Posted on 03/10/2021 10:15:47 AM PST by MarvinStinson
The New York Times reported this week that the Democrats’ $1.9 trillion “coronavirus relief” bill includes $86 billion for failing pension funds:
Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.
Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.
The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job.
…
Both the House and Senate stimulus measures would give the weakest plans enough money to pay hundreds of thousands of retirees — a number that will grow in the future — their full pensions for the next 30 years. The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur. Nor does it explain what will happen when the taxpayer money runs out 30 years from now.
Moreover, as the Wall Street Journal noted Wednesday, the Democrats’ bill provides $360 billion in relief for states, some of which will be used to bail out ailing state pension funds:
The Journal‘s Jason Riley also described the bill as “the largest expansion of the welfare state since Lyndon Johnson’s Great Society.”
(Excerpt) Read more at breitbart.com ...
This administration loves to give the unions a big wet kiss.
Union people were getting a bit restless. I guess this takes
care of that.
California should be thrilled.
BDS the states that got the Pork
They stole from our treasury, and now we must punish them.
California got the most pork and they have a 10 billion
dollar surplus.
We need to raise a ruckus where are the PPP checks?
IT MUST BE ALL LIES!!!
CBS/NBC/ABC/CNN/YAHOO/ROOTERS/NYT/WP/NPR/PMSNBC/PBS never reported this stuff, so it has to be all lies. Go there to learn the truth.
Get off FOX to learn the truth. Listen to the network truth detectors, and learn.
Whatever, where’s my CHECK?
I want my damn $1400 NOW!
Wasn’t sure about that, so I checked.
Here’s what I found. A $15 billion dollar surplus.
With our economy taking a hit like it has, I have no idea how
the state is so flush with funds.
Who is surprised by this?
My state, Illinois, needs $10B to “stabilize” it corrupt retirement system. I assume at least some of that is in the bill. Illinois pensions consume 30% of state income. A normal state will need 5% for pensions.
It looks like Schumer just licked Xiden’s crack.
Imagine the kickbacks and stuffed congresscritter wallets.
So the cities and unions that performed the worst get the dough?
They have their own state capital gains tax. It is a windfall from the stock market last year. An absolutely huge amount of California state capital gains taxes are to be paid by tech millionaires and billionaires.
“”” Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue,”””
Why aren’t union pension plans covered by the Pension Benefit Guaranty Corp in the same fashion as corporate pension plans????
I just sent Gavin Newsome a bill for $345,000.
The bill is retribution is for the tax cut eliminating state tax deduction
Unions fail to fully fund their pensions due to theft and political donations and we the taxpayers get pay for the promises they didn’t keep.
Nobody more crooked than a Democrat.
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