if the pension plans in California, Illinois, New York and other states all collapsed at the same time.
The federal government could raid social security and other federal programs to bail out the states and cities that underfunded their pension plans. And the feds will raise taxes for everyone else, even as they are looting social security.
This is evil because the people running these pension plans know that they are underfunded.
In the Bible in Isaiah Chapter 10, starting in verse 1 is says:
“Woe to those who enact evil statutes And to those who constantly record unjust decisions,
So as to deprive the needy of justice And rob the poor of My people of their rights,
So that widows may be their spoil And that they may plunder the orphans.”
“Now what will you do in the day of punishment, And in the devastation which will come from afar? To whom will you flee for help? And where will you leave your wealth?”
The evil statutes being enacted by state and local governments to enrich public sector labor unions have to be stopped and one way to address this evil is through HR 4822.
The bill requires much more public transparency for these pension plans so they cannot hide funding deficits from the people.
Most importantly, the bill exempts the federal government from liability meaning that if all the public pensions go broke at the same time, your social security benefits and your bank account cannot be looted.
Here is how you can help.
Contact Congress using our dedicated action page and tell the representatives and senators to take immediate action to support and pass the Public Employee Pension Transparency Act.
Just click the link now appearing in the corner of your video screen to be taken to our action page.
You can use our action page to send YOUR DEMAND to Congress to force state and local governments to shore up their pension plans before it is too late!
Click the link now and take action!
This is Charles Benninghoff signing off and wishing you Godspeed.