Posted on 03/10/2021 1:11:52 PM PST by RomanSoldier19
President Joe Biden's $1.9 trillion stimulus plan passed the House on Wednesday, setting it up to become law this week, but where the money in the bill is going remains controversial. One of the controversial recipients: pension plans.
Democrats included $86 billion in direct aid for pension funds in the stimulus bill, which will help the 10.7 million active and retired workers who fall under multiemployer pension plans, and lawmakers say doing so is a necessary component of pandemic relief.
"Wall Street's reckless bets that crashed our economy in 2008 hit union pensions like a knife in the ribs," Sen. Elizabeth Warren of Massachusetts said on Twitter on Tuesday. "Big banks got a bailout, but workers and retirees got hung out to dry - and COVID made it all worse. Democrats made this right for America's workers."
But Republican lawmakers - who have consistently opposed the size of the bill - argue that pension funding has nothing to do with pandemic relief.
(Excerpt) Read more at msn.com ...
However, nearly every state is facing a pension shortfall. States have a combined $4.2 trillion in pension liabilities, but less than $3 trillion in assets set aside to pay for those pensions. The typical state has enough money to pay just over 70% of the pensions it owes.
https://247wallst.com/special-report/2021/02/19/every-states-pension-crisis-ranked-4/
99% of this is buying future (D) votes. Nothing more.
Why not make it $100 billion and give it to the pensions every year , Oh wait ,LOL
Citizens in flyover country receive little to nothing from this bill. Citizens in deep blue cities and states will suffer no consequences for poor management and obscene spending with Cadillac pension plans for public workers enacted by their leaders.
This is not a “bill”. It is a theft.
They are putting band-aids on some of the places they have run into the ground with mismanagement and poor policy.
Rob from John and Jane in Realsville, America, to pay for leftist lunacy and idiocy in San Francisco.
It’s criminal.
Dems win 3 branches of the Federal government, bail ‘em out, rinse and repeat.
Isn’t that nice? Taking from my future pension to pay for their pension?
Absolutely pathetic. With few exceptions, the Republicans handed the election over to the dems without even trying to defend their candidate. Now they want to speak up as if anyone on either side will listen to them.
This keeps the pension managers out of jail. This keeps the unions in power. It is money laundering pure and simple.
Demoncrat money laundering. Simple as that.
Not private sector, but public sector pension plans. An important distinction. If I had to do it all over again, I’d get me a gubment job. Even better a Fed gubment job. As long as I just showed up I’d be good.
Evidently Obama and Biden hung these guys out to dry in 2008 so this bill bails them out as well.
Gee...they wouldn’t be government employee unions by any chance.
union pensions are too big to fail! just like the banks *sigh*
I am tired of government bailouts of for profit businesses.
The USA has a two-party system:
The Government Party
And everyone else.
Plus it sets a precedent for bailing out public union pensions in the future, as well as “....now that we did this, it’s only fair that we forgive all student loans....etc”.
“””””Wall Street’s reckless bets that crashed our economy in 2008 hit union pensions like a knife in the ribs,” Sen. Elizabeth Warren of Massachusetts said””””
The Union Pension Managers have a fiduciary responsibility to not make reckless bets.
If this is the rationale for handing out $86 billion to unions that are comprised of leftists (e.g. entertainers), then Warren should also include anyone who lost money in 2008 in their IRA should be reimbursed.
Bailing them out will just keep us taxpayers from having to bail them out down the road...… wait, what was that???
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