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When you own a business, you must pay the debts. Obama bought General Motors, now known as Government Motors.
"What happens to GM and Chrysler pensioners if the PBGC takes over the funds?
The retirees could face dramatic cuts. The PBGC promises a certain level of benefits, but $35 billion of the two automakers' promised pension benefits fall beyond the PBGC guarantees."
That means the taxpayers pay $35 billion for the pensions.
Thanks to that purchase, we as taxpayers are on the hook for $35 billion worth of pensions. This is why you do not allow amateurs to use your money to buy businesses. In fact, government should never buy any business. But, like a kid in a toy shop, this opponent of private enterprise (just look at his tax polices and regulatory policies for evidence of this) bought a bankrupt business, stole equity for the shareholders and bond holders--then gave a portion of the business to a corrupt union, who was a major cause of this GM bankruptcy.
"Yes. GM could face a funding crisis in 2013 or 2014 when, under the current projections, the automaker will be required to make more than $12 billion in contributions to its pension funds to keep them solvent, according to the GAO analysis. Chrysler's estimated future pension obligation is $3 billion. If the companies cannot meet their funding obligations they may have to terminate their plans, and the financial responsibilities (up to government limits) would be assumed by the Pension Benefit Guarantee Corporation."
Corruption has many forms. In the long run it would be cheaper for the government owned auto makers to go belly up. They way to assure this is by only buying from firms not stolen by government.
Do you really want to buy a car built by those who run the Post Office, the VA health care system, believe in global warming regardless of the facts? Would you buy from any company that is controlled by Barack Obama? Remember, the Board of Directors of GM and Chrysler are appointees of Obama and his friends, the corrupt unions.
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"What happens to GM and Chrysler pensioners if the PBGC takes over the funds?
The retirees could face dramatic cuts. The PBGC promises a certain level of benefits, but $35 billion of the two automakers' promised pension benefits fall beyond the PBGC guarantees."
That means the taxpayers pay $35 billion for the pensions.
Thanks to that purchase, we as taxpayers are on the hook for $35 billion worth of pensions. This is why you do not allow amateurs to use your money to buy businesses. In fact, government should never buy any business. But, like a kid in a toy shop, this opponent of private enterprise (just look at his tax polices and regulatory policies for evidence of this) bought a bankrupt business, stole equity for the shareholders and bond holders--then gave a portion of the business to a corrupt union, who was a major cause of this GM bankruptcy.
"Yes. GM could face a funding crisis in 2013 or 2014 when, under the current projections, the automaker will be required to make more than $12 billion in contributions to its pension funds to keep them solvent, according to the GAO analysis. Chrysler's estimated future pension obligation is $3 billion. If the companies cannot meet their funding obligations they may have to terminate their plans, and the financial responsibilities (up to government limits) would be assumed by the Pension Benefit Guarantee Corporation."
Corruption has many forms. In the long run it would be cheaper for the government owned auto makers to go belly up. They way to assure this is by only buying from firms not stolen by government.
Do you really want to buy a car built by those who run the Post Office, the VA health care system, believe in global warming regardless of the facts? Would you buy from any company that is controlled by Barack Obama? Remember, the Board of Directors of GM and Chrysler are appointees of Obama and his friends, the corrupt unions.
More...