yet another ‘industry’ ripe for an OBailout

Its a good news bad news sort of story – of free spending big labour suddenly falling on hard times following substantial spending during the 2008 US presidential elections.  Coincidentally the new administration slashes funding to the very department charged with enforcing disclosure of union election spending.   

The WSJ carries a story today [print edition – europe]  about the hard times which have befallen two large Union organisations, the SEIU and AFL-CIO.  According to the story, the Service Employees International Union (SEIU) ..”spent a fortune to elect Barack Obama“, but sadly have found themselves indebted to the tune of $2.3mil.  Meanwhile the AFL-CIO carries liabilities ‘equal to more than 80% of its $189mil (!) in assets. 

I tried to hold back the tears, but was laughing too hard.

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