Wednesday, October 20, 2010

Fall Elections 2010- #2299 -Armageddon: What Democrats are Hiding and Why They Are Really Scared - Redstate

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.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. 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.  Read more........

2010 Campaign News - GOP in Lead in Final Lap -Wall Street Journal A vigorous post-Labor Day Democratic offensive has failed to diminish the resurgent Republicans' lead among likely voters, leaving the GOP poised for major gains in congressional elections two weeks away, according to a new Wall Street Journal/NBC News poll. Among likely voters, Republicans hold a 50% to 43% edge, up from a three-percentage-point lead a month ago. In the broader category of registered voters, 46% favor a Democratic-controlled Congress, compared with 44% who want Republican control. But in the 92 House districts considered most competitive, the GOP's lead among registered voters is 14 points, underscoring the Democrats' challenge in maintaining their hold on the House. The poll of 1,000 registered voters was taken Oct. 14-18. Read more........



Obama The Snob - Washington Post - After a series of ineffective public messages -- leaving the political landscape dotted with dry rhetorical wells -- President Obama has hit upon a closing argument. "Part of the reason that our politics seems so tough right now," he recently told a group of Democratic donors in Massachusetts, "and facts and science and argument [do] not seem to be winning the day all the time is because we're hard-wired not to always think clearly when we're scared. And the country is scared." Read more......

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