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.
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.
“””””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.
The Republicans probably should have given that some thought when they were forcing Trump out of office.
Did this bail out the public sector pension fund of Illinois?
Pelosi family bank accounts have nothing to do with COVID relief either, but 98% chance they’re directly benefitting.
10.7 million “pension plans”???
we have a plan for every 300 people?
Actually there’s a whole federally mandated system (ERISA) to prevent pension funds from getting direct advice from Wall Street, and that system inflates their cost of doing business and is one of the reasons they underperform other investors.
in addition, the worst pension funds are the union funds heavily over-staffed by hard core democratic party organizers. Hardly the people who blindly believed whatever Wall Street banks said.