Taxpayers on hook for Biden's bailout of union pensions

The Center Square ^ | 07/06/2022 | Casey Harper

[mjprice83]

(The Center Square) – President Joe Biden on Wednesday touted a federal program to delay insolvency for private unions’ pension funds, but critics say taxpayer dollars should not be used to “bail out” pensions negotiated by unions.

Biden spoke in Cleveland, Ohio, about the American Rescue Plan’s Special Financial Assistance program, which will protect more than 10 million Americans in multi-employer plans from seeing their benefits slashed when their plan becomes insolvent, which many are projected to do in the next few years.

Biden called the plan "historic."

“This was $90 billion, O.K.?” Biden said in his remarks. "But it is small in comparison to the bailouts of businesses and major corporations and banks..."

Multi-employer pensions are those negotiated across an entire industry, like mining or construction, with private unions and employers running the plans. The Biden administration announced a final rule this week regarding the rates of return and kinds of investments these pensions can utilize.

“The backbone of the country are the working women and men, the middle class, and you know there’s a middle class for one reason: American unions,” Biden said.

Critics, though, say it will be regular Americans who foot the bill.

[BipolarBob]

hey Biden!, I could use a bailout thanks to your economic policies.

[cockroach_magoo]

That’s our Robinette Hood!

He takes from the honest and give to the corrupt.

[SteelPSUGOP]

It is difficult to not wish the folks who voted for this mut and his minions aren’t suffering more than those of us who know better.......

The real problem is they are not learning from their mistakes, but give the old commie party line, our policies didn’t work because we didn’t go far enough.

[ChuckHam]

I feel like I already paid into their pensions when I purchased crap products made by unions. I’m looking at you UAW. Not to mention costs driven by the AFL-CIO, SEIU, and the Teamsters. Need I go on? FJB.

[Mlheureux]

I thought congress handled the purse. How is Biden spending at will?

[100%FEDUP]

The Biden administration announced a final rule this week regarding the rates of return and kinds of investments these pensions can utilize.

This one sentence is the key. The plans will get bailed out as long as they adopt ESG investing rules. This is Brian Deese's area of expertise.

[Fido969]

Union leaders made promises they couldn’t keep in order to maintain power.

Hey, buddy, I didn’t make those promises.

[Eleutheria5]

At this point, what difference does it make. They’ll be paid in US dollars.

[SuperLuminal]

Communists protect their own...

No Big Deal!
Our communist masters know that the Aamerican sheeple will just continue to roll over and spread their collective cheeks...

Bow down!... Obey!... Snitch!...

[blackdog]

Vote buying with zero sum gain.

[Boomer One]

The man has materially shrunk what remains of my IRA and soon he will be increasing my taxes (or further reducing my purchasing power via inflation and deficit spending) to buy votes. Further, he is doing this for unions who have notoriously mismanaged or underfunded pension funds for years. If one group of citizens suffers, why not all? I grow tired of this selective and open corruption and hope to see a correction for the sake of my descendants before I die.

[skimbell]

There was an article earlier today dealing with how much of the "Covid Money" went missing.
Illinois was, the winner I guess, so far as not being able to account for the final resting place of much of it's cut of the Covid Money.
Most reports place the Covid Relief Act in the neighborhood of $2 Trillion.
That goes a long way toward bailing the financially upside down Blue States-Illinois among them-out.
The Lisping Prince denies that Illinois’ economic rebirth had anything to do with the Covid money, but he's the Governor of Illinois.
Sorry, but the tax payers who “weren't by god going to pay to bail these irresponsible states out”, already have.

[Reddy]

That’s a good one! Need someone to make a meme with Brandon dressed as Well I in Hood and title it, “Joe Robinette Hood”.

[AZJeep]

I lost my pension when my company went belly up!
But we were not unionized.

Biden should first fix the Social Security. That affects a lot more people and it is going broke soon too!
I have noticed the press always asks Republican candidates about SS, never the Democrats!
Obviously, because it is the third rail of the politics, they want to hurt Republicans.

[Reily]

Just shoveling in more money into Social Security isn’t going to do it. It will have to be restructured and still maintain the level of payments. That will be very very hard.

[AAABEST]

Great.

I live in Florida, where multitudes of pensioners get large 6 figure incomes and full benes for occupying some bullshit OJT position for 20 years.

Now I/we get to pay, because THEIR municipality and/or union promised people w they could drive Mercedes AMGs when they turn 45.

Now we all pay for corrupt dem/union deals made in Chicago, NY, Boston, LA etc.

Bend over.

[NWFree]

President Retard - Ripping off American Better 🤪

[crz]

And anyone thinks the Chicago Outfit was bad?

They couldnt hold a candle to this pig faced SOB.

[mjprice83]

I’m sorry to hear that.