ResearchMonkey
Well-Known Member
An interesting article about the upcoming lame duck session. Three weeks of nothing to lose.
Armageddon: What Democrats Are Hiding & Why They Are Really Scared
Armageddon: What Democrats Are Hiding & Why They Are Really Scared
If Democrats were running a corporation, their actions would be criminal.
Tuesday, October 19th
Do you remember that promise we heard back in 2008 about transparency? Democrats and, in particular, then-candidate Barack Obama stated
“This is Armageddon.”
In June, a conversation took place in a hotel restaurant in Washington. As a latecomer to the conversation, it was easy to pick up that the topic that was the $165 billion union pension bailout bill introduced by Sen. Bob Casey [D-PA] in March.
Upon introductions, one of the individuals stated, “this is Armageddon.”
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It only gets better and better.If Democrats were running a corporation, their actions would be criminal.
Tuesday, October 19th
Unions and Democrats are scared. They should be.
Very soon, Democrats and their union bosses’ worst fears may soon be realized and, if they cannot continue their slight of hand, it may threaten their very existence. While it is true that Democrats and their union bosses are facing possibly debilitating losses on November 2nd, they are hiding the really bad news from voters until after November 2nd.
Do you remember that promise we heard back in 2008 about transparency? Democrats and, in particular, then-candidate Barack Obama stated
“This is Armageddon.”
In June, a conversation took place in a hotel restaurant in Washington. As a latecomer to the conversation, it was easy to pick up that the topic that was the $165 billion union pension bailout bill introduced by Sen. Bob Casey [D-PA] in March.
Upon introductions, one of the individuals stated, “this is Armageddon.”
<s>
On Nov. 1, the Financial Accounting Standards Board (FASB) ceases to take public comment on a new rule requiring that companies more accurately report liabilities they have from participation in multiemployer pension plans. Unless FASB is persuaded otherwise, the rule takes effect Dec. 15.
There are some 1,500 multiemployer pension plans in the United States, which are unique to unions. In these plans, multiple companies pay into the pension plan, but each company assumes the total liability.
Under “last man standing” accounting rules, if five companies are in a plan and four go bankrupt, the fifth company is responsible for meeting the pension obligations for the employees of the other four companies.
What this means is that companies with union labor often have pension liabilities that are several multiples higher than the pension expenditures they report — the Kroger grocery store chain shocked analysts last year when it disclosed its multiemployer pension liabilities more than doubled in a year to $1.2 billion.
[snip]
FASB’s new rule could effectively wipe out the paper worth of many companies, especially in the trucking and construction industries. Once banks and creditors are aware of these staggering pension liabilities, it will make it nearly impossible for union businesses to get loans, credit lines or bonding.
Armageddon: What Democrats Are Hiding & Why They Are Really Scared