Posted: 7:00 am Friday, July 4th, 2014
By Daniel Malloy
Rep. Jack Kingston’s new ad this week in the U.S. Senate runoff is a strong negative hit on businessman David Perdue.
Using Perdue’s image, Kingston delivers attacks on the Pillowtex bankruptcy, a company that took stimulus money while Perdue was on the board and claims Perdue wants tax increases. The fine folks at factcheck.org already picked through the ad and find it to be a re-airing of “several deceptive claims.”
But there’s a new ear-catcher, too, a declaration that Pillowtex got a bailout. Here’s factcheck.org:
“The ad’s claim about a “government bailout” is a new twist on an old claim, but suffers from the same faulty logic as the one about the Pillowtex layoffs. It’s a reference to U.S. Pension Benefit Guaranty Corp.’s announcement on Oct. 30, 2003, that it would assume responsibility for Pillowtex’s pension benefits because of the bankruptcy proceedings. That announcement, like the bankruptcy filing and the layoffs, occurred months after Perdue had left the company.”
A note on the obscure Pension Benefit Guaranty Corp., from its website:
“The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of more than 40 million American workers in more than 26,000 private-sector defined benefit pension plans. A defined benefit plan provides a specified monthly benefit at retirement, often based on a combination of salary and years of service. PBGC was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of private-sector defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at a minimum.
“PBGC is not funded by general tax revenues. PBGC collects insurance premiums from employers that sponsor insured pension plans, earns money from investments and receives funds from pension plans it takes over.”
Be sure you take a moment on this holiday to reflect on the American-ness of a good ol’ attack ad.
About the Author
Daniel Malloy is the Atlanta Journal-Constitution's Washington Correspondent, covering the Georgia Congressional delegation and other D.C. goings-on that affect the state since 2011. He's a zealous fan and proud graduate of the University of North Carolina-Chapel Hill.