Tuesday, July 3, 2012

Waxman's Bewilderment over the Fate of Public Workers' Pensions


Congressman Mick Mulvaney of South Carolina grills Congressman Waxman, who waxes ignorant on a number of issues. When he doesn't let slip his ignorance regarding the legal insights on steroid use, Waxman goes out of his way to defend government bailouts which hurt public unions in one state while bolstering another powerful union.

Following the auto bailouts of 2009, Congressman Mulvaney points out that secured bondholders, individuals entitled to pensions protected from bankruptcy, were taken advantage of while unionized workers received the benefit of job protection on the taxpayer's dollar.

Congressman Waxman proves evasive once again on the most obvious of facts, including the bankruptcy of Crystler Corporation.

GM also went bankrupt, yet Mr. Waxman also expresses ignorance on this matter. Shocking and disturbing. Mulvaney's outrage has not received proper vetting -- but the voters in the California 33rd Congressional district must pay heed to the blatant ignorance and latent insolence in the face of penetrating questions.

Secured bond holders were entitled to protections, according to Mulvaney. The pension funds of secured bond holders deserved protections, yet their funds were raided and deferred to GM, which went bankrupt, anyway.

"I am not an expert in this area," Waxman speaks up for the unions, yet Mulvaney points out the public unions which suffered as a result of the massive GM bailout.

Secured bond holder versus stockholders -- the legal definitions are key -- yet Waxman fails to outline the realities on these distinctions. Government is expected to enforce the rule of law in contracts, even for public sector pensions. Congressman Mulvaney points out that teachers and firefighters in Indiana endured the raiding for their savings to assist a blatant ally of the Obama campaign.

Government stole money from public workers to bolster unions: This issue did not receive adequate press, and Mr. Waxman complacency and compliance on this matter should not go unnoticed!

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