Investigators for the House Energy and Commerce Committee have discovered that a little-known provision in the national health care law has allowed the federal government to pay nearly $2 billion to unions, state public employee systems, and big corporations to subsidize health coverage costs for early retirees. At the current rate of payment, the $5 billion appropriated for the program could be exhausted well before it is set to expire.
So we are paying taxes to pay for the bills of those union workers who retired early. And we are not done yet, they still have another $3 billion available to spend.
Where is the money going? According to the new report, the biggest single recipient of an early-retiree bailout is the United Auto Workers, which has so far received $206,798,086. Other big recipients include AT&T, which received $140,022,949, and Verizon, which received $91,702,538. General Electric, in the news recently for not paying any U.S. taxes last year, received $36,607,818. General Motors, recipient of a massive government bailout, received $19,002,669.
So GE paid no taxes last year but got $91 million to pay for its early retirees.
Other unions also received government funds, including the United Food and Commercial Workers, the United Mine Workers, and the Teamsters.
Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/beltway-confidential/2011/03/uncovered-new-2-billion-bailout-obamacare#ixzz1IHJSlUw2