This is one of those stories that makes it worthwhile for a blogger to get out of bed in the morning.
Chief Thug President of the infamous Service Employees International Union, more commonly known as SEIU, left the union $85 million in the hole when he resigned.
With credentials like that, it’s only natural that President Obama has appointed Stern to a position on his Deficit Commission.
The Washington Times reports the remarkable details:
Mr. Stern has claimed victories in helping pass health care legislation and getting President Obama elected, but his impact within his own organization shows gaping budget deficits and massive underfunding of pensions.
SEIU has seen its liabilities skyrocket during the past decade. The union’s liabilities totaled $7,625,832 in 2000. By 2009, they had increased almost by a factor of 16, to $120,893,259. Meanwhile, SEIU’s assets barely tripled, growing from $66,632,631 in 2000 to $187,664,763 in 2009. A significant portion of SEIU’s current assets are from IOUs from hard-up locals.
SEIU is $85 million in debt, down from its 2008 high of $102 million, and has been forced to lay off employees.
While SEIU’s pension plans were failing and its liabilities growing, Mr. Stern seemed more concerned with electoral politics than with the internal workings of the union. Indeed, politics can account for much of SEIU’s lavish spending in recent years. “We spent a fortune to elect Barack Obama – $60.7 million to be exact – and we’re proud of it,” he boasted to the Las Vegas Sun last year. In all, under Mr. Stern, SEIU spent more than $85 million to elect President Obama and give Democrats control of Congress.
Your tax dollars are in good hands. Stern may be completely unqualified to reduce the nation’s budget deficit, but he is an Obama crony. And to be completely honest, something Stern will never accomplish, being an Obama crony is the only qualification he needs.
Source: Washington Times