CNSws.com 09/01/10 – An economist at the nonpartisan Hudson Institute says /that if House and Senate Democrats pass the Employee Free Choice Act (EFCA) — known as the “card check bill” — in this Congress, it would create a “ponzi scheme” environment.
Diana Furchtgott-Roth, a former chief economist at the U.S. Department of Labor, told CNSNews.com on Tuesday that implementing card check would allow unions to swell their ranks with new members who would have to be signed up and pay money into failing union pension plans.
“It shouldn’t be allowed,” she said. “It’s a ponzi scheme as bad as Bernie Madoff.”
EFCA would do away with secret ballot elections for unions, which critics say would open the door to employees being pressured into voting to unionize. Additionally, the new union members could be entered into a multi-employer plan that is badly under-funded, and the wages they would pay into the fund would not go toward their own retirement, but would likely go to fulfill liabilities already owed to new and existing retirees. Read Full Story
